Market Overview
The Carrageenan Market Size is expected to reach a market valuation worth USD 1.494 billion by the end of the forecast period. The expected CAGR for the market during the forecast period stands at 5.80%. The primary driver of market expansion is rising awareness and demand for thickeners and gelling agents, particularly in the pharmaceutical, personal care, and cosmetics industries, as well as the food and beverage industries in various countries. Carrageenan products can be utilized as texturizing and stabilizing agents, as well as in bread and confectionery items, meat, dairy products, dressings, and sauces. Gelling agents are favored by the target population because they are simple and convenient to use. Customers are also opting for major and global demand for carrageenan items as a result of increased awareness.
Companies and their units are taking time to react to the new change and build growth and development strategies in response to the COVID 19 pandemic, which has pushed for new developments across numerous industries. The epidemic has created additional challenges, like temporary and permanent lockdowns. This was an attempt by governments around the world to halt the pandemic's spread and contain the virus. There are also other constraints imposed as a result of inter-state and intra-state transactions, which further impede the online business delivery and logistic module. Unavailability of raw materials and changing consumer attitudes toward a healthier future are also limiting the growth of the carrageenan market outlook.
Market Segmentation
Based on the type, the market has been segmented into a lambda, iota, and kappa.
Based on the application, the market has been segmented into personal care, pharmaceuticals, food and beverages (beverages, meat, poultry, seafood, dairy products, and many others), and many others.
Based on the region, the market has been segmented into the North American region, Asia-Pacific region, European region, Latin American region, and the Middle East and African region.
Industry News
The major key players in the market are Ingredion Incorporated, TBK Manufacturing Corporation, PT Fortuna Cahaya Cemerlang, Cargill Incorporated Ltd., Dan link Ingredients, Caldic B.V., ACCEL Carrageenan Corporation, MCPI Corporation, Scalzo Food Industries, Marcel Trading Corporation, Soriano SA, Gelymar SA, Ingredients Solutions Inc., Shemberg Marketing Corp., AEP Colloids Inc. These major key players use a variety of strategies to maintain their market position in the global carrageenan market share, including mergers and acquisitions, collaboration, forming a new joint venture, forming a partnership, developing a new production process.
Regional Classification
In terms of volume and value, the European region holds the highest market share in the global market, and so it dominates it. In addition, the market demand in this region is boosted by the rising demand for processed foods. In this region, Germany and the United Kingdom account for 45 percent of the market. Because of the presence of extremely populous nations such as China and India, the Asia-Pacific region holds the second-largest market share in the carrageenan industry. In addition, during the anticipated time, this region will expand at the fastest rate. Furthermore, as production in several Southeastern countries rises, the region's growth potential expands. Because of the existence of numerous countries such as the United States, Canada, and Mexico, the North American area holds the third-largest market share in the carrageenan industry. The market demand in this region is being driven by the increasing rise of ready-to-eat and processed foods. As people become more aware of the importance of health and fitness, new opportunities for advancement arise.
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