Carrageenan Industry Overview
The global carrageenan market size was valued at USD 780.5 million in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 6.0% from 2020 to 2028. Increasing product penetration in dairy and processed meat products on account of carrageenan’s mouth feel characteristics to imitate fatty feeling is expected to boost the market growth over the forecast period. The primary factor contributing to the wide usage of carrageenan in the food industry is its capability to bind with water and enhance the properties of food ingredients. A rising preference for food and pharmaceutical products with ingredients derived from plant sources instead of animal-derived ingredients, such as gelatin, is likely to increase the product demand.
The U.S. accounted for the largest revenue share in 2020 in the North American market. The U.S. is a mature market for processed food products having a large food manufacturing base in the country, making the product a highly in-demand additive for food processing applications, as a thickening and gelling agent.
Gather more insights about the market drivers, restraints, and growth of the Global Carrageenan market
The product is majorly utilized as a viscosity control agent in personal care products and water-based cosmetics due to its water-binding capacity. It functions as a thickening, stabilizing, and suspending agent in sunscreens, lotions, and body washes. For instance, products such as L'Oréal’s Pure-clay Glow-mask and Natural Moisturizing Lubricant of DreamBrands Inc. contain carrageenan.
The cultivation of the product has led to positive socio-economic development in coastal countries. In the Asia Pacific, carrageenan cultivation and processing are increasing particularly in Southeast Asian countries due to favorable climatic conditions. Technologies such as semi-refined type processing are widely used by small and medium-scale players in these countries owing to comparatively easier processes and lower processing costs.
In this industry, product differentiation depends on raw material and extraction processes followed. Kappa and iota types are suitable for use as gelling agents, whereas lambda is majorly used as a thickening agent as it does not have the ability to form a gel. For instance, Cargill, Incorporated has developed Satiagel ADG 0220 Seabird carrageenan that can be used for gelled dairy desserts. The company has further diversified the product range by developing Seabrid carrageenan, which can be utilized for creamy dairy desserts as a texturizing agent.
It is further being considered as a treatment against COVID-19 due to its antiviral properties. In December 2020, a clinical trial was initiated collaboratively by the Cardiff University, Marinomed Biotech AG, Walgreens Boots Alliance, and Abertawe Bro Morgannwg University Health Board for analyzing the efficacy of carrageenan nasal and throat spray against COVID-19.
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Carrageenan Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2028)
- North America
- Europe
- Asia Pacific
- Central & South America
- Middle East & Africa
Market Share Insights:
August 2020: CP Kelco and Biesterfeld announced an expansion of their partnership in the food and nutrition segment in Europe. As a part of this partnership, Biesterfeld is expected to distribute the former’s carrageenan products in European countries.
Key Companies profiled:
Some prominent players in the global Carrageenan market include
- DuPont
- Ingredion Incorporated
- Ashland
- CP Kelco U.S., Inc.
- Cargill, Inc.
- Ceamsa
- W Hydrocolloids, Inc.
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