Press release
Carrageenan Market CAGR 5.65% From 2020 to 2024: Size, Share, Trend, Segmentation, Global Industry Key Players
Carrageenan Market
Carrageenan is produced from several red algae or seaweeds. Carrageenan has several applications in the food & beverages industry. The global Carrageenan Market is projected to be valued at USD 1,250.2 million by the end of 2024, with 5.65% CAGR during the forecast period, 2019–2024.
Carrageenan is a common food additive that is extracted from red seaweeds and has a certain set of rheological properties that differentiate it from other hydrocolloids. Carrageenan is extensively used as a natural ingredient for thickening, emulsifying, and preserving foods and drinks. Moreover, carrageenan also has broad applications in both dairy and meat products due to its textural functionality.
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Extensive adoption of carrageenan in an exhaustive range of applications increases its demand in the burgeoning food and beverage industry, worldwide, which is a key driving force behind the market growth. Moreover, the changing lifestyle and consumer preferences towards the packaged and ready to eat foods and frozen foods, define the market landscape, escalating it to the ascended heights on the global platform.
The burgeoning food & beverages sector heading with the ever-increasing population, rapid urbanization, and improving economic conditions that are increasing the food demand, globally drive the carrageenan market. Similarly, rising per capita disposable income and the increase in the urban middle-income group are some of the key contributors to the market growth.
Carrageenan Market – Geographical Analysis
Continuing with its dominance, the Asia Pacific carrageenan market is expected to surge, witnessing the high consumption of these products. Growing further, over its previous growth records by 2023 the region is expected to create a more significant revenue pocket in the global market. Some of the rapidly developing economies such as India & China are estimated to witness exponential growth, resulting in increasing the size of the regional market.
The North American region accounts for the second-largest market for Carrageenan, following the APAC market closely. Factors such as the significant contributions from the US market that is backed by the continual R&D efforts transpired to bring novelties in the products and high per capita income foster the growth of the regional market. Moreover, the increasing demand for fast and processed food products is a key driving force behind the growth of the regional market.
The Carrageenan market in the European region is rapidly emerging as a profitable market, globally. Countries such as the UK, France, Italy, and Germany account for the major contributors to the growth owing to the presence of a large food connoisseur populace and the well-established market players.
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Major Players
Key players leading the global carrageenan market include Caldic B.V. (Netherlands), MCPI Corp (Philippines), Marcel Carrageenan (Philippines), Danlink Ingredients (Pty) Ltd. (South Africa), Ina Food Industry Co Ltd. (Japan), PT Fortuna Cahaya Cemerlang (Indonesia), and ACCEL Carrageenan Corporation (Philippines) among others.
Industry/ Innovations/ Related News
February 08, 2019 ---- Cargill Corporation (the US), a leading global food company launched its “Red Seaweed Promise,” to ensure a long-term sustainable supply chain. The company has designed the program to address key sustainability challenges for the harvesting and cultivation of red seaweed, which is the raw material needed to produce carrageenan, a texturizer used in various food applications across dairy, confectionery and personal care segments.
January 22, 2019 ---- Algaia (France), a leading global provider of natural products and solutions related to seaweed and other natural botanical extracts for the agro-nutrition, personal care, and pharmaceutical industries and its strategic partner, Gelymar S.A. (Chile), a notable player in the produces and commercialized hydrocolloids and carrageenan market announced the signing of a new, long-term commercial and development agreement to strengthen their strategic alliance further.
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