Carrageenan market projected to reach USD 1477.6 million by 2032 due to rising demand.

From GlobeNewswire: 2025-01-20 08:40:00

The Carrageenan Market is projected to reach USD 1477.6 Million by 2032, with a CAGR of 5.5% from 2024 to 2032. Key trends driving growth include rising demand in the food & beverage industry due to its use as a gelling, thickening, and stabilizing agent.

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

Refined carrageenan grades are being developed to cater to specific industrial needs, such as kappa carrageenan for dairy and meat products, and iota carrageenan for desserts and cosmetics. Tailored carrageenan blends with improved functionalities are helping manufacturers expand their product portfolios.

In 2023, kappa carrageenan led the market accounting for over 65% of global revenue, favored for its gelling properties in dairy products and vegan alternatives. Semi-refined carrageenan dominated the processing technology segment with nearly 48% share due to its versatility and cost-effectiveness.

The food & beverage segment held the largest market share in 2023 at around 65%, driven by carrageenan’s role in improving texture, stability, and shelf life of food products. Increased adoption in plant-based and functional food products, as well as meat processing, contributed to its growth.

Europe dominated the market in 2023 with a 42% share, driven by demand for clean-label ingredients in the food, beverage, pharmaceutical, and cosmetic industries. Strict regulatory standards and the trend for natural products have increased the use of carrageenan in the region.

In 2023, CP Kelco launched a new carrageenan product for plant-based dairy alternatives, showcasing ongoing developments in the industry. In response to the growing demand for clean-label ingredients in vegan products, Cargill expanded its carrageenan production facility in the Philippines in 2023. This expansion includes energy-efficient processing technologies to align with sustainability goals. FMC Corporation also introduced a new range of carrageenan-based solutions for pharmaceutical applications, focusing on controlled drug release and enhanced stability to address the need for advanced excipients in the industry.

The market for carrageenan is analyzed comprehensively in a recent report by SNS Insider, covering factors like market dynamics, statistical insights, competitive landscape, segmentation by product type, processing technology, function, and application, regional analysis, company profiles, and more. The report aims to provide deeper insights for stakeholders in the industry to make informed decisions in a rapidly changing market environment.

For more information or customized research, contact SNS Insider at [email protected]. SNS Insider is a leading market research and consulting agency that provides clients with up-to-date market data, consumer insights, and opinions to make confident decisions. Through various techniques like surveys, video talks, and focus groups, the company aims to equip clients with the knowledge they need to navigate evolving market conditions effectively.



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