Carrageenan is a common food additive that is extracted from red seaweeds and has a certain set of rheological properties that differentiate it from other hydrocolloids. Carrageenan is extensively used as a natural ingredient for thickening, emulsifying, and preserving foods and drinks. Moreover, carrageenan also has broad applications in both dairy and meat products due to its textural functionality.
Extensive adoption of carrageenan in an exhaustive range of applications increases its demand in the burgeoning food and beverage industry, worldwide, which is a key driving force behind the market growth. Moreover, the changing lifestyle and consumer preferences towards the packaged and ready to eat foods and frozen foods, define the market landscape, escalating it to the ascended heights on the global platform.
Acknowledging the exponential growth, the market is garnering currently, Market Research Future (MRFR) in its recently published study report asserts that the thriving global carrageenan market will further grow exponentially by 2023, registering a significant CAGR throughout the forecast period (2018 to 2023).
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The burgeoning food & beverages sector heading with the ever-increasing population, rapid urbanization, and improving economic conditions that are increasing the food demand, globally drive the carrageenan market. Similarly, rising per capita disposable income and the increase in the urban middle-income group are some of the key contributors to the market growth.
Key players leading the global carrageenan market include
- Ina Food Industry Co Ltd. (Japan)
- PT Fortuna Cahaya Cemerlang (Indonesia)
- ACCEL Carrageenan Corporation (Philippines)
- Caldic B.V. (Netherlands)
- MCPI Corp (Philippines)
- Marcel Carrageenan (Philippines)
- Danlink Ingredients (Pty) Ltd. (South Africa)
Global Carrageenan Market – Segments
For enhanced understanding, the report has been segmented into three key dynamics.
By Type : Kappa Carrageenan, Lambda Carrageenan, and Iota Carrageenan among others.
By Application : Foods, Beverages, and Pharmaceuticals among others.
By Regions : Asia Pacific, North America, Europe, and the Rest-of-the-World.
Global Carrageenan Market – Geographical Analysis
Continuing with its dominance, the Asia Pacific carrageenan market is expected to surge, witnessing the high consumption of these products. Growing further, over its previous growth records by 2023 the region is expected to create a more significant revenue pocket in the global market. Some of the rapidly developing economies such as India & China are estimated to witness exponential growth, resulting in increasing the size of the regional market.
Moreover, factors such as the increasing importance of functional ingredients for imparting properties such as flavor, emulsification, and enhanced shelf life in the food products are expected to drive the market demand for carrageenan in the APAC region. Also, favorable regulations aimed at promoting foreign investments in domestic food & beverage industry is another key factor propelling the growth of the regional market.
China among other APAC countries holds a major market share due to the higher consumption of carrageenan led by the increasing application of carrageenan in confectioneries and frozen dairy products. Also, China accounts for the leading exporter of carrageenan across the globe.
The North American region accounts for the second-largest market for Carrageenan, following the APAC market closely. Factors such as the significant contributions from the US market that is backed by the continual R&D efforts transpired to bring novelties in the products and high per capita income foster the growth of the regional market. Moreover, the increasing demand for fast and processed food products is a key driving force behind the growth of the regional market.
The Carrageenan market in the European region is rapidly emerging as a profitable market, globally. Countries such as the UK, France, Italy, and Germany account for the major contributors to the growth owing to the presence of a large food connoisseur populace and the well-established market players.
Moreover, factors such as high disposable income and the presence of large food enthusiasts positively influence the demand for carrageenan in the region. Also, the burgeoning Pharmaceuticals industry and the resurging economy in the region is propelling the growth of the regional market.