Carrageenan Market Key Findings, Regional Analysis, Top Key Players, Profiles and Future Prospects | COVID-19 Effects

The carrageenan market is expected to grow from US$ 880 million in 2022 to US$ 1,420 million by 2028; it is expected to grow at a CAGR of 6.0% from 2022 to 2028. Anionic polysaccharide Carrageenan is derived from a variety of red and purple seaweed species, including Chondrus, Gigartina, Eucheuma, Fur cellaria, and Phyllophora. In yoghurt, ice cream, cottage cheese, milk pudding, and toppings with whipped cream, it is primarily utilised to stabilise and gelatinize proteins. Due to its capacity to bind water and regulate the texture and structural integrity of meat products, carrageenan is also utilised in meat products such cooked hams and sausages. Carrageenan is also used in the personal care business to give goods the needed texture and consistency because it is harmless, biodegradable, and biocompatible.

Food manufacturers prefer ingredients that can improve the properties of their food products, such as texture. Carrageenan is hydrocolloids are used in various food products for thickening, gelling, emulsifying, stabilization, coating, etc. The range of food products that use hydrocolloids varies from heat-treated dairy products to jelly and confectionery products. It is a multifunctional ingredient that acts differently in water and milk. Further, in the beverage industry, Carrageenan is mainly used as a gelling and thickening agent. In dairy products, it also has the property of reacting with proteins, providing stabilizing functions. These factors are significantly driving the growth of the carrageenan market.

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The carrageenan market is divided into three types: kappa, iota, and lambda. From 2022 to 2028, the kappa segment is anticipated to increase at the highest CAGR. Carrageenan of the kappa type is primarily used in ice cream, pudding, chocolate, and cheese. For instance, pure refined Kappa carrageenan is provided by MCLS EUROPE, a fully owned subsidiary of Mitsubishi Corporation, and is used in dairy and dessert products as a fat substitute and a gelling and swelling agent. These elements are anticipated to increase kappa carrageenan demand globally.

Further, manufacturers are making significant investments in strategic development initiatives to attract a large number of consumers. For instance, in 2020, Biesterfeld and CP Kelco announced an expansion of their partnership in the nutrition and food segment in Europe. Under this partnership, Biesterfeld is expecting to distribute the former's carrageenan commodities among all European countries, which will also increase their sales and distribution channel over other regions. Such initiatives are expected to boost product development, aiding the carrageenan market growth in the coming years.

The capacity of carrageenan to bond with water and enhance the qualities of food ingredients makes it a widely utilised substance in the food and beverage industry. The demand for carrageenan is rising as consumers prefer food and pharmaceutical items made with ingredients obtained from plant sources over those made with substances from animals, including gelatin. Additionally, the demand for carrageenan is being fueled by the growing usage of the substance in the manufacture of bread goods, foods high in water content, meat products, and pet food. It has the capacity to replace fat. Additionally, consumers favour quick-to-prepare, low-calorie food items more and more. Carrageenan is therefore utilised in these products as a fat substitute. Additionally, carrageenan replaces gelatin in vegan and vegetarian food products.

Cargill, Incorporated; Marcel Carrageenan; CP Kelco Inc; Ingredion.; Gelymar; TBK Manufacturing Corporation.; SARDA Bio Polymers PVT. LTD; CEAMSA; PT Cahaya Cemerlang; and Altrafine Gums are a few of the key players profiled in the study of the carrageenan market. Several other major companies were analyzed in this research study to get a holistic view of the market and its ecosystem.

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