Market Trends of Carrageenan Industry
This section covers the major market trends shaping the Carrageenan Market according to our research experts:
High Demand for Hydrocolloids as a Food Additive
Hydrocolloids have many uses in food, such as thickening, gelling, emulsifying, stabilizing, coating, and so on. The range of food items that use hydrocolloids varies from heat-treated dairy products to jelly and confectionery products. It is a multifunctional ingredient and behaves differently in water and milk. In the beverage industry, it is utilized mainly as a gelling and thickening agent as it has thickening properties with hydrocolloids. In dairy products, it also has the property of reacting with proteins, providing stabilizing functions. Increasing applications of hydrocolloids in various industries, like personal care, pharmaceuticals, and food and beverage, are driving the carrageenan market's growth, which is a natural form of food additive. The growth in the processed food industry is driving the market, as consumers do not accept an inferior taste from processed foods. Food manufacturers look for ingredients that can improve the properties of their foods, such as texture. The demand for hydrocolloids is increasing in several non-food industries, like personal care and pharmaceuticals, which are projected to experience high growth in the carrageenan market within the forecast period.
Asia-Pacific Holds a Major Market Share
Due to abundant production in nations like the Philippines, China, and India, the Asia-Pacific region fairly dominates the global carrageenan market. The applications of carrageenan have been observed in several industries, such as food, pharmaceuticals, and cosmetics. China is one of the major reasons for its dominant share in the global market, as there is higher consumption of carrageenan in meat, jellies, and other products. With a growing food processing industry, India also utilizes a significant amount of carrageenan. Positive socioeconomic progress has emerged from the product's production in coastal nations. Due to favorable climatic conditions, carrageenan cultivation and processing are growing throughout the Asia-Pacific region, especially in Southeast Asian nations. Owing to comparably simpler procedures and cheaper processing costs, small and medium-sized companies frequently adopt semi-refined processing in these nations. The carrageenan market in Asia-Pacific is expected to expand at a faster pace with a high growth rate in terms of revenue within the forecast period. With existing major players, especially in the food industry in developing countries, like Marcel Carrageenan and J.M. Huber Corporation Ltd., there is substantial growth in the entire food and beverage industry, which is fueling demand for the product and boosting the market.
