The carrageenan market was valued at US$ 880 million in 2022; registering at a CAGR of 6.0% from 2022 to 2028, according to a new research study conducted by The Insight Partners.
High Demand for Hydrocolloids as a Food Additive
Carrageenan Market Size and Forecasts (2021 - 2031), Global and Regional Share, Trends, and Growth Opportunity Analysis Report Coverage: by Type (Kappa, Iota, and Lambda), Application [Food & Beverages (Dairy & Frozen Desserts, Beverages, Meat, Poultry & Seafood, and Others), Pharmaceuticals, Personal Care, and Others], and Geography (North America, Europe, Asia Pacific, and South and Central America)
Carrageenan Market Size and Forecasts (2021 - 2031), Global and Regional Share, Trends, and Growth Opportunity Analysis
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Source: The Insight Partners Analysis
Carrageenan is an anionic polysaccharide extracted from different species of red and purple seaweeds, such as Chondrus, Gigartina, Eucheuma, Fur cellaria, and Phyllophora. It is majorly used to stabilize and gelatinize proteins in yogurt, ice cream, cottage cheese, milk pudding, and whipped toppings. Carrageenan is also used in meat products such as cooked hams and sausages owing to its ability to bind water and control the texture and structural integrity of meat products. Moreover, as carrageenan is nontoxic, biodegradable, and biocompatible, it is utilized in the personal care industry to attain the required texture and consistency of products.
Food manufacturers prefer ingredients that can improve the properties of their food products, such as texture. Carrageenan is hydrocolloids are used in various food products for thickening, gelling, emulsifying, stabilization, coating, etc. The range of food products that use hydrocolloids varies from heat-treated dairy products to jelly and confectionery products. It is a multifunctional ingredient that acts differently in water and milk. Further, in the beverage industry, Carrageenan is mainly used as a gelling and thickening agent. In dairy products, it also has the property of reacting with proteins, providing stabilizing functions. These factors are significantly driving the growth of the carrageenan market.
Based on type, the carrageenan market is segmented into kappa, iota, and lambda. The kappa segment is expected to grow with the highest CAGR from 2022 to 2028. Kappa-type carrageenan is majorly used in ice creams, puddings, chocolates, and cheese. For instance, MCLS EUROPE, a wholly owned subsidiary of Mitsubishi Corporation, offers pure refined Kappa carrageenan that is used in dairy and dessert products as a gelling and swelling agent and a fat replacer. These factors are expected to boost the demand for kappa carrageenan across the globe.
Further, manufacturers are making significant investments in strategic development initiatives to attract a large number of consumers. For instance, in 2020, Biesterfeld and CP Kelco announced an expansion of their partnership in the nutrition and food segment in Europe. Under this partnership, Biesterfeld is expecting to distribute the former’s carrageenan commodities among all European countries, which will also increase their sales and distribution channel over other regions. Such initiatives are expected to boost product development, aiding the carrageenan market growth in the coming years.
Cargill, Incorporated; Marcel Carrageenan; CP Kelco Inc; Ingredion.; Gelymar; TBK Manufacturing Corporation.; SARDA Bio Polymers PVT. LTD; CEAMSA; PT Cahaya Cemerlang; and Altrafine Gums are a few of the key players profiled in the study of the carrageenan market. Several other major companies were analyzed in this research study to get a holistic view of the market and its ecosystem.
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