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North America Carrageenan Market - Growth, Trends, and Forecast (2020 - 2025)

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Market Insights                                                                     

The North America carrageenan market is anticipated to register a CAGR of about 4.78% during 2018-2023 (the forecast period). The demand for carrageenan has decreased, as the consumers have shifted to alternatives, like SRC Grade food and RC Gel pressed products

Market Dynamics

With the increasing consumption of processed food, North America has been witnessing an increase in the demand for organic certified products, which is driving the carrageenan market in the region. Functional and health benefits associated with carrageenan, such as its role as stabilizer, thicker, texturing, and gelling agent,  are another factors fueling up the consumption of carrageenan in North America. The accessibility of alternatives, such as agar, has slowed down the carrageenan market growth in the region. Also, the negative image and surrounding controversies, regarding carrageenan and its usage in organic food, is affecting the market space in the region.

Market Segmentation

The commonly used sources in carrageenan are gigartina, chondrus, iridaeaeucheuma. Carrageenan is used in the food industry applications, such as dairy and meat products, pharmaceuticals and cosmetic industry. By type, Kappa is the most used carrageenan, as it acts as a stabilizer and emulsifier in cheese, chocolate, ice cream, and puddings. Lota is used for ready-to-eat meals while Lambda is used for whipped cream. The food grade carrageenan is often mentioned as E407 or E407a in processed food ingredients, which means that it has processed seaweed. In a few products, carrageenan is mentioned as a dietary fiber.

Regional Analysis

The United States, Canada, and Mexico contribute to the major shares of the North America carrageenan market. North America majorly imports carrageenan from China, the Philippines, and Indonesia, due to the easy availability of seaweeds. 

Competitive Landscape

Major Players: Kerry Carrageenan, Marcel Trading Corporation, MCPI Corporation, Seatech Carrageenan Company, Hawkins Watts, CP Kelco, FMC Corp., and Cargill Carrageenan Company, among others.

Reasons to Purchase the Report

  • Outlook of the market with the recent trends and Porter’s five forces analysis
  • Market dynamics, impelling the present market scenario along with market growth opportunities in the years to come
  • Market segmentation analysis including qualitative and quantitative research, incorporating the impact of economic and non-economic aspects
  • Regional- and country-level analysis integrating the demand and supply forces that are influencing the market growth
  • Competitive landscape involving the market share of major players, along with the key strategies adopted for development in the past five years
  • Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
  • 3 months analyst support, along with the Market Estimate sheet (in Excel)

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