Carrageenan Market size was valued at USD 892.28 million in 2023 and is set to cross USD 1.81 billion by the end of 2036, expanding at more than 5.6% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of carrageenan is estimated at USD 932.25 million. The market is primarily driven by the functional benefits of the specialty food additive, along with its growing utilization for the manufacturing of different types of food and non-food products.
The market for carrageenan is thriving on account of the growing demand for bio-based food ingredients coupled with the increasing focus of nations for deriving specialty food ingredients from organic sources. Additionally, the rising concerns related to health, which is also surging the demand for healthy food products, is further anticipated to boost the market growth. Moreover, the increasing prominence of private label products and rising demand for natural food additives are also anticipated to propel market growth in the coming years.
Carrageenan is used widely across different end-user industries. In the food and beverages industry, it is used extensively as a food additive thickener. Moreover, these additives are also used in the manufacturing of medicines in the pharmaceutical industry, and also as rheology modifiers and stabilizers in emulsions, pigment dispersion, lotions, and as binders in toothpaste. Furthermore, it is also used broadly in milk products, such as whipping cream, yogurt products, cottage cheese, chocolate milk, and others.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
5.6% |
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Base Year Market Size (2023) |
USD 892.28 million |
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Forecast Year Market Size (2036) |
USD 1.81 billion |
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Regional Scope |
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The carrageenan market is segmented by product type into iota, lambda, and kappa. Amongst these segments, the kappa segment is projected to hold the largest market share by the end of 2021. The growth of the segment can be attributed to the wide utilization of kappa carrageenan in the food and beverage industry. This type of additive is primarily derived from the red algae species Kappaphycus alvarezii, and is known to form firm, brittle gels. Owing to such properties, the additive is used massively in dairy-based products. Moreover, this type of carrageenan is known to be synergistically compatible with other gum products, and hence when combined with other gum products, it displays improved gelling properties. Additionally, it is also used as an egg alternative for manufacturing egg-less food products. On the other hand, the iota carrageenan segment is projected to grow with the highest CAGR during the forecast period. This type of specialty food chemicals is primarily extracted from the red algae species Eucheuma denticulatum, and forms an elastic gel, which is used commonly to suspend particulates within salad dressings and beverages, such as soy milk.
Our in-depth analysis of the global carrageenan market includes the following segments
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By Product Type |
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By Application |
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By Function |
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By End-User Industries |
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APAC Market Statistics
On the basis of regional analysis, the global carrageenan market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa regions. Asia Pacific industry is estimated to hold largest revenue share by 2036, on account of abundant production of seaweeds in countries such as Philippines, and Indonesia, among others. Moreover, the presence of nations such as China and India, who are leading exporters of industrial carrageenan products globally, including carrageenan powder and others, are some of the major factors anticipated to drive the growth of the market in the region.
Europe Market Analysis
Further, the carrageenan market for carrageenan in Europe is anticipated to witness a vigorous growth rate owing to the strong demand for carrageenan from the end-user industries. The regulatory bodies in the European Union have developed stringent regulations for the use of synthetic food ingredients which enforces food manufacturers to prefer bio-based food ingredients. Additionally, rising awareness amongst consumers for healthy food products, along with the notable consumption of dairy products are some of the additional factors anticipated to drive the market growth in Europe.
Author Credits: Parul Atri
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