Carrageenan: Introduction
- Carrageenan is made from parts of various red algae or seaweeds. It is commonly used to thicken foods. It is also employed in pharmaceuticals and cosmetics applications.
- Carrageenan is widely used in the food industry due to its capability to bind with water and enhance the properties of food ingredients. Rise in 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 demand for carrageenan in the near future.
- Increase in usage of carrageenan as an ingredient in the production of bakery products, water-based foods, meat products, and pet foods is also boosting the carrageenan market
- Carrageenan can act as a fat replacer. This is also expected to drive its demand, as consumers increasingly prefer low-calorie, convenient food products. Furthermore, carrageenan serves as an alternative to gelatin for vegan and vegetarian products.
- Carrageenan is also utilized as a viscosity control agent in personal care products and water-based cosmetics due to its water-binding capacity. It functions as a thickening, stabilizing, and suspending agent in sunscreens, lotions, and body washes. For instance, products such as L'Oréal’s Pure-clay Glow-mask, and Natural Moisturizing Lubricant of DreamBrands Inc. contain carrageenan.
Carrageenan Market: Segments
- The carrageenan market can be segmented based on form, function, application, and region
- Based on form, the carrageenan market can be divided into Iota, kappa, and lambda.
- Based on function, the carrageenan market can be segregated into thickening agent, gelling agent, stabilizer, texturizing, binding, and others
- In terms of application, the global carrageenan market can be classified into pharmaceuticals, cosmetics, food & beverages, and others
COVID-19 Impact on Carrageenan Market
- The COVID-19 pandemic has impacted a large number of countries across the globe. Various measures introduced to deal with the pandemic such as lockdowns, fall in trade activities, and closure of various factories and workplaces in several countries could save lives. However, they lead to wide-ranging economic effects, thus inducing an economic contagion.
- Carrageenan has antiviral properties. Therefore, it is being considered as a treatment for COVID-19. Shortage in supply of raw materials from various manufacturers of carrageenan around the globe has resulted in a severe demand-supply gap. Manufacturers are expected to be stranded on raw material orders owing to the logistics industry being significantly impacted due to the lockdown amid COVID-19.
- The shutdown in various countries across the globe has prohibited the import of various components including additives and raw materials. This is projected to hamper the carrageenan market.
Asia Pacific to Dominate Carrageenan Market
- In terms of geography, the global carrageenan market can be segmented into North America, Latin America, Asia Pacific, Europe, and Middle East & Africa
- China, India, and Japan are leading the carrageenan market in Asia Pacific due to the increase in demand for cosmetic products in these countries
- North America is the emerging region of the carrageenan market. Increase in population, changing lifestyle, and improvement in disposable income are factors driving the carrageenan market in the region.
- The carrageenan market in Europe, particularly in countries such as the U.K., Germany, and France, has been expanding significantly due to rapid industrialization. The processing of carrageenan mainly takes place in Denmark and France. Norway and the Netherlands are also expected to contribute significantly to carrageenan market. Growth of the market in Europe can be ascribed to favorable government policies.
- Demand for carrageenan is expected to increase in Latin America and Middle East & Africa in the near future, led by growth in standard of living of people in these regions
Key Manufacturers Operating in Global Carrageenan Market
Key manufacturers operating in the global carrageenan market include:
- DuPont
- Ingredion Incorporated
- Ashland
- CP Kelco U.S., Inc.
- Cargill, Inc.
- Ceamsa
- W Hydrocolloids, Inc.
- Caldic B.V.
- MCPI Corporation
- TBK Manufacturing Corporation
Global Carrageenan Market: Research Scope
Global Carrageenan Market, by Form
- Iota
- Kappa
- Lambda
Global Carrageenan Market, by Function
- Thickening Agent
- Gelling Agent
- Stabilizer
- Texturizing
- Binding
- Others
Global Carrageenan Market, by Application
- Pharmaceuticals
- Cosmetics
- Food & Beverages
- Others
Global Carrageenan Market, by Region
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Russia & CIS
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- ASEAN
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Europe
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.
