The Asia Pacific carrageenan market size is anticipated to expand at a robust CAGR during the forecast period, 2021–2028. The growth of the market is attributed to the rising preference for natural/organic products and increasing applications of natural hydrocolloids in the food & beverages industry.
Carrageenan is polysaccharide and a natural ingredient, which is used as an additive, derived from red seaweed or Irish moss. It is used as preservative in various food and pharmaceutical applications as well as to emulsify, stabilize thicken, and preserve food & beverages. Carrageenan can help to improve the taste of low-sugar and low-fat foods taste, thus making keep the food products nutritious.
Yogurt, meat products, and nut milks are the main applications of carrageenan. Other common sources of carrageenan available in the market includes soy milk, hemp milk, deli meats, chocolate milk, cottage cheese, non-dairy deserts, vegan cheeses, and coconut milk. Some of the benefits of carrageenan usage as an ingredient are to reduce food waste by preventing spoilage and making yogurt & ice cream creamier. Undegraded and degraded are the two forms that are obtained from carrageenan. Undegraded is only approved for use in production of food products.
Market Trends, Drivers, Restraints, and Opportunities
- Growing demand for thickeners and gelling agents from the food & beverages industry is anticipated to drive the market expansion.
- Increasing demand for carrageenan in non-food applications is projected to boost the market growth during the forecast period.
- High demand for carrageenan in pharmaceuticals, personal care, and cosmetic products due to its sustainable functional properties is expected to propel the market growth.
- Increasing consumption of the poultry products is anticipated to drive the market expansion during the forecast period.
- Growing demand for convenience foods among health-conscious consumers is projected to spur the market growth.
- Negative health effects linked with carrageenan such as bloating and inflammation can hamper the growth of the carrageenan market in the region.
- Rising R&D investment to produce high-quality carrageenan is expected to offer opportunities for the market expansion.
Scope of Carrageenan Market Report
The report on the Asia Pacific carrageenan market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Carrageenan Market - Asia Pacific Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2020
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Historic Data
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2018–2019
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Forecast Period
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2021–2028
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Segmentation
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Types (Kappa, Iota, and Lambda), Applications (Food Industry [Dairy Products, Beverages, and Others], Pharmaceutical Industry, Beauty & Personal Care Industry, and Others)
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Geographical Scope
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Japan, China, Australia, India, Philippines, and Rest of Asia Pacific
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Cargill, Incorporated, MCPI Corporation, Accel Carrageenan Corporation, Marcel Carrageenan, and Caldic B.V.
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Asia Pacific Carrageenan Market Segment Insights
Kappa segment to account a large market share
Based on types, the market is divided into kappa, iota, and lambda. The kappa segment held a major market share of around 65% in 2019, and is expected to dominate during the forecast period. Kappa carrageenan is applicable in poultry rolls, turkey breast, and cooked cured ham. It forms gels with calcium and potassium salts as calcium creates a brittle and stiff gel. On the other hand, potassium produces an elastic and rigid gel. Kappa also provides the strong gels of all types of carrageenan.
Food industry segment to expand at a substantial CAGR
In terms of applications, the market is segmented into food industry, pharmaceutical industry, beauty & personal care industry, and others. The food industry is further segregated into dairy products, beverages, and others. The food industry segment is accounted for more than 70% of the market share in 2019. The growth of this segment is attributed to the rising demand for processed food products, as well as increasing product consumption in the dairy industry.
Food & beverage manufacturers use carrageenan due to its ability to shift the rheology of food systems, including texture and viscosity. The dairy sub-segment is anticipated to expand at a high CAGR during the forecast period. Carrageenan is used as an additive in the dairy products, as it’s a safe food stabilizer that thickens and prolongs the shelf-life.
China to dominate the market
On the basis of geography, the market is categorized as Japan, China, Australia, India, Philippines, and Rest if Asia Pacific. China is anticipated to dominate the market during the forecast period. The regional market growth is attributed to the rapid industrialization and investment in R&D. China has built an economic model to evaluate the demand for seaweed. The model considers three angles, which consist of supply side, demand-side, and trade data of seaweed. It is the major manufacturer of carrageenan, thus the prominent exporter of carrageenan to Europe and North America. About 94% of the carrageenan produced for domestic use is consumed by the food industry, specifically for foods, such as meat, jelly, and soft sweets.
Segments
The Asia Pacific carrageenan market has been segmented on the basis of
Types
Applications
- Food Industry
- Dairy Products
- Beverages
- Others
- Pharmaceutical Industry
- Beauty & Personal Care Industry
- Others
Geography
- Japan
- China
- Australia
- India
- Philippines
- Rest of Asia Pacific
Key Players
Competitive Landscape
Key players competing in the Asia Pacific carrageenan market include Cargill, Incorporated, MCPI Corporation, Accel Carrageenan Corporation, Marcel Carrageenan, and Caldic B.V.
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