The Latin America Carrageenan Market was worth USD 100 million in 2021 and estimated to be growing at a CAGR of 5.9%, to reach USD 130 million by 2026.
For centuries, carrageenan has been used all over the region of which eatable species were the first. Advancement of their uses was preferred by their set accessibility and closeness to centres of human settlement, typically coastal areas. With human progress and discoveries, other species were also found to yield medicinal, pharmaceutical, cosmetic, industrial and agricultural use.
One of the key drivers of the food grade carrageenan market is the increasing demand of treated foods. With growing awareness about the constituents of processed foods, the demand for organic ingredients is also on escalation. Other very significant factor for the progress of carrageenan market is the multi functionality of the product which substitutes a lot of other products used in processed foods. Lack of awareness in this region is obstructing the market growth.
Latin America 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 Latin America Carrageenan Market is segmented into Brazil, Mexico, Argentina, Chile and Rest of Latin America. Brazil having the highest demand for food products is leading the carrageenan market for Latin America region.
Key Players in the Market:
Major Key Players in the Latin America Carrageenan Market are
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