Carrageenan Market - Growth, Trends and Forecast (2019 - 2024)

Global Carrageenan Market is segmented by Type (Kappa, Iota, and Lambda), Application (Food Industry, Pharmaceutical Industry, Cosmetics Industry, and Others), and Geography

Market Snapshot

ssnapshot
Study Period:

2016-2024

Base Year:

2018

Fastest Growing Market:

Europe

Largest Market:

Asia Pacific

CAGR% (2019-2024):

8.12%

Key Players:

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Market Overview

Global carrageenan market is forecasted to reach USD 1.45 billion by 2024, registering a CAGR of 8.12% during the forecast period (2019 - 2024).

  • The major driver of the carrageenan market is the rising demand for processed foods. Within the processed food ingredients, the rising demand for organic ingredients is driving the market for carrageenan. 
  • Another very important factor for market growth is a large number of functional and health benefits of the carrageenan-based product. It acts as a stabilizer, thicker, texturing and gelling agent.
  • Increasing usage of carrageenan as an ingredient in the production of bakery products, water-based foods, meat products, and pet foods is surging the carrageenan market.

 

Scope of the Report

Carrageenan is a major ingredient in the food industry and is used for its gelling, thickening and stabilizing properties. It has wide applications in both dairy and meat products. It is extracted from red algae and has been used in foods for centuries. There are three types of Carrageenans based on the number of Sulphates per disaccharide namely Kappa Carrageenan (one Sulphate), Iota Carrageenan (two Sulphates) and Lambda Carrageenan (three Sulphates). The key applications of carrageenan are usage in Food Industry, Pharmaceutical Industry, Cosmetics Industry, and Others. 

By Type
Kappa
Iota
Lambda
By Application
Food Industry
Dairy
Meat
Beverages
Pet Food
Others
Pharmaceutical Industry
Cosmetics Industry
Others
Geography
North America
United States
Canada
Mexico
Rest of North America
Europe
Spain
United Kingdom
Germany
France
Italy
Russia
Rest of Europe
Asia Pacific
China
Japan
India
Australia
Rest of Asia-Pacific
South America
Brazil
Argentina
Rest of South America
Middle East and Africa
South Africa
United Arab Emirates
Rest of Middle East and Africa

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Key Market Trends

Food Industry Creating High Demand for Carrageenan Ingredients

The carrageenan ingredients are majorly in the food industry, pharmaceuticals, cosmetics, and others. Among these, food-industry owns the highest share of carrageenan in terms of usage, especially in dairy products. Kappa carrageenan added to cottage cheese will prevent separation of whey, and a similar amount added to ice cream also prevents whey separation that may be caused by other gums that were added to the ice cream to control texture and ice crystal growth. Furtherly, carrageenan is also used in the meat industry, water-based foods, and pet foods. In preparing hams, the addition of carrageenan to the brine solution used in pumping improves the product because the carrageenan binds free water and interacts with the protein so that the soluble protein is retained. Carrageenan also assists in maintaining the texture of watery-foods due to its gelling, thickening and stabilizing properties.

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World Carrageenan Market Growth Rate (2019-2024)

The world carrageenan market is fairly dominated by the Asia-Pacific region due to abundance production in countries like Philippines, China, and India. The applications of carrageenan been observed in several industries such as food, pharmaceuticals, cosmetics, and others. Europe is another region showing vigorous growth in the carrageenan market. The processing of carrageenan mainly takes place in countries like Denmark and France surging the demand of production across the region of Europe. The United States is one of the major exporters of carrageenan driving the market in North America at the global average.

world map

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Competitive Landscape

Carrageenan is a regulated food additive, and there are concerns over the maximum quantity (in mg) of carrageenan that can be added to food. Since the major production of the ingredient takes place in the Asia-Pacific region, a number of players from the region especially Philippines are engaged in the manufacturing carrageenan ingredients. The key players in the global carrageenan market are MCPI Corp (Philippines), Caldic B.V. (Netherlands), Marcel Carrageenan (Philippines), Ina Food Industry Co Ltd. (Japan), Danlink Ingredients (Pty) Ltd. (South Africa), ACCEL Carrageenan Corporation (Philippines), and PT Fortuna Cahaya Cemerlang (Indonesia).

Major Players

  1. MCPI Corporation
  2. Marcel Carrageenan
  3. ACCEL Carrageenan Corporation
  4. TBK Manufacturing Corporation
  5. Cargill Inc.

* Complete list of players covered available in the table of contents below

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Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Deliverables

    2. 1.2 Study Assumptions

    3. 1.3 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

    1. 3.1 Market Overview

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Drivers

    2. 4.2 Market Restraints

    3. 4.3 Porter's Five Forces Analysis

      1. 4.3.1 Threat of New Entrants

      2. 4.3.2 Bargaining Power of Buyers/Consumers

      3. 4.3.3 Bargaining Power of Suppliers

      4. 4.3.4 Threat of Substitute Products

      5. 4.3.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 By Type

      1. 5.1.1 Kappa

      2. 5.1.2 Iota

      3. 5.1.3 Lambda

    2. 5.2 By Application

      1. 5.2.1 Food Industry

        1. 5.2.1.1 Dairy

        2. 5.2.1.2 Meat

        3. 5.2.1.3 Beverages

        4. 5.2.1.4 Pet Food

        5. 5.2.1.5 Others

      2. 5.2.2 Pharmaceutical Industry

      3. 5.2.3 Cosmetics Industry

      4. 5.2.4 Others

    3. 5.3 Geography

      1. 5.3.1 North America

        1. 5.3.1.1 United States

        2. 5.3.1.2 Canada

        3. 5.3.1.3 Mexico

        4. 5.3.1.4 Rest of North America

      2. 5.3.2 Europe

        1. 5.3.2.1 Spain

        2. 5.3.2.2 United Kingdom

        3. 5.3.2.3 Germany

        4. 5.3.2.4 France

        5. 5.3.2.5 Italy

        6. 5.3.2.6 Russia

        7. 5.3.2.7 Rest of Europe

      3. 5.3.3 Asia Pacific

        1. 5.3.3.1 China

        2. 5.3.3.2 Japan

        3. 5.3.3.3 India

        4. 5.3.3.4 Australia

        5. 5.3.3.5 Rest of Asia-Pacific

      4. 5.3.4 South America

        1. 5.3.4.1 Brazil

        2. 5.3.4.2 Argentina

        3. 5.3.4.3 Rest of South America

      5. 5.3.5 Middle East and Africa

        1. 5.3.5.1 South Africa

        2. 5.3.5.2 United Arab Emirates

        3. 5.3.5.3 Rest of Middle East and Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Most Active Companies

    2. 6.2 Most Adopted Strategies

    3. 6.3 Market Share Analysis

    4. 6.4 Company Profiles

      1. 6.4.1 MCPI Corporation

      2. 6.4.2 Marcel Carrageenan

      3. 6.4.3 ACCEL Carrageenan Corporation

      4. 6.4.4 TBK Manufacturing Corporation

      5. 6.4.5 Cargill Inc.

      6. 6.4.6 Caldic B.V.

      7. 6.4.7 Ina Food Industry Co Ltd.

      8. 6.4.8 Danlink Ingredients Ltd.

    5. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

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