Overview - The demand for carrageenan is increasing in the food industry due to rising health consciousness and the preference for natural additives among consumers [1][10] - In the pharmaceutical sector, carrageenan is recognized for its biocompatibility and biodegradability, making it suitable for drug delivery systems and wound dressings [1][10] - China has become a major producer and consumer of carrageenan, with projected sales reaching 67,300 tons in 2024, although market size is expected to decline to 2.872 billion yuan due to falling product prices [1][10] Industry Background - Economic development and rising income levels in China are driving demand for carrageenan across various sectors, particularly food, cosmetics, and pharmaceuticals [4] - The food industry is the primary application area for carrageenan, accounting for over 70% of consumption, with a growing need for high-quality products [8] Industry Chain - The upstream of the carrageenan industry includes the cultivation and harvesting of red algae, while the downstream encompasses applications in food, medical, cosmetic, and agricultural sectors [6] - Carrageenan is widely used in beverages, candies, and meat processing for thickening and stabilizing, and in cosmetics for its moisturizing properties [6] Market Dynamics - In 2024, China's carrageenan export volume is expected to reach 25,200 tons, with an export value of approximately 20.84 million USD [12] - Major export destinations include Spain, Russia, and the Philippines, with significant revenue contributions from these markets [12] Competitive Landscape - The carrageenan market in China is becoming increasingly competitive, with key players including Green New Hydrophilic Gels, Zhejiang Shangfang Biotechnology, and Fujian Green Power Biotechnology [14][19] - Green New Hydrophilic Gels reported a revenue of 989 million yuan in 2024, with a gross profit margin of 22.49% [17] Future Trends - The application of carrageenan is expected to expand in biotechnology, particularly in tissue engineering and regenerative medicine [21] - There is a growing emphasis on sustainable production practices, with companies likely to adopt green technologies and biodegradable products to meet market demands for environmentally friendly options [21]

Core Viewpoint - The global market for plant-based soft capsules for supplements is projected to reach USD 575.39 million by 2031, with a compound annual growth rate (CAGR) of 5.4% from 2025 to 2031 [2]. Market Overview - The global market for plant-based soft capsules is expected to grow significantly, with the top ten manufacturers holding approximately 84.0% of the market share by 2024 [7]. - The main product type currently dominating the market is carrageenan, which accounts for about 89.3% of the market share [9]. - In terms of application, vitamin and mineral supplements represent the largest demand source, holding approximately 35.5% of the market share [12]. Industry Trends - The trend of vegetarian soft capsules replacing gelatin soft capsules is expected to continue, driven by the advantages of vegetarian options, such as being non-animal sourced and suitable for a wider audience [13]. - The popularity of gellan gum products is increasing, as gellan gum is a non-toxic, odorless, and tasteless ingredient that enhances the stability and bioavailability of active ingredients in soft capsules [13][14]. Challenges - High price levels due to significant R&D investments and high raw material costs are a challenge for manufacturers [15]. - Continuous R&D investment is necessary to meet market demands, as the nutritional health food industry experiences rapid product updates and requires substantial funding and technical expertise [15]. Growth Drivers - Vegetarian soft capsules are more popular in developed countries, with significant market shares in the U.S., Europe, and Japan [16]. - There is a growing demand for vegetarian products in Middle Eastern and African countries, particularly in Islamic regions [17].