North America Carrageenan Market - Growth, Trends, and Forecast (2018 - 2023)
The North America carrageenan market is anticipated to register a CAGR of about 4.78% during 2018-2023 (the forecast period). The demand for carrageenan has decreased, as the consumers have shifted to alternatives, like SRC Grade food and RC Gel pressed products
With the increasing consumption of processed food, North America has been witnessing an increase in the demand for organic certified products, which is driving the carrageenan market in the region. Functional and health benefits associated with carrageenan, such as its role as stabilizer, thicker, texturing, and gelling agent, are another factors fueling up the consumption of carrageenan in North America. The accessibility of alternatives, such as agar, has slowed down the carrageenan market growth in the region. Also, the negative image and surrounding controversies, regarding carrageenan and its usage in organic food, is affecting the market space in the region.
The commonly used sources in carrageenan are gigartina, chondrus, iridaea, eucheuma. Carrageenan is used in the food industry applications, such as dairy and meat products, pharmaceuticals and cosmetic industry. By type, Kappa is the most used carrageenan, as it acts as a stabilizer and emulsifier in cheese, chocolate, ice cream, and puddings. Lota is used for ready-to-eat meals while Lambda is used for whipped cream. The food grade carrageenan is often mentioned as E407 or E407a in processed food ingredients, which means that it has processed seaweed. In a few products, carrageenan is mentioned as a dietary fiber.
The United States, Canada, and Mexico contribute to the major shares of the North America carrageenan market. North America majorly imports carrageenan from China, the Philippines, and Indonesia, due to the easy availability of seaweeds.
Major players - ACCEL CARRAGEENAN CORPORATION, CP KELCO, FMC CORP, INA FOOD INDUSTRY CO. LTD., MARCLE CARRAGEENAN, MCPI CORPORATION, QUEST INTERNATIONAL PHILIPPINES CORP., SEATECH CARRAGEENAN COMPANY, SELT- MG, TBK MANUFACTURING CORPORATION, W GROUP INC., ZAMBOANGA MANUFACTURING CORP, among others.
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