Carrageenan Market Size

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.