The global food grade carrageenan market is set to witness growth at a CAGR of 7.1% and is anticipated to reach a valuation of around US$ 2.3 Bn by 2032.
In food, hydrocolloids have a variety of functions, including gelling, thickening, emulsifying, coating, and stability. Hydrocolloids are used in a wide range of foods, from dairy products to confectionary.
Carrageenan is widely utilized in the food and beverage sector as it is considered one of the most useful hydrocolloids. It is a versatile component that acts differently in milk and water. It is commonly utilized in the beverage sector as a hydrocolloid with thickening and gelling qualities. It can also react with proteins in dairy products, providing stabilizing properties.
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Food manufacturers are looking for ingredients that can improve the properties of their foods, such as texture, as the processed food industry grows. Since consumers will not accept inferior taste from processed foods, food manufacturers are looking for ingredients that can improve the qualities of their foods, like texture. The functional characteristics and adaptability of carrageenan are expected to fuel demand in the market.
“Growing applications of food grade carrageenan such as iota carrageenan in the pharmaceutical sector will drive growth. In addition to this, increasing sales of processed food products across emerging economies will augment the demand for food grade carrageenan over the forecast period,” says an FMI analyst.
Key Takeaway:
- The global food grade carrageenan market is expected to reach a valuation of around US$ 1.2 Bn in 2022.
- In terms of product type, iota food grade carrageenan segment is anticipated to account for a dominant share of the market over the forecast period.
- Applications of food grade carrageenan in the food processing industry will remain high.
- The U.S. will continue dominating the North America food grade carrageenan market through 2032 owing to surging applications in the pharmaceutical sector.
- The Europe food grade carrageenan market is expected to witness a lucrative growth rate of 6.9% during the forecast period.
- East Asia is expected to emerge as a prominent market for food grade carrageenan market over the forecast period.
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Competitive Landscape
Due to their extensive geographical presence, prominent carrageenan manufacturers such as DuPont and Cargill have a global reach with many manufacturing sites and sales offices scattered across the major continents. Furthermore, market players are focusing on forming relationships with small businesses that have a strong presence in local marketplaces. For instance:
- Biesterfeld and CP Kelco announced the expansion of their collaboration in the food and nutrition sector across Europe in August 2020. Biesterfeld made this strategic move to distribute the former’s carrageenan goods in European countries as part of this partnership
Explore More Valuable Insights
Future Market Insights, in its new report, offers an impartial analysis of the global food grade carrageenan market, presenting historical data (2017-2021) and estimation statistics for the forecast period of 2022-2032.
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Food Grade Carrageenan Market by Category
By Product Type:
- Iota
- Kappa
- Lambda
By Function:
- Gelling Agent
- Thickening Agent
- Stabilizer
- Other Functions
By Application:
- Pharmaceutical
- Beauty and Personal Care
- Food Processing
- Other Applications
By Region:
- North America
- Latin America
- Europe
- Middle east and Africa
- East Asia
- South Asia
- Oceania
The report covers exhaustive analysis on:
- How much is the food grade carrageenan market currently worth?
- What is the growth rate of the food grade carrageenan market over the forecast period?
- What is the anticipated market value of the food grade carrageenan market by 2032?
- Which region is expected to drive the food grade carrageenan market?
- Who are the key players in the food grade carrageenan market?
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10 years.
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