Carrageenan Market: Personal Care And Cosmetics Segment Is Expected To Expand At The Highest Revenue-Based CAGR

 Carrageenan Industry Overview

The global carrageenan market size is expected to reach USD 1.25 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 6.0% from 2020 to 2028. 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 Chondruscripusisused 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 Segmentation

Grand View Research has segmented the global carrageenan market on the basis of processing technology, function, product type, application, and region:

Based on the Processing Technology Insights, the market is segmented into Alcohol Precipitation, Gel Press, and Semi-refined.

  • Semi-refined technology dominated the market with a revenue share of more than 50.0% in 2020. A semi-refined process is a cost-effective method, thereby gaining traction in the market. Semi-refined carrageenan (SRC) contains insoluble matter, such as cellulose. The advent in technology has led to the emergence of food-grade semi-refined carrageenan, increasing its application in food products, thereby boosting its demand.

 

  • Alcohol precipitation is traditionally used for carrageenan extraction from seaweed, which gives a refined and purified form of the product. However, multiple steps involved in the alcohol precipitation method increase the cost of overall processing, which is expected to hamper the segment growth.

 

Based on the Function Insights, the market is segmented into Thickening Agent, Gelling Agent, Stabilizer, and Others.

  • The thickening agent segment held the largest revenue share of 39.2% in 2020. This can be attributed to the rising demand for clean-label thickeners in the food and pharmaceutical industry. The gelling agent segment held a significant revenue share in 2020 owing to the increasing demand for plant-derived gelling additives that can be readily used in vegan products.
  • The stabilizer segment is expected to grow rapidly with a surge in demand from the bakery, confectionery, and beverage applications. Stabilizers are used to prevent the formation of undesirable ice crystals and improve the texture properties of the product. For instance, a carrageenan stabilizer can improve the mouthfeel of beverages, such as kombuchaand coconut water.

 

Based on the Product Type Insights, the market is segmented into Kappa, Iota, and Lambda.

  • The kappa segment accounted for the largest revenue share of 67.8% in 2020. It is the most used product type in ice creams, cheese, puddings, and chocolates. For instance, MCLS EUROPE, a wholly-owned subsidiary of Mitsubishi Corporation, offers pure refined Kappa carrageenan that can be used in dairy and dessert products as gelling and swelling agents and fat replacers.

 

  • Lambda held a relatively lower revenue share in 2020 and is majorly prepared by the alcohol precipitation method. Lambda is a non-gelling sulfated carrageenan extracted from red seaweed. It has a high viscosity and is thereby widely used as a thickening agent in dairy products.

 

Based on the Application Insights, the market is segmented into Food & Beverage, Pharmaceutical, Personal Care & Cosmetics, and Others.

  • The food and beverage segment dominated the market with a value share of 72.1% in 2020. Carrageenan finds application in bakery, dairy, and meat products and beverages. Carrageenan is added to these products to alter viscosity or texture, which, in turn, improves their sensory properties.

 

  • The personal care and cosmetics segment is expected to expand at the highest revenue-based CAGR over the projected period on account of the rising applications of the product in the end-use market. This product is added in water-based personal care and cosmetic products as a viscosity control agent owing to its water-binding property.

 

Carrageenan Regional Outlook

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa (MEA)

 

Key Companies Profile & Market Share Insights

The companies active in the market are focusing on partnerships with small-sized companies having a strong foothold in the local markets. For instance, in August 2020, CP Kelco and Biesterfeld announced an expansion of their partnership in the food and nutrition segment in Europe. As a part of this partnership, Biesterfeld is expected to distribute the former’s carrageenan products in European countries.

Major players engaged in the manufacturing of carrageenan have a global reach owing to their wide geographical presence with several manufacturing facilities and sales offices spread across the major continents. Some prominent players in the global carrageenan market include:

  • DuPont
  • Ingredion Incorporated
  • Ashland
  • CP Kelco U.S., Inc.  
  • Cargill, Inc.
  • Ceamsa
  • W Hydrocolloids, Inc.
  • Gelymar
  • Caldic B.V.
  • Ina Food Industry Co. Ltd.
  • 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

 

Order a free sample PDF of the Carrageenan Market Intelligence Study, published by Grand View Research.

 

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

 

Contact:

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Corporate Sales Specialist, USA

Grand View Research, Inc.

Phone: 1-415-349-0058

Toll Free: 1-888-202-9519

Email: sales@grandviewresearch.com

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