A composition comprises an ion-exchanged carrageenan. The carrageenan may be a neutrally extracted iota or kappa carrageenan. The ion-exchanged carrageenan has reduced gelling cation contents, reduced gelling temperature, and reduced melting temperature, as compared to its non-ion-exchanged counterpart. The ion-exchanged carrageenan may be mixed with another carrageenan to form a carrageenan product having a unique gelling temperature and melting temperature. Also disclosed is a process for making an ion-exchanged carrageenan composition.