Carrageenan Market Size Worth $1.17 Billion By 2027 | CAGR: 5.9%: Grand View Research, Inc.

SAN FRANCISCO, Dec. 14, 2020 /PRNewswire/ -- 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.

Key suggestions from the report:

• 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

Read 173 page research report with ToC on "Carrageenan Market Size, Share & Trends Analysis Report By Product (Kappa, Iota, Lambda), By Function (Thickener, Gelling Agent, Stabilizer), By Application, By Region, And Segment Forecasts, 2020 - 2027'' at: https://www.grandviewresearch.com/industry-analysis/carrageenan-market

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.

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

• Carrageenan Product Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)
• Kappa
• Iota
• Lambda
• Carrageenan Function Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)
• Thickener
• Gelling Agent
• Stabilizer
• Other
• Carrageenan Application Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)
• Food & Beverage
• Bakery
• Confectionery
• Sauces & Dressings
• Dairy Products
• Meat Products
• Beverages
• Others
• Pharmaceutical
• Personal Care & Cosmetics
• Others
• Carrageenan Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)
• North America
• U.S.
• Canada
• Mexico
• Europe
• U.K.
• Germany
• France
• Italy
• Asia Pacific
• China
• India
• Japan
• South Korea
• Central & South America
• Brazil
• Argentina
• Middle East & Africa
• Saudi Arabia
• South Africa

List of Key Players of Carrageenan Market

• DuPont
• CP Kelco U.S. Inc.
• Ceamsa
• W Hydrocolloids Inc.
• LAUTA Ltd.
• Aquarev Industries
• MCPI Corporation
• Erik Ocaya and Josh Cabrera
• Marcel Trading Corporation
• TBK Manufacturing Corporation
• ACCEL Carrageenan Corporation
• Ingredion Incorporated
• Cargill, Incorporated
• Ashland
• TIC Gums, Inc.

Find more research reports on Food Additives & Nutricosmetics Industry, by Grand View Research:

• Lignans Market – Global lignans market size was valued at USD 351.6 million in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 6.8% from 2020 to 2027.
• Polyol Sweeteners Market – Global polyol sweeteners market size was estimated at USD 5.6 billion in 2019 and is expected to advance at a compound annual growth rate (CAGR) of 6.4% from 2020 to 2027.
• Normal & Specialty Fats Market – Global normal & specialty fats market size was estimated at USD 29.0 billion in 2019 and is anticipated to expand at 7.4% CAGR from 2020 to 2027.

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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.

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