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Increased Seaweed Cultivation Can Be Expected From Andhra Pradesh, IndiaMarch 29, 2023
Record Bloom of Seaweed in Atlantic Sargassum BeltApril 04, 2023
Nutrient rich seaweedAugust 23, 2022
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Carrageenan market report transcript
Carrageenan Global Market Outlook
Global Market Size: 2.75 MMT
Supply Growth Rate: 2.85 percent
The global hydrocolloids market size was estimated at $9.77 billion in 2021, and it is expected to grow at a CAGR of 5.3 percent from 2021 to 2025. Growth of the hydrocolloids market is driven by the expansion of the processed food industry because of the increase in demand for convenience foods in the emerging countries of the APAC, South America, and the Middle East & African regions.
Global Supply–Demand Analysis
The hydrocolloid supply was estimated to decreased by 3.6 percent in 2022 compared to last year, in terms of volume mostly due to constrained market conditions and low supply of guar gum, xanthan gum etc.
Hydrocolloid production is expected to increase by around 2 to 3 percent in 2023, supported by revival in operating rates.
Corn starch leads the hydrocolloids market segment, followed by guar gum, due to a steep demand from the oil & gas industry and the food sector
The use of xanthan gum and carrageenan in the food and beverage industry has been in demand, owing to the increasing health consciousness among the consumers and multi-functionality of hydrocolloids. Other hydrocolloids, such as alginates, agar, and CMC hold a minor share
Porter's Analysis on Carrageenan
Carrageenan constitute to a cardinal part to the carrageenan seaweed farmers
Prices of seaweed determine the prices of final carrageenan sold to end-users
Farmers and respective associations have an upper hand in determining the prices
Barriers to New Entrants
Access to feedstock is limited, as it is grown mainly in Indonesia and the Philippines
There is only minor differentiation in the quality among the different brands of Carrageenan, hence, creating less price premiums
Thus, barriers to new entrants in the carrageenan industry are strong
Intensity of Rivalry
There is a huge number of carrageenan manufacturers concentrated in China, Europe, Philippines, Indonesia, and India
Limited product differentiation results in lower profit margins for the sellers
Lower switching cost results in competitive pricing in the industry
Threat of Substitutes
Agar is the best substitute for carrageenan. Although it has superior qualities, it is more than twice the cost of SRC and not widely available, like carrageenan
Other potential substitutes include guar gum and xanthan gum
The growth of carrageenan depends mainly on the growth of its end-user industries, like the processed foods, dairy, etc.
The cost of carrageenan accounts only for a small portion in the end product
The switching cost for the buyer is relatively lower, as there is limited product differentiation among the various grades of carrageenan
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