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Impact of Covid-19 on Carrageenan Market

 

Carrageenan: Introduction

·         Carrageenan is made from parts of various red algae or seaweeds. It is commonly used to thicken foods. It is also employed in pharmaceuticals and cosmetics applications.

·         Carrageenan is widely used in the food industry due to its capability to bind with water and enhance the properties of food ingredients. Rise in preference for food and pharmaceutical products with ingredients derived from plant sources instead of animal-derived ingredients, such as gelatin, is likely to increase the demand for carrageenan in the near future.

·         Increase in usage of carrageenan as an ingredient in the production of bakery products, water-based foods, meat products, and pet foods is also boosting the carrageenan market

·         Carrageenan can act as a fat replacer. This is also expected to drive its demand, as consumers increasingly prefer low-calorie, convenient food products. Furthermore, carrageenan serves as an alternative to gelatin for vegan and vegetarian products.

·         Carrageenan is also utilized as a viscosity control agent in personal care products and water-based cosmetics due to its water-binding capacity. It functions as a thickening, stabilizing, and suspending agent in sunscreens, lotions, and body washes. For instance, products such as L'Oréal’s Pure-clay Glow-mask, and Natural Moisturizing Lubricant of DreamBrands Inc. contain carrageenan.

Carrageenan Market: Segments

·         The carrageenan market can be segmented based on form, function, application, and region

·         Based on form, the carrageenan market can be divided into Iota, kappa, and lambda.

·         Based on function, the carrageenan market can be segregated into thickening agent, gelling agent, stabilizer, texturizing, binding, and others

·         In terms of application, the global carrageenan market can be classified into pharmaceuticals, cosmetics, food & beverages, and others

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COVID-19 Impact on Carrageenan Market

·         The COVID-19 pandemic has impacted a large number of countries across the globe. Various measures introduced to deal with the pandemic such as lockdowns, fall in trade activities, and closure of various factories and workplaces in several countries could save lives. However, they lead to wide-ranging economic effects, thus inducing an economic contagion.

·         Carrageenan has antiviral properties. Therefore, it is being considered as a treatment for COVID-19. Shortage in supply of raw materials from various manufacturers of carrageenan around the globe has resulted in a severe demand-supply gap. Manufacturers are expected to be stranded on raw material orders owing to the logistics industry being significantly impacted due to the lockdown amid COVID-19.

·         The shutdown in various countries across the globe has prohibited the import of various components including additives and raw materials. This is projected to hamper the carrageenan market.

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Asia Pacific to Dominate Carrageenan Market

·         In terms of geography, the global carrageenan market can be segmented into North America, Latin America, Asia Pacific, Europe, and Middle East & Africa

·         China, India, and Japan are leading the carrageenan market in Asia Pacific due to the increase in demand for cosmetic products in these countries

·         North America is the emerging region of the carrageenan market. Increase in population, changing lifestyle, and improvement in disposable income are factors driving the carrageenan market in the region.

·         The carrageenan market in Europe, particularly in countries such as the U.K., Germany, and France, has been expanding significantly due to rapid industrialization. The processing of carrageenan mainly takes place in Denmark and France. Norway and the Netherlands are also expected to contribute significantly to carrageenan market. Growth of the market in Europe can be ascribed to favorable government policies.

·         Demand for carrageenan is expected to increase in Latin America and Middle East & Africa in the near future, led by growth in standard of living of people in these regions

Key Manufacturers Operating in Global Carrageenan Market

Key manufacturers operating in the global carrageenan market include:

·         DuPont

·         Ingredion Incorporated

·         Ashland

·         CP Kelco U.S., Inc.

·         Cargill, Inc.

·         Ceamsa

·         W Hydrocolloids, Inc.

·         Caldic B.V.

·         MCPI Corporation

·         TBK Manufacturing Corporation

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