Global Carrageenan Market by Processing Technology (Gel Press, Alcohol Precipitation, Semi-refined) and Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa), Forecast To 2028

Summary of the Report

Global carrageenan market was worth USD 780.5 millions in 2020. It is expected to grow at a 6.0% compound annual growth rate (CAGR), between 2020 and 2028. The market is expected to grow due to increased product penetration in dairy products and processed meats. Carrageenan's ability to bind with water, and improve the properties of food ingredients is the main reason for its widespread use in the food industry. The demand for pharmaceutical and food products containing ingredients from plants is expected to rise.

In 2020, the U.S. was the North American market's largest revenue contributor. The U.S. market is mature for processed foods products. There are large food production facilities in the country. This makes the product highly sought-after for food processing applications such as thickening or gelling agents.

Because of its water-binding ability, the product is primarily used as a viscosity controller in personal care products and water based cosmetics. It acts as a thickening and stabilizing agent in sunscreens, lotions and body washes. Carrageenan is found in products like L'Oreal's Pureclay Glow-mask or Natural Moisturizing Lubricant from DreamBrands Inc.

The positive socio-economic developments in coastal countries have been facilitated by the cultivation of this product. Carrageenan cultivation is increasing in the Asia Pacific region, especially in Southeast Asian countries. This is due to favorable climate conditions. These countries are home to many small- and medium-scale companies that use semi-refined processing technology. This is due to their comparatively simple processes and lower processing cost.

Product differentiation in this industry is dependent on the raw material used and the extraction process. The iota and Kappa types can be used as gelling agents. However, lambda is mostly used as thickening agents as it doesn't have the ability form a gel. Satiagel ADG 0220 Seabird Carrageenan has been developed by Cargill, Incorporated and can be used to make gelled dairy desserts. Seabrid carrageenan was developed by the company, which can be used as a texturizing agent in creamy dairy desserts.

Because of its antiviral qualities, it is being considered for COVID-19 treatment. A clinical trial was launched by Cardiff University, Marinomed Biotech AG and Walgreens Boots Alliance in December 2020 to evaluate the effectiveness of carrageenan nasal spray and throat spray against COVID-19.

Processing Technology Insights

With a market share of over 50.0%, semi-refined technology was the dominant player in 2020. Semi-refined technology is cost-effective and has gained traction on the market. Semi-refined Carrageenan (SRC), contains insoluble matter such as cellulose. Technology has allowed for the development of semi-refined food carrageenan (SRC), which increases its use in food products and thereby boosts its demand.

Semi-refined Carrageenan is safe for human consumption in most countries around the world and can therefore be used in food applications. According to EU regulation 2012/231/EU, semi-refined carbrageenan has been approved as an E407a food additive.

Traditional methods for extracting carrageenan from seaweed using alcohol precipitation include purification and refinement. The multiple steps required for alcohol precipitation can increase the overall cost of processing which could limit the growth of the segment.

Gel press is used to make kappa type carrageenan. This method can only be used for seaweeds such as Eucheumacottonii. When treated with potassium salts, such as KCl, Kappa-type Carrageenan can form a gel.

Function Insights

In 2020, the thickening agent segment accounted for 39.2% of all revenue. This is due to the growing demand for clean-label thickeners within the pharmaceutical and food industries. Due to growing demand for plant-derived gelling agents that can be used in vegan products, the gelling agent segment accounted for a substantial revenue share in 2020.

With a rise in bakery, confectionery and beverage applications, the stabilizer market is expected to expand rapidly. Stabilizers can be used to prevent the formation ice crystals or improve the texture of products. A carrageenan stabilizer, for example, can be used to improve the mouthfeel of drinks such as kombucha or coconut water.

Carrageenan functionalities like binding agents and emulsifiers are included in the others segment. Due to increasing demand from manufacturers of packaged and ready-to-eat food products, the others segment will grow at the highest rate of CAGR. The industry's growth will be supported by the constant efforts to eliminate genetically modified organisms (GMOs), and partially hydrogenated oils based emulsifiers (PHOs).

Product Type Insights

In 2020, the kappa segment was responsible for 67.8% of all revenue. It is the most popular product type in icecreams, cheeses, puddings and chocolates. MCLS EUROPE is a wholly owned subsidiary of Mitsubishi Corporation that offers high-quality Kappa carrageenan. It can be used as a gelling agent, swelling agent, and fat substituter in dairy and dessert products.

Anti-viral properties of iota carrageenan are being investigated. A study published by Journal of Pharmacology Research & Perspectives on August 9, 2021 found that nasally administered iotacarrageenan led to a higher recovery rate for common cold patients. For coronavirus infections, the recovery rate increased by 139%; for influenza A infections it was 119%; and for rhinovirus infections it was 70%.

Lambda had a lower revenue share in 2020. It is mainly prepared using the alcohol precipitation method. Lambda is a non gelling sulfated carbrageenan, which is made from red seaweed. It is widely used in dairy products as a thickening agent because of its high viscosity.

Application Insights

With a 72.1% market share in 2020, the food and beverage sector dominated. Carrageenan is used in dairy, bakery, meat products, and beverages. These products can be modified in texture or viscosity by adding carrageenan to them. This improves their sensory properties.

It is used in drug delivery systems as an excipient. It can also be used in pharmaceutical products as a stabilizing, foaming, solubilizing, or wetting agent. The segment is expected to grow due to increased R&D investments in drug formulations that produce stable and effective products.

Because of its increasing use in the cosmetics and personal care market, the segment of cosmetics and personal care is projected to grow at the highest revenue-based CAGR during the forecast period. Because of its water-binding properties, this product is used in cosmetic and personal care products that are water-based.

The agriculture industry is another possible application. It is a promising way to develop plant growth and defense techniques. Carrageenan can also be used in textile printing as thickeners or rheology modifiers.

Regional Insights

In 2020, Europe accounted for 31.0% of the total revenue. Favorable government policies are responsible for the growth of Europe. Because of the higher production costs associated with alcohol precipitated carrageenan, the gel-press technique has been gaining in popularity. Both types of carrageenan, semi-refined and refined, are approved by Europe's Food Additives Codes E407 and E407a. This allows for increased product demand.

North America was responsible for a significant revenue share in 2020. The U.S. and Canada are increasing seaweed processing, which will support market growth. According to the Food and Agricultural Organization (F&A), the U.S. was among the top 10 exporters worldwide of seaweed-based hydrcolloids in 2019. It accounted for 4.82% of global seaweed-based hydrocolloid exports.

Over the forecast period, the Asia Pacific market is expected to grow at the fastest rate of revenue growth. China Mengniu Dairy Co. Ltd. and Inner Mongolia Yili Industrial Group Co. Ltd. have contributed to the substantial growth of China's overall food and beverage sector, which has fueled product demand.

Brazil is the main driver of product demand in South and Central America. This is due to the expansion of the end-use sectors. According to the USDA, Brazil's food retail sector is expected to grow 4.5% by 2021. This will propel the industry growth.

Market Share Insights & Key Companies

Companies active in the market focus on partnerships with smaller-sized businesses that have a strong foothold in local markets. In August 2020, CP Kelco announced a partnership expansion in Europe's food and nutrition sector. Biesterfeld will distribute the carrageenan products of CP Kelco in European countries as part of this partnership.

Global reach is possible for major players in the production of carrageenan due to their geographical presence and the existence of several manufacturing facilities as well as sales offices on all continents. The following are some of the most prominent players in global carrageenan markets:

• DuPont

• Ingredion Incorporated

• Ashland

• CP Kelco U.S., Inc.

• Cargill, Inc.

• Ceamsa

• W Hydrocolloids, Inc.

• Gelymar

• Caldic B.V.

• Ina Food Industry Co. Ltd.

• PT. Gumindo Perkasa Industri

• ACCEL Carrageenan Corporation

• BLG

• MCPI Corporation

• AEP Colloid

• Marcel Carrageenan

• TBK Manufacturing Corporation

• Shemberg Ingredients and Gums Corporation

• Prinova Group LLC

• LAUTA Ltd.

• Aquarev Industries

• Bang & Bonsomer

• AgargelIndustria e ComercioLtda

• Zhenpai Hydrocolloids Co., Ltd.

• Tate & Lyle

Up Market Research published a new report titled “Carrageenan Market research report which is segmented by Processing Technology (Gel Press, Alcohol Precipitation, Semi-refined), By Players/Companies MCPI Corporation, DuPont, Prinova Group LLC, Gelymar, AgargelIndustria e ComercioLtda, BLG, Ingredion Incorporated, W Hydrocolloids Inc, AEP Colloid, Marcel Carrageenan, ACCEL Carrageenan Corporation, PT Gumindo Perkasa Industri, Aquarev Industries, TBK Manufacturing Corporation, Ceamsa, CP Kelco US Inc  , Tate & Lyle, Cargill Inc, LAUTA Ltd, Bang &Bonsomer, Caldic BV, Ina Food Industry Co Ltd, Shemberg Ingredients and Gums Corporation, Zhenpai Hydrocolloids Co Ltd, Ashland”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.

Report Scope

The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.

Global Carrageenan Market Report Segments:

The market is segmented by Processing Technology (Gel Press, Alcohol Precipitation, Semi-refined).

Some of the companies that are profiled in this report are:

1. MCPI Corporation
2. DuPont
3. Prinova Group LLC
4. Gelymar
5. AgargelIndustria e ComercioLtda
6. BLG
7. Ingredion Incorporated
8. W Hydrocolloids Inc
9. AEP Colloid
10. Marcel Carrageenan
11. ACCEL Carrageenan Corporation
12. PT Gumindo Perkasa Industri
13. Aquarev Industries
14. TBK Manufacturing Corporation
15. Ceamsa
16. CP Kelco US Inc  
17. Tate & Lyle
18. Cargill Inc
19. LAUTA Ltd
20. Bang &Bonsomer
21. Caldic BV
22. Ina Food Industry Co Ltd
23. Shemberg Ingredients and Gums Corporation
24. Zhenpai Hydrocolloids Co Ltd
25. Ashland

Carrageenan Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.

Key Benefits for Industry Participants & Stakeholders:

• Industry drivers, restraints, and opportunities covered in the study
• Neutral perspective on the market performance
• Recent industry trends and developments
• Competitive landscape & strategies of key players
• Potential & niche segments and regions exhibiting promising growth covered
• Historical, current, and projected market size, in terms of value
• In-depth analysis of the Carrageenan Market

Overview of the regional outlook of the Carrageenan Market:

Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.

Highlights of The Carrageenan Market Report:

1. The market structure and projections for the coming years.
2. Drivers, restraints, opportunities, and current trends of Carrageenan Market.
3. Historical data and forecast.
4. Estimations for the forecast period 2028.
5. Developments and trends in the market.

                1. Gel Press

                2. Alcohol Precipitation

                3. Semi-refined

7. Market scenario by region, sub-region, and country.
8. Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
9. Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
10. Government Policies, Macro & Micro economic factors are also included in the report.

We have studied the Carrageenan Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.

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Reasons to Purchase the Carrageenan Market Report:

• The report includes a plethora of information such as market dynamics scenario and opportunities during the forecast period
• Segments and sub-segments include quantitative, qualitative, value (USD Million,) and volume (Units Million) data.
• Regional, sub-regional, and country level data includes the demand and supply forces along with their influence on the market.
• The competitive landscape comprises share of key players, new developments, and strategies in the last three years.
• Comprehensive companies offering products, relevant financial information, recent developments, SWOT analysis, and strategies by these players.