LONDON--(BUSINESS WIRE)--The latest market research report by Technavio on the global carrageenan market predicts a CAGR of around 8% during the period 2018-2022.
The report segments the global carrageenan market by application (food and beverages, and personal care), and by geography (the Americas, EMEA, and APAC). It provides a detailed illustration of the major factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Here are some key findings of the global carrageenan market, according to Technavio healthcare and life sciences researchers:
- Accelerating obesity rates and growing health consciousness: a major market driver
- Growing applications of carrageenan: emerging market trend
- EMEA dominated the global carrageenan market with 43% share in 2017
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Accelerating obesity rates and growing health consciousness: a major market driver
People are becoming increasingly concerned about the safety of the food and beverages they consume. This could increase the demand for plant-based proteins like seaweed. In recent times there has been a drastic rise in the number of health problems such as digestive disorders, diabetes, and obesity in the global population. Hence, people have increasingly become health conscious and are following a healthy diet, which is fueling the demand for superfoods to prevent or reduce the occurrence of health problems.
The health-conscious population demands foods with fewer calories with the essential nutrients. Seaweed provides more energy, reduces the effects of aging, and helps in reducing weight. The increasing effort to lose weight and avoid medical complications will be a growth factor for the global seaweed market during the forecast period.
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Growing applications of carrageenan: emerging market trend
Carrageenans are one of the most important ingredients and additives in food, personal care, pharmaceuticals, and other industrial applications. They are used widely in personal care products such as cosmetics, shampoos, hand and body lotions, toothpaste, soap, and gel fresheners. Carrageenans are large, highly flexible molecules that curl forming helical structures. In the US, carrageenans are used as emulsifiers in chocolate milk as it can keep the chocolate in suspension.
According to a senior analyst at Technavio for food research, “Food-grade carrageenans are widely used in the dairy industry as they provide stability to dairy products such as flavored milk and cheese, yogurts, and milk-based desserts. They are also used to regulate the water content in meat products, stabilize ice creams and provide the desired texture to confectionary products, water-based desserts, and fruit preparation. Carrageenans are also used as additives in the pharmaceutical, personal care, and home care industries, where they can be used as thickeners and film-forming agents.”
Global market opportunities
The food and beverage sector accounted for the maximum market share of the market accounting for close to 55%, followed by the personal care segment.
In terms of regional dominance, EMEA dominated the global carrageenan market with a market share of close to 43% in 2017, followed by APAC and the Americas. Technavio expects APAC to emerge as the fastest growing market over the forecast period, increasing its market share by over 2% by 2022.
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