Latin America Carrageenan Market nalysis, Size, Share, Growth, Trends, and Forecasts (2016–2021)

The Latin America Carrageenan Market was worth $88.8 million in 2016 and estimated to be growing at a CAGR of 5.9%, to reach $118.27 million by 2021.

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For centuries, carrageenan has been used all over the region of which eatable species were the first. Advancement of their uses was preferred by their set accessibility and closeness to centres of human settlement, typically coastal areas. With human progress and discoveries, other species were also found to yield medicinal, pharmaceutical, cosmetic, industrial and agricultural use.

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One of the key drivers of the food grade carrageenan market is the increasing demand of treated foods. With growing awareness about the constituents of processed foods, the demand for organic ingredients is also on escalation. Other very significant factor for the progress of carrageenan market is the multi functionality of the product which substitutes a lot of other products used in processed foods. Lack of awareness in this region is obstructing the market growth.

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Latin America market for Carrageenan is segmented by type into Kappa, Lota and Lambda. Based on application the market is segregated into Food Industry, Pharmaceutical Industry and Cosmetics Industry. Food industry is further sub segmented into Dairy, Meat, Beverages and Pet Food. On the basis of grade the carrageenan market is divided amongst Refined Carrageenan and Semi Refined Carrageenan. Market is also bifurcated based on seaweed source into Gigartina, Chondrus, Iridaea and Eucheuma. Pharmaceutical industry is one of the key end-use industries of carrageenan due to its expanding application as gelling agent.

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Geographically the market is segmented into Mexico, Brazil and Argentina. Brazil having the highest demand for food products is leading the carrageenan market for Latin America region.

The major players in the food grade carrageenan industry are AEP Colloids, Shemberg Marketing Corporation, Ingredients Solutions Inc., Gelymar SA, Soriano SA, Marcel Trading Corporation, Danisco A/S, Scalzo Food Industries, Altrafine Gums, TIC Gums Incorporation, Gum Technology Corporation, DuPont (U.S.), Cargill (U.S.), Kerry Group (Ireland), CP Kelco (U.S.), Ashland Inc (U.S.), Ingredion (U.S.), TIC Gums (U.S.) and Tate & Lyle (U.K.).

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