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 Billion 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 a useful hydrocolloid that is widely utilised in the food and beverage industries. It is a flexible component that has different effects in milk and water. It is a hydrocolloid with thickening and gelling properties that is widely used in the beverage industry. It can also interact with dairy protein and have stabilising effects.
As the market for processed meals grows, food manufacturers are looking for ingredients that can improve the quality of their goods, such as mouthfeel. Customers will not accept processed foods with poor taste, so food manufacturers are looking for components that can improve the qualities of their foods, such as texture. Carrageenan’s adaptability and beneficial characteristics are expected to drive market demand.
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“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.
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
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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.
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
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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, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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