Global Carrageenan Market Report 2023: Sector is Expected to Reach $1.32 Billion by 2030 at a CAGR of 5.4% - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Carrageenan Market Size, Share & Trends Analysis Report By Processing Technology (Semi-refined, Gel Press, Alcohol Precipitation), By Function, By Product Type, By Application, By Region, And Segment Forecasts, 2023 - 2030" report has been added to ResearchAndMarkets.com's offering.

The global carrageenan market size is expected to reach USD 1.32 billion by 2030 to expand at a CAGR of 5.4% from 2023 to 2030.

Companies Mentioned

• DuPont
• Ingredion Incorporated
• Ashland
• CP Kelco U.S., Inc.
• Cargill, Inc.
• Ceamsa
• W Hydrocolloids, Inc.
• Gelymar
• Caldic B.V.
• Ina Food Industry Co. Ltd.
• PT. Gumindo Perkasa Industri
• ACCEL Carrageenan Corporation
• BLG
• MCPI Corporation
• AEP Colloid
• Marcel Carrageenan
• TBK Manufacturing Corporation
• Shemberg Ingredients and Gums Corporation
• Prinova Group LLC
• LAUTA Ltd.
• Aquarev Industries
• Bang &Bonsomer
• AgargelIndustria e ComercioLtda
• Zhenpai Hydrocolloids Co., Ltd.
• Tate & Lyle

The rising demand for plant-based thickeners and stabilizers for replacing synthetic and animal-derived ingredients in food and beverage applications is expected to drive the product demand. As per the Food & Agricultural Organization (FAO), Asia held the largest share in seaweed production globally as of 2020.

Southeast Asian countries including Indonesia, the Philippines, and Malaysia are a few of the major cultivators of seaweed providing growth opportunities for local carrageenan manufacturers with abundant raw material availability.

The market is fragmented with numerous market participants present across the value chain. Hydrocolloids manufacturers including Cargill Incorporated, CP Kelco, and DuPontare integrated across the value chain. The companies source their own raw materials, for instance, red seaweed such as Kappaphycusalvarezzi, Eucheumadenticulatum, Sarcothalia, Gigartina, and Chondruscripus is used for carrageenan production.

The manufacturers are engaged in R&D activities for developing innovative extraction techniques and producing high-quality products that can cater to demand from various end-use industries.

For instance, in February 2021, Marinomed Biotech AG, a biopharmaceutical company, announced the development of a nasal spray that is formulated with iota-carrageenan. The company stated that this product can be used as a preventive measure for COVID-19.

Carrageenan Market Report Highlights

• The semi-refined processing technology segment dominated the market with a revenue share of over 50.1% in 2022 owing to its low cost compared to other methods. It can be used to form kappa as well as iota carrageenan that majorly find applications in food products
• By product type, the kappa carrageenan segment is expected to register the highest CAGR in terms of revenue over the forecast period owing to its growing demand in the manufacturing of sauces, speeds, jellies, poultry rolls, and cooked cured ham. Its rising usage in non-food applications, such as toothpaste, tablets, and air freshener gels, is expected to support the segment growth
• The pharmaceutical application segment is expected to expand at a revenue-based CAGR of 6.1% over the forecast period as the manufacturing companies are strongly focusing on the formulation of pharmaceutical-grade carrageenan. For instance, Ina Food Industry Co., Ltd. offers Iota Carrageenan PA-2 that can be specifically used for pharmaceuticals and quasi-drugs
• Europe held the largest revenue share of 34.4% in 2022 owing to the widening of product portfolio and regional expansion of players operating in the region. For instance, in April 2021, Bang & Bonsomer, based in Finland, acquired all shares of Eurogum A/S, Denmark, and EurogumPolskaSp Zoo, Poland. Eurogum is engaged in the production of carrageenan and alginate for the food industry. This move is expected to strengthen the former's position in food ingredients and help in business expansion in Europe

Key Attributes:

Key Topics Covered:

Chapter 1 Methodology and Scope

Chapter 2 Executive Summary

Chapter 3 Carrageenan: Market Variables, Trends & Scope

3.1 Market Lineage Outlook

3.2 Industry Value Chain Analysis

3.3 Price Trend Analysis

3.4 Regulatory Framework

3.5 Market Dynamics

3.5.1 Market Driver Analysis

3.5.1.1 Upsurge in the consumption of convenience foods

3.5.1.2 Burgeoning consumer demand for healthier lifestyle

3.5.2 Market Restraint Analysis

3.5.2.1 Demand supply imbalance and volatile raw material price

3.5.3 Industry Challenges

3.5.3.1 Unclear Labeling Leading to Ambiguity and Uncertainty

3.5.3.2 Potential Market Predominantly Using Conventional Ingredient, Inhibiting Growth

3.5.3.3 Limited Consumer Awareness and Product Positioning

3.5.3.4 Increasing Awareness Regarding Animal Feed and Feed Additives

3.5.4 Industry Opportunities

3.6 Business Environment Analysis

3.6.1 Industry Analysis - Porter

3.6.2 Macroeconomic Analysis: PESTEL Analysis

Chapter 4 Carrageenan Market: Processing Technology Estimates & Trend Analysis

Chapter 5 Carrageenan Market: Function Estimates & Trend Analysis

Chapter 6 Carrageenan Market: Product Estimates & Trend Analysis

Chapter 7 Carrageenan Market: Application Estimates & Trend Analysis

Chapter 8 Carrageenan Market: Regional Estimates & Trend Analysis

Chapter 9 Competitive Landscape

9.1 Participant's Overview

9.2 Financial Performance

9.3 Product Benchmarking

9.4 Recent Developments & Impact Analysis, By Key Market Participants

9.5 Company Categorization

9.6 Company Market Positioning

9.7 Company Heat Map Analysis

9.8 Strategy Mapping

9.8.1 expansion

9.8.2 mergers & acquisition

9.8.3 collaborations

9.8.4 new product launches

For more information about this report visit https://www.researchandmarkets.com/r/z5kh5f

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