The global carrageenan market size is expected to reach USD 1.18 billion by 2028 according to a new study by Polaris Market research. The report “Carrageenan Market Share, Size, Trends, Industry Analysis Report, By Product (Kappa, Iota, Lambda); By Function (Thickener, Gelling Agent, Stabilizer, Others); By Application (Food & Beverage, Pharmaceutical, Personal Care & Cosmetics, Others); By Regions; Segment Forecast, 2021 – 2028” gives a detailed insight into current market dynamics and provides analysis on future market growth.
In 2020, the food & beverage market segment accounted for the largest share, due to the high penetration of the food processing industry, particularly in emerging nations. Carrageenan is majorly used in the food & beverage market due to its ability in increasing the texture and viscosity of the food.
Moreover, carrageenan finds itself in several food formulations such as jams, candies, desserts, jellies, toppings, sauces, gravies, salad dressings, and soups to have the desired texture. It is expected that its functional capabilities, acceptance among consumers, the positive endorsement will also complement carrageenan demand in the concerned market.
Among food & beverage, the bakery market segment is projected to witness a lucrative growth rate over the assessment period. The growing demand for natural baked foods and the rising trend for healthy snacks is expected to drive the product demand. Moreover, the growing use of carrageenan as a thickening and gelling agent in bakery products is also increasing the segment’s market growth prospects.
The pharmaceutical market segment is project ted to hold revenue share. Carrageenan is used as excipients in drug delivery systems as suspender, wetting agent, solubilizing agent, stabilizer, and adhesive agent. Such distinct features are particularly suitable for liquid medicines. It forms a transparent gel with high thixotropic properties, particularly used in syrups and emulsions.
Asia Pacific carrageenan demand is expected to witness a lucrative market growth rate over the assessment period owing to rapid advances in the dairy and food processing industry. Moreover, increasing consumer demand towards clean-label food and dairy products also pressurizing manufacturers in the region to focus on carrageenan product innovations in the last few years.
Market participants such 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.