Carrageenan Market Projected To Reach USD 1477.6 Million By 2032 | Rising Demand In Food & Beverage Industry Drives Market Growth

(MENAFN- GlobeNewsWire - Nasdaq) The Carrageenan market is experiencing significant growth, driven by its increasing utilization in diverse industries such as pharmaceuticals, and personal care.

Austin, Jan. 20, 2025 (GLOBE NEWSWIRE) -- The SNS Insider report indicates that, “ The Carrageenan Market is projected to reach a valuation of USD 1477.6 Million by 2032, growing at a compound annual growth rate (CAGR) of 5.5% from 2024 to 2032. ”

Key Trends Fueling the Carrageenan Market

Growing Demand in the Food & Beverage Industry

Carrageenan, a natural hydrocolloid derived from red seaweed, is widely used as a gelling, thickening, and stabilizing agent in the food & beverage industry. Its unique functional properties make it an essential ingredient in various applications, including dairy products, meat processing, and beverages. The rising consumer preference for plant-based and clean-label ingredients is boosting the demand for carrageenan in almond milk, soy milk, and vegan desserts.

The growing popularity of convenience foods and ready-to-eat meals has further propelled the market. Carrageenan's ability to improve processed foods' texture and shelf life is highly valued by manufacturers, leading to its increased adoption.

Innovations in Carrageenan Production

The carrageenan industry is witnessing advancements in cultivation and processing techniques to meet the growing demand for high-quality products. Sustainable seaweed farming practices are being adopted to ensure a consistent supply of raw materials while minimizing environmental impact.

Introduction of Refined Carrageenan Grades

Refined grades of carrageenan are being developed to cater to specific industrial needs. For instance, kappa carrageenan, which forms strong gels, is widely used in dairy and meat products, while iota carrageenan, known for its elastic gels, finds applications in desserts and cosmetics. The production of tailored carrageenan blends with improved functionalities is enabling manufacturers to expand their product portfolios.

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Major Players:

• DuPont (Genencare, Cholecalciferol)
• Ingredion Incorporated (Clearblend, Viscosity Control)
• Ashland (Keltrol, Polysaccharides)
• CP Kelco U.S., Inc. (Gellan Gum, Keltrol)
• Cargill, Inc. (Stabilizer, Texturizing Agent)
• Ceamsa (Kappa, Iota Carrageenan)
• W Hydrocolloids, Inc. (LBG, Seaweed Extracts)
• Gelymar (CarraLact VPD, CarraLact VFL)
• Caldic B.V. (Gellan Gum, Alginate)
• Ina Food Industry Co. Ltd. (Carrageenan Powder, Gel)
• PT. Gumindo Perkasa Industries (Semi-Refined Carrageenan, Refined Carrageenan)
• TBK Manufacturing Corporation (TBK-20, TBK-25)
• FMC Corporation (Alginate, Agar)
• Marinochem (Marin Carrageenan, Seaweed Extracts)
• Eurogum (Carrageenan, Seaweed Derivatives)
• TIC Gums (Ticaloid, Ticaloid Ultra)
• Gum Technology Corporation (Xanthan Gum, Guar Gum)
• Neogalen (Natural Gels, Gelatin)
• Hongmao (Kappa Carrageenan, Iota Carrageenan)
• Seaweed Solutions (Seaweed Gel, Hydrosol Carrageenan)

Carrageenan Market Report Scope:

Report Attributes	Details
Market Size in 2023	USD 912.4 Mn
Market Size by 2032	USD 1477.6 Mn
CAGR	CAGR of 5.5% From 2024 to 2032
Base Year	2023
Forecast Period	2024-2032
Historical Data	2020-2022
Report Scope & Coverage	Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook
Key Segments	. By Processing Technology (Alcohol Precipitation, Gel Press, and Semi-refined) . By Function (Thickening Agent, Gelling Agent, Stabilizer, and Others) . By Product Type (Kappa, Iota, and Lambda) . By Application (Food & Beverage, Pharmaceutical, Personal Care & Cosmetics, Others)
Key Drivers	. Increasing application of carrageenan in dairy products and processed meat products drives the maret growth. . Shifting the focus of the population toward consuming vegan food products

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Which Product Type Led the Market in 2023?

In 2023, kappa carrageenan dominated the market, accounting for more than 65% of global revenue. Its strong gelling properties and versatility make it a preferred choice in various applications, particularly in dairy products such as cheese and yogurt. The increasing demand for plant-based alternatives has also contributed to the growth of kappa carrageenan, as it is widely used in vegan cheese and desserts.

Which Processing Technology Segment Led the Market in 2023?

In 2023, semi-refined carrageenan was the largest contributing segment accounting for nearly 48% of the total share. This is due to its low price and a wide range of applications. To meet this demand for natural, clean-label products, some manufacturers have been using semi-refined carrageenan, which is less processed than fully refined carrageenan and contains a greater proportion of its natural components. This type of carrageenan is common in dairy, non-dairy beverages, and processed meats as a thickener, emulsifier, and gelling agent. It has excellent gell properties and texture and is more cost-effective than fully refined carrageenan, which is why this type of carrageenan is employed in lower-budget industries.

Which Application Segment Led the Market in 2023?

The food & beverage segment held the largest market share, around 65% in 2023. Carrageenan's extensive use in improving food products' texture, stability, and shelf life underpins this dominance. The growing trend of veganism and the increasing demand for clean-label ingredients have amplified the use of carrageenan in plant-based and functional food products.

Additionally, innovations in beverage formulations, such as protein shakes and flavored water, are driving the application of carrageenan as a stabilizing agent. In the meat processing industry, carrageenan's role in enhancing moisture retention and texture has solidified its position as a key additive.

Which Region Dominated the Market in 2023?

In the year 2023, Europe had the largest market share near about 42%. This can be attributed to higher demand for high functionality in food and beverage industries, and pharmaceutical and cosmetic Products in the region due to the clean-label and natural product trend. Carrageenan, a gelling, thickening, and stabilizing agent is one of the broadly used ingredients in the European food and beverage industry, a seamless industry with a well-established modern covering the retail products dairy, meat, sauces, and plant-based, Dining restaurants across the region Moreover, the regulatory standards in Europe are also very stringent so the rising focus on natural and clean label ingredients further increase the consumption of carrageenan as a preferred food additive. The continuing market presence of the plant-based food occupying needs carrageenan for texture and consistency is likewise fortifying the regional development of carrageenan.

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Recent Developments in the Carrageenan Market

• In 2023: CP Kelco, a global leader in hydrocolloids, announced the launch of a new carrageenan product designed specifically for plant-based dairy alternatives. This innovation aims to meet the growing demand for high-quality, clean-label ingredients in vegan products.
• In 2023: Cargill expanded its carrageenan production facility in the Philippines to enhance its supply capabilities and cater to the rising global demand for food-grade carrageenan. This expansion includes the adoption of energy-efficient processing technologies to align with sustainability goals.
• In 2023: FMC Corporation introduced a new range of carrageenan-based solutions for pharmaceutical applications, focusing on controlled drug release and enhanced stability. This product line is expected to address the increasing need for advanced excipients in the pharmaceutical industry.

Table of Contents – Major Key Points

1. Introduction

• Market Definition
• Scope (Inclusion and Exclusions)
• Research Assumptions

2. Executive Summary

• Market Overview
• Regional Synopsis
• Competitive Summary

3. Research Methodology

• Top-Down Approach
• Bottom-up Approach
• Data Validation
• Primary Interviews

4. Market Dynamics Impact Analysis

• Market Driving Factors Analysis
• PESTLE Analysis
• Porter's Five Forces Model

5. Statistical Insights and Trends Reporting

• By Production Capacity and Utilization, by Country, By Type, 2023
• Feedstock Prices, by Country, By Type, 2023
• Regulatory Impact, by l Country, By Type, 2023.
• Environmental Metrics: Emissions Data, Waste Management Practices, and Sustainability Initiatives, by Region
• Innovation and R&D, Type, 2023

6. Competitive Landscape

• List of Major Companies, By Region
• Market Share Analysis, By Region
• Product Benchmarking
• Strategic Initiatives
• Technological Advancements
• Market Positioning and Branding

7. Carrageenan Market Segmentation, By Product Type

8. Carrageenan Market Segmentation, By Processing Technology

9. Carrageenan Market Segmentation, By Function

10. Carrageenan Market Segmentation, By Application

11. Regional Analysis

12. Company Profiles

13. Use Cases and Best Practices

14. Conclusion

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