COVID-19 Vaccine Impact on Carrageenan Market Size To Reach $1.17 Billion By 2027

Carrageenan Market Growth & Trends

The global carrageenan market size is expected to reach USD 1.17 billion by 2027, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 5.9% from 2020 to 2027. Carrageenan creates a fatty mouthfeel in food products, thus finds application in the production of vegetable-based dairy alternatives, low-fat cottage cheese, and low-fat cream, among others. The growth of the food and beverage sector, in line with the increasing population and changing consumer eating habits, is expected to fuel industry growth.

Rising product penetration in pharmaceuticals, oil drilling, nutraceuticals, textile printing, cosmetics, and paper treatment industry is expected to boost the market growth. In the pharmaceutical industry, the product acts as a vegan thickening agent and an inactive excipient for tablet manufacturing. In industrial application, this gelling agent finds application in paper and fabric marbling.

Europe and North America emerged as the major markets for Carrageenan, together accounting for over 50.0% share of the global revenue in 2019. The embracing of healthier lifestyles by a large portion of the population and growing preference for healthy foods are likely to contribute to market growth. Growing demand for plant-based food ingredients in these markets is expected to support market growth.

Cargill, Incorporated; DuPont de Nemours, Inc.; Ceasma; Lauta Ltd.; Ingredion Incorporated; and CP Kelco U.S., Inc. are some of the major players engaged in manufacturing carrageenan in the market. Stringent quality criteria complying with international quality standards and regulations that govern the food stabilizer products are a few bottlenecks, which are likely to inhibit the growth of the market.

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Carrageenan Market Report

Carrageenan Market Report Highlights

• Europe held the largest revenue share in 2019 on account of favorable government policies, substantial production capacities, and early adoption of carrageenan in the food and beverage sector
• Based on function, the stabilizing functionality of carrageenan is expected to witness strong gains over the next seven years. Carrageenan provides viscosity to food, along with a smooth texture. They are also added in small amounts to aggravate the effect of emulsifiers in food and beverage application
• By product, Kappa held the largest revenue share in 2019 and is anticipated to witness the fastest growth over the forecast period. This is attributed to its wide applicability as a bodying agent and emulsifier in ice creams, cheese, puddings, and chocolates
• In the food and beverage application segment, meat products held the largest share in 2019. Carrageenan is added to meat and poultry products as binding agents. The functionality of carrageenan in meat products is associated with its thermally changeable gelation properties
• In Asia Pacific, China dominated the market in 2019. China also sets to offer several growth opportunities in the coming years, primarily driven by the increased product demand in both food and non-food applications