Carrageenan Market Size, Share & Trends Report

Carrageenan Market Size, Share & Trends Analysis Report By Processing Technology (Semi-refined, Gel Press, Alcohol Precipitation), By Function, By Product Type, By Application, By Region, And Segment Forecasts, 2023 - 2030

  • Report ID: GVR-4-68039-268-0
  • Number of Pages: 150
  • Format: Electronic (PDF)

Research Methodology

A three-pronged approach was followed for deducing the carrageenan market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:

Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for carrageenan market to gather the most reliable and current information possible.

  • We buy access to paid databases such as Hoover’s and Factiva for company financials, industry information, white papers, industry journals, SME journals, and more.
  • We tap into Grand View’s proprietary database of data points and insights from active and archived monitoring and reporting.
  • We conduct primary research with industry experts through questionnaires and one-on-one phone interviews.
  • We pull from reliable secondary sources such as white papers and government statistics, published by organizations like WHO, NGOs, World Bank, etc., Key Opinion Leaders (KoL) publications, company filings, investor documents, and more.
  • We purchase and review investor analyst reports, broker reports, academic commentary, government quotes, and wealth management publications for insightful third-party perspectives.

Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of carrageenan market data depending on the type of information we’re trying to uncover in our research.

  • Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.

  • Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.

  • Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.

  • Qualitative Functional Deployment (QFD) Modelling for market share assessment.

Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.

  • Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.

  • Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.

  • This step also entails the finalization of the report scope and data representation pattern.

  • Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.

Carrageenan Market Categorization:

The carrageenan market was categorized into four segments, namely processing technology (Alcohol Precipitation, Gel Press, Semi-refined), function (Thickening Agent, Gelling Agent, Stabilizer), product type (Kappa, Iota, Lambda), application (Food & Beverage, Pharmaceutical, Personal Care & Cosmetics), and regions (North America, Europe, Asia Pacific, Central & South America, Middle East & Africa).

Segment Market Methodology:

The carrageenan market was segmented into processing technology, function, product type, application, and regions. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:

Market research approaches: Bottom-up

  • Demand estimation of each product across countries/regions summed up to from the total market.

  • Variable analysis for demand forecast.

  • Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.

  • Primary interviews for data revalidation and insight collection.

Market research approaches: Top-down

  • Used extensively for new product forecasting or analyzing penetration levels.

  • Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.

  • Primary interviews and vendor-based primary research for variable impact analysis.

Market research approaches: Combined

  • This is the most common method. We apply concepts from both the top-down and bottom-up approaches to arrive at a viable conclusion.

Regional Market Methodology:

The carrageenan market was analyzed at a regional level. The globe was divided into North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into fifteen countries, namely, the U.S.; Canada; Mexico; U.K.; Germany; France; Italy; China; Japan; India; South Korea; Brazil; Argentina; Saudi Arabia; South Africa

All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.

Carrageenan market companies & financials:

The carrageenan market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:

  • DuPont The company was established in 1802 and is headquartered in Wilmington, U.S. It employs more than 35,000 personnel. DuPont operates as a global science and technology company. The company has various business segments including agriculture, electronics & communication, industrial biosciences, nutrition & health, performance materials, safety & protection, and pharmaceuticals. The company offers carrageenan through its nutrition & biosciences business unit under several brand names including VISCARIN, GELCARIN, and LACTARIN. DuPont’s nutrition & biosciences division merged with IFF in February 2021 expanding the production capabilities of ingredients provided to food & beverage, home care, personal care, and wellness applications. 

  • Ingredion Incorporated The company was incorporated in 1906 and it is headquartered in United States. Ingredion, Incorporated provides ingredient solutions for food & beverage, paper, and pharmaceutical industries. The company changed its name to Ingredion, Incorporated in June 2012 from its previous name, “Corn Products International, Inc.”. The company is a prominent manufacturer and supplier of sweeteners such as dextrose, glucose syrup, and polyols, nutrition ingredients and biomaterials as well as offers starches, gums, emulsifiers and hydrocolloids.

  • Ashland Inc. Ashland was established in 1924 and the head office of the company is located in Kentucky, U.S. Ashland is engaged in manufacturing and distributing specialty chemicals to several end-use industries including architectural coating adhesives, automotive, construction, food & beverage, pulp & paper, energy, pharmaceutical, and personal care. It operates through three business segments: specialty ingredients, composites, and intermediates & solvents. The specialty ingredients segment includes cellulose ethers, vinyl pyrrolidones, and biofunctionals, among others. The company's specialty ingredient unit is the major producer of hydrocolloids, which enhance texture and provide stability to food products. It caters its products to various industries including food & beverage, agriculture, paints &coating, personal care, construction, packaging printing & graphics, energy and pharmaceuticals.

  • CP Kelco U.S. Inc. It was founded in the year 2000, and it's headquarters is located in New York, U.S. CP Kelco U.S., Inc. is engaged in the production and distribution of hydrocolloids. The company operates as a subsidiary of CP Kelco ApS. It provides xanthan gum, pectin, Carboxymethyl cellulose, gellan gum, diutan gum, and refined locust bean gum for food & beverage, household products, papermaking, personal care, clinical nutrition, oilfield drilling, and industrial applications.

  • Tate & Lyle Plc UK-based company which employs around 4,522 employees globally. Tate & Lyle is engaged in manufacturing and distributing food and ingredient solutions to the food & beverage industry. The company operates through three business segments: sucralose, food & beverage, and primary products. The company offers many products, including sweeteners, textures, fibers, food stabilizers, acidulants, industrial starches, and savory ingredients. The company has 8 production sites in Italy, South Africa, China, Brazil, and the U.S. Its production center distributes stabilizer systems based on the combination of hydrocolloids, emulsifiers, and flavored systems.

  • Cargill The company was incorporated in 1865, and its headquarters is located in Minnesota, U.S. The company has a large workforce of 160,000 worldwide. Cargill, Incorporated offers products in several business divisions including animal nutrition, food & beverage, bio-industrial, food services, agriculture, risk management, meat & poultry, industrial, beauty, pharmaceutical, and transportation. The company's product portfolio includes cotton, grain & oilseed, cocoa & chocolate, dressing, sauces & oils, and salt. The company offers a wide range of hydrocolloid products such as carrageenan, pectin and biopolymers such as xanthan gum. These are used in food, cosmetic and pharmaceutical industries. It provides industrial starch for corrugating, paper making, adhesive, bio & chemical, and oil & drilling applications. The company is in Africa, Europe, the Middle East, North America, Latin America, and Asia Pacific. It manufactures and markets its products through offices across China, Thailand, Asia, Japan, Korea, Belgium, Austria, Portugal, Romania, Peru, Canada, Mexico, and the U.S.

  • Ceamsa The company produces, markets, and distributes hydrocolloids worldwide. It provides pectin, carrageenan, alginate, fiber, and refined locust bean gum for food & beverages, pharmaceutical, and cosmetic applications. Moreover, the products are widely utilized in the food industry for gel-forming, stabilizing, texturizing, and thickening properties. The company has offices and manufacturing facilities in the Philippines and Spain, which are based on self-developed technology. In addition, currently, the company is carrying out its R&D project, namely Hydrocolloid Technical Development for attaining novel products and processes developed for food and beverage applications with improved functionality and properties.

  • Gelymar Chile based company offers hydrocolloid products including carrageenan, alginates, apple fiber, and gely gum. It caters to food (dairy, bakery, meat, beverages, and prepared food), pharmaceutical, and personal care (creams, toothpaste, masks) end-use industries. The company has its presence in Central and South America, North America, Europe, the Middle East, North Africa, and China. The company has four manufacturing sites in Chile and Indonesia. Two product technology centers are located in Chile, and a distribution network is spread across more than 50 countries. The company follows sustainable practices in its production process. About 40% of seaweed used by the company is cultivated using sustainable techniques. The company is ISO 9001:2015 and FSSC 22000 certified. It complies with the U.S. Code of Federal Regulations, European Community (EEC), Japan Food Additive Codex, and other international guidelines. The company employed about 200 individuals as of 2020.

  • Ina Food Industry Co. Ltd. The company was incorporated in 1958 and headquartered in Nagano, Japan. It operates through various segments including farm business, sake business horticultural business commercial products, household products, and fureai service. It is engaged in producing and selling agar and natural gelling agents through the commercial products segment. The company obtained FSSC 22000 certification at the Kitaoka factory in 2018. As of December 2020, it had an employee strength of 566.

  • PT. Gumindo Perkasa Industri The company was established in 1997 and headquartered in Indonesia. NA The company trades its seaweed-based products under the name Indogum. It is engaged in the manufacturing of seaweed flour of semi-refined carrageenan. Indogum’s annual production capacity of semi-refined carrageenan is about 1,500 metric tons and its blending capacity is approximately 3,000 metric tons. The company has a state-of-the-art laboratory equipped with advanced-quality testing instruments. It has received various certifications such as KOSHER, FSSC – 22000, GMP, HALAL, and HACCP. The company is a member of Indonesiaseaweed.com, a branding initiative by the Indonesian Seaweed Industry Association (Astruli). It exports customized products across the globe, catering to specific customer requirements.

Value chain-based sizing & forecasting

Supply Side Estimates

  • Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.

  • Segment revenue determination via variable analysis and penetration modeling.

  • Competitive benchmarking to identify market leaders and their collective revenue shares.

  • Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.

Demand side estimates

  • Identifying parent markets and ancillary markets

  • Segment penetration analysis to obtain pertinent

  • revenue/volume

  • Heuristic forecasting with the help of subject matter experts

  • Forecasting via variable analysis

Carrageenan Market Report Objectives:

  • Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.

  • Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.

  • Understanding market estimates and forecasts (with the base year as 2022, historic information from 2018 - 2021, and forecast from 2023 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.

Carrageenan Market Report Assumptions:

  • The report provides market value for the base year 2022 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.

  • The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.

  • We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.

  • All market estimates and forecasts have been validated through primary interviews with the key industry participants.

  • Inflation has not been accounted for to estimate and forecast the market.

  • Numbers may not add up due to rounding off.

  • Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).

  • Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).

  • Latin America includes Central American countries and the South American continent

  • Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.

Primary Research

GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.

We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:

  • Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.

  • Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.

The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.

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