Carrageenan Market by DuPont, Ingredion Incorporated, Ashland, CP Kelco U.S., Inc., Cargill, Inc.A Chapter by Markets InsightsThe global carrageenan market size was valued at USD 780.5 million in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 6.0% from 2020 to 2028The global Carrageenan Market size is expected to reach USD 1.25 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 6.0% from 2020 to 2028. Some of the key players in this industry are DuPont, Ingredion Incorporated, Ashland, CP Kelco U.S., Inc., Cargill, Inc., Ceamsa, W Hydrocolloids, Inc., Gelymar. The rising demand for plant-based thickeners and stabilizers for replacing synthetic and animal-derived ingredients in food and beverage applications is expected to drive the product demand. As per the Food & Agricultural Organization (FAO), Asia held the largest share in seaweed production globally as of 2020. Southeast Asian countries including Indonesia, the Philippines, and Malaysia are a few of the major cultivators of seaweed providing growth opportunities for local carrageenan manufacturers with abundant raw material availability. The market is fragmented with numerous market participants present across the value chain. Hydrocolloids manufacturers including Cargill Incorporated, CP Kelco, and DuPontare integrated across the value chain. The companies source their own raw materials, for instance, red seaweed such as Kappaphycusalvarezzi, Eucheumadenticulatum, Sarcothalia, Gigartina, and Chondruscripusisused for carrageenan production. The manufacturers are engaged in R&D activities for developing innovative extraction techniques and producing high-quality products that can cater to demand from various end-use industries. For instance, in February 2021, Marinomed Biotech AG, a biopharmaceutical company, announced the development of a nasal spray that is formulated with iota-carrageenan. The company stated that this product can be used as a preventive measure for COVID-19. Related Press Release@ Carrageenan Market Report Carrageenan Market Report Highlights
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