The Asia Pacific Carrageenan Market was worth USD 270 million in 2021 and estimated to be growing at a CAGR of 6.28%, to reach USD 370 million by 2026. Asia Pacific is the leading market for the production of Carrageenan where fostering of superior quality Carrageenan is probable.
Carrageenan is made from shares of several red algae or seaweeds and is exercised for medicine. In production, Carrageenan is used as a binder, condensing agent, and as an additive in medicine foods, and toothpaste. Carrageenan is also a component in weight loss products.
Though world source of carrageenan is mostly from developing countries, the carrageenan colloid producing industry is confined in few well developed countries. Prospective manufacturers from developing countries desiring to enter the carrageenan market will face very tough competition from the recognized producers. Though, increasing prices of carrageenan have initiated to have a diminishing effect on sales, specifically in markets where substitution with less costly ingredients is possible.
Asia Pacific market for Carrageenan is segmented by type into Kappa, Lota and Lambda. Based on application the market is segregated into Food Industry, Pharmaceutical Industry and Cosmetics Industry. Food industry is further sub segmented into Dairy, Meat, Beverages and Pet Food. On the basis of grade the carrageenan market is divided amongst Refined Carrageenan and Semi Refined Carrageenan. Market is also bifurcated based on seaweed source into Gigartina, Chondrus, Iridaea and Eucheuma. Pharmaceutical industry is one of the key end-use industries of carrageenan due to its expanding application as gelling agent.
Geographically the market is segmented into India, Japan, China, Australia, Singapore, Malaysia, South Korea, New Zealand, and Southeast Asia. China is a foremost exporter of Carrageenan to the US and Europe. Japan is expected to grow at highest rate in the forecast period.
Key Players in the market:
Major key Players in the APAC Carrageenan Market are
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