Carrageenan is a gel-forming and viscosifying polysaccharide that is obtained from a species of red seaweed. Commercially, carrageenan is available in three different grades, Kappa, Iota, and lambda. The growing demand for natural food additives, gelling, and emulsifying agents across the food and beverage industry is anticipated to be the key factor in driving the market growth. In addition, the growing use of products as an excipient in the pharmaceutical industry and in the formulations of cosmetics products accelerates the market growth.
COVID-19 Impact Analysis
The COVID-19 outbreak that started in China last year has a severe impact on the food and beverage industry. This is due to the lockdown measure taken by the government in efforts to bring the pandemic to halt that has not only disrupted the supply chain of the raw materials but has also led to the downfall in the production capacities. In addition, the sharp decline from the demand side in the supply-demand chain has further worsened the conditions of the players that are engaged in the food & beverage business.
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Across the distribution channels in the food & beverages industry, the out-of-home business has been severely impacted amid the lockdown, whose sales have taken a dive as most of the cafes, restaurants, bars, and the hotel has been shut down. Whereas, the at-home sales channels have witnessed a spike in sales. As the consumers are now stocking up goods for isolation and quarantine. It is expected that the post-COVID scenario will witness a major change in the consumer sentiments, which, now will be more inclined towards at-home consumption. Which in turn, will change the outlook of the food & beverages in the upcoming years.
Carrageenan Market: Segmentation
Central and South America and the Caribbean
The Middle East
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