According to the Global Carrageenan Market Research Report, the market was worth USD 740 million in 2016 and estimated to be growing at a CAGR of 5.4%, to reach USD 962.58 million by 2021.
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Carrageenan is a food additive extracted from a seaweed called Irish moss. Though there is no major health benefit associated with its usage, Carrageenan is majorly used as a thickener and emulsifier to enhance the surface of dessert, yogurt, curds, soy drain, and other food products.
The global Carrageenan market value is evaluated to be USD 740 Million in 2016 and is estimated to reach USD 962 Million by 2021 at a CAGR of 5.4%.
The major driving factors of the market include growing usage of processed food globally, increasing functional applications of Carrageenan, and rising demand for natural food additives.
The concerns over the possible side effects of extreme usage of Carrageenan might restrict the market growth. Also, Factors like increasing alternatives and high product cost are also suspected to restrict the market expansion.
Geographically, the market is categorized into North America, Latin America, Asia-pacific, Europe and Middle East & Africa. Asia-pacific is dominating the market currently while Europe and Latin America are also contributing immensely to production and consumption of Carrageenan.
Some of the key players of Carrageenan market include AEP Colloids, Shemberg Marketing Corporation, Ingredients Solutions Inc., Gelymar SA, Soriano SA, Marcel Trading Corporation, Danisco A/S, Scalzo Food Industries, Altrafine Gums, and TIC Gums Incorporation.
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