Carrageenan market to Eyewitness Huge Marginal Growth by 2028Posted by Mrudula Anil Karmarkar on July 6th, 2022 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. Increasing product penetration in dairy and processed meat products on account of carrageenan’s mouth feel characteristics to imitate fatty feeling is expected to boost the market growth over the forecast period. The primary factor contributing to the wide usage of carrageenan in the food industry is its capability to bind with water and enhance the properties of food ingredients. A rising preference for food and pharmaceutical products with ingredients derived from plant sources instead of animal-derived ingredients, such as gelatin, is likely to increase the product demand. To Request Sample Copy of this report, click the link: https://www.grandviewresearch.com/industry-analysis/carrageenan-market/request/rs1 Carrageenan Market Report Highlights
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:
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