The global carrageenan market size is estimated to grow at a progressive rate owing to the increasing applications in the food and beverages sector. This information is published by Fortune Business Insights™ in an upcoming report, titled, “Carrageenan Market, 2019-2026.” Carrageenan is extensively used in dairy and meat products owing to its shelf-life extension properties. All three variants of the additive are consumed for food preparations. The kappa is used in products, such as cheese, ice creams, and chocolate puddings, as a firming agent. Lota is used in preparing ready-to-eat food, and lambda is used for preparing whipped cream.
The emergence of COVID-19 has brought the world to a standstill. The crisis has brought an unprecedented impact on Industries across the globe. While some industries are thriving in the current scenario, some are struggling to even run their operations. The production of carrageenan has been affected due to the prolonged shut down amid the crisis, which is expected to hinder its growth during the forecast timeline. At Fortune Business Insights, we are offering a clear view on key areas that are helping the market survive this period of crisis.
A List of Key Manufacturers Operating in the Carrageenan Market Report:
- MCPI Corporation
- Marcel Carrageenan
- Accel Carrageenan Corporation
- TBK Manufacturing Corporation
- Cargill, Incorporated
- Ingredients Solutions, Inc.
- Shemberg Marketing Corporation
- AEP Colloids Inc.
- Scalzo Trading Co Pty Ltd.
- T. Cahaya Cemerlang
- Danlink Ingredients (Pty) Ltd.
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The market is categorized on the basis of type, application, and geography. In terms of type, the market is divided into lota, kappa, and lambda. Based on application, it is fragmented into food and beverages (dairy, bakery, and meat products), pharmaceuticals, and cosmetics and personal care). Lastly, on the basis of geography, it is segmented into North America, Europe, South America, Asia Pacific, and the Middle East and Africa.
Highlights of the Report:
This report incorporates an in-depth analysis of the overall growth prospects in the market. Furthermore, it provides insights into the comprehensive competitive landscape of the global market. A dashboard overview of leading companies, including their marketing strategies, market contribution, and recent developments is presented in both historic and present contexts.
Drivers and Restraints-
Increasing Applications in Food and Beverages Sector to Drive Growth
Increasing application of the additive in various food preparations, such as bakery, dairy, whipped cream, and sauces, is estimated to drive the growth of the global carrageenan market. In addition, carrageenan is used as a thickening agent in cosmetic products and the pharmaceutical industry utilizes the additive as an inactive excipient for tablet production. This is anticipated to further strengthen the demand for carrageenan. However, the presence of other easily available substitutes may hinder growth.
Abundant Production in China and the Philippines to Strengthen Growth in Asia Pacific
The carrageenan market in Asia Pacific is expected to witness robust growth during the projected timeline. The abundant production of carrageenan in countries including the Philippines and China is estimated to propel its growth in the region. In addition, the high incorporation of carrageenan in pharmaceuticals for the manufacturing of gel-based medicines is predicted to maintain steady growth in the region.
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Expansion Strategies to Aid Key Players Increase their Customer Base
The global carrageenan market comprises manufacturers and developers focusing on expanding the industry on a global scale. Prominent corporations are embarking on various expansion strategies for their businesses. In addition, they are focusing on the development of innovative products under their product lines. These strategies will help them increase their customer base as well as their product portfolio.
- In April 2019,Cargil signed an agreement with Caldic to expand its distribution range of carrageenan, xanthum, and pectin in Nordics, while helping Caldic to expand its product portfoilio in Nordics.
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