Carrageenan Market Size Is Projected to Reach $1.18 Billion By 2028 | CAGR: 5.8%: Polaris Market Research

NEW YORK, Aug. 10, 2021 /PRNewswire/ -- The global carrageenan market is projected to reach USD 1.18 billion by 2028, according to a new study conducted by Polaris Market Research. The market is anticipated to register a CAGR: 5.8% from 2021 – 2028. A rise in demand for gelling agents and thickeners from the pharmaceutical, and personal care & cosmetics industries is a key factor driving the growth of the market. Increasing use of carrageenan in various food applications, including dairy products, bakery and confectionery, beverages, and meat products, as texturizing agents propelling the market growth. Growing preference for products having natural ingredients and numerous applications of hydrocolloids in the food industry is turning out as one of the major factors complementing the overall growth of the market.

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Key Highlights of Carrageenan Market

• Based on the product, kappa carrageenan accounted for the majority of the market share and is projected to make further gain during the forecast period. It is widely used as a stabilizer, emulsifier, thickener, binding, and gelling agent, making it a key ingredient during meat processing.
• In terms of function, thickener dominated the carrageenan market and is expected to continue with the same trend over the forecast period. Thickeners find application as additives in the food and beverage sector owing to its property enabling the rise in the viscosity of fluid without changing the original property.
• By application, the segment of food and beverage led the market and contributed the highest revenue share. Customized premixes are primarily used in producing a variety of beverage products, such as fruit juices, nutritional drinks, sports drinks, energy drinks, carbonated water, and isotonic beverages.
• M8 Pharmaceuticals, a leading pharmaceutical company announced about it exclusive licensing agreement with Austrian science-based biotech named Marinomed Biotech AG. This exclusive agreement is majorly focused on M8 Pharmaceuticals' exclusive rights to market Carragelose as Barlo nasal spray.

Regional Developments

North America emerged as one of the fastest-growing regional markets for carrageen. Rising agricultural activities to meet higher productivity have led to the growing demand for biostimulant products. On the other side, the regional market in the Asia Pacific is anticipated to grow as one of the prominent markets on account of the rapidly growing food and beverage sector and increasing investment by players operating in the market. In addition to this, growing consumer demand for cleaner label food products made regional manufacturers focus on product innovation.

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Competitive Outlook

The global market for carrageenan is highly fragmented due to the presence of well-established players and prominent new entrants. Leading companies are adopting key strategies such as acquisition, mergers, expansion, partnerships, and new product developments to take a dominant position in the market. The prominent market participants are DuPont, CP Kelco, Ingredion Incorporated, Ceamsa, Aquarev Industries, MCPI Corporation, W Hydrocolloids Inc., LAUTA Ltd., Marcel Trading Corporation, TBK Manufacturing Corporation, Erik Ocaya and Josh Cabrera, ACCEL Carrageenan Corporation, Cargill, Incorporated, Ashland, and TIC Gums, Inc.

Target Audience

• Supply Side: Chemicals Company
• Demand Side: Food & Beverage Company
• Regulatory Side: Food and Drug Administration

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Polaris Market research has segmented the carrageenan market report on the basis of product, function, application, and region:

Carrageenan, Product Outlook (Revenue – USD Million, 2016 – 2028)

• Kappa
• Iota
• Lambda

Carrageenan, Function Outlook (Revenue – USD Million, 2016 – 2028)

• Thickener
• Gelling Agent
• Stabilizer
• Others

Carrageenan, Application Outlook (Revenue – USD Million, 2016 – 2028)

• Food & Beverage
• Pharmaceutical
• Personal Care & Cosmetics
• Others

Carrageenan, by Regional Outlook (Revenue – USD Million, 2016 – 2028)

• North America
• U.S.
• Canada
• Europe
• France
• Germany
• UK
• Italy
• Spain
• Netherlands
• Austria
• Asia Pacific
• China
• India
• Japan
• Malaysia
• South Korea
• Indonesia
• Central & South America
• Mexico
• Brazil
• Argentina
• Middle East & Africa
• UAE
• Saudi Arabia
• Israel
• South Africa

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About Polaris Market Research

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SOURCE Polaris Market Research