Carrageenan Market to Experience Robust Growth Driven by Strong Demand From Food Industry Till 2022 | Million Insights
FELTON, California, November 14, 2018 /PRNewswire/ --
fGlobal Carrageenan Market is anticipated to grow at a significant CAGR of close to 8% in the upcoming period as the scope, product types, and its applications are increasing across the globe. Carrageenan is a hydrocolloid derived from red seaweed. It is mainly used as a constituent in several food products, such as dairy, bakery, meat products, and sauces. The factors that propel the growth of the carrageenan market include the alternative to animal-sourced gelatin, growing demand for hydrocolloids, rising consumption of processed foods. On the other hand, there are factors that may hamper the growth of the market including the availability of substitutes and changing raw material prices and the high cost of products.
The market could be explored by source type, type, food grade, application, and geography. Market by type could span Lambda, Iota, and Kappa. The "Kappa" segment led the market in 2017 and will continue to lead in the forecast period. The key factors that could be attributed to the growth of the market such as it acts as an emulsifier, stabilizer, and bodying agent in chocolate, cheese, puddings, and ice cream. The market may be explored by source type as Gelling Agent, Thickener, Stabilizer, and Others. The market may be explored by food grade as E407a, E407, and Others.
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The key applications that could be explored in the carrageenan market include Pharmaceuticals, Food may further comprise as Confectionery, Bakery, Meat & poultry products, Sauces & dressing, Beverage, Dairy products and others. The "Food and Beverages" segment led the carrageenan market in 2017 and will continue to lead in the forecast period. The key factors that could be attributed to the growth of market such as it is extensively used in water-based desserts, fruit preparation and it stabilizes ice creams. Also, used for desired texture to confectionary products and increasing application of carrageenan in meat products to regulate water content.
EMEA accounted for the major share of the carrageenan market Size in 2017 and will continue to lead in the forecast period. The factors that could be attributed to the growth include rising acceptance of carrageenan, rising number of applications and significant consumption of dairy products in the region. EMEA is followed by the Asia-Pacific region.
Some of the key players that fuel the growth of the market comprise BLG Shanghai & Zhejiang Plants, Kachabo Gums, Marinalg international, Scalzo Food Industries, Altrafine Gums, FMC Corporation, TIC Gums Incorporation, Cargill Inc. and Gum Technology Corporation. The leading companies are taking up partnerships, mergers and acquisitions, and joint ventures in order to boost the inorganic growth of the industry.
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Market Segment:
- Segmentation by application and analysis of the carrageenan market
- Food and beverages
- Personal care
- Segmentation by geography and analysis of the carrageenan market
- Americas
- APAC
- EMEA
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