Carrageenan Gum market is expanding as a result of its various applications in cosmetics, food, and medicine. Its dual purposes as a natural stabiliser and thickener align well with the growing demand for plant-based products. It is anticipated to increase at a 4.0% CAGR from $915.9 million in 2022 to $1,355.7 million in 2032.
Because carrageenan gum has so many uses in the food, pharmaceutical, and cosmetics industries, the market for it is expanding quickly. The growing demand from consumers for natural and plant-based products has made carrageenan an indispensable thickening, stabilising, and gelling agent. It is anticipated that in the upcoming years, this increasing trend will continue.
Over the course of the forecast period, the carrageenan gum market is expected to grow at a CAGR of 4.0%.The market value is expected to increase from US$915.9 million in 2022 to US$ 1,355.7 million in 2032.
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The carrageenan gum market is on a trajectory of expansion owing to its versatile applications in cosmetics, food, and medicine. With a dual role as a natural stabilizer and thickener, it aligns seamlessly with the escalating demand for plant-based products. Projected to grow at a 4.0% CAGR, the market is anticipated to surge from $915.9 million in 2022 to an estimated $1,355.7 million in 2032.
Key Market Insights:
- Diverse Applications Fueling Growth: The widespread utilization of carrageenan gum in the food, pharmaceutical, and cosmetics industries is propelling rapid market expansion. The increasing consumer preference for natural and plant-based products positions carrageenan as an indispensable agent for thickening, stabilizing, and gelling. This trend is anticipated to persist in the coming years.
- Steady Growth Projection: Over the forecast period, the carrageenan gum market is expected to exhibit a 4.0% Compound Annual Growth Rate (CAGR). The market value is poised to escalate from US$ 915.9 million in 2022 to US$ 1,355.7 million in 2032.
- Cosmetics Sector Boosting Prospects: Carrageenan gum, recognized as a plant-based emulsifying ingredient, is finding applications in the cosmetics sector. The market is poised for further expansion due to the increasing consumer demand for natural ingredients in skincare and personal care products.
- Pharmaceutical Innovations: Carrageenan gum-based biomaterials are increasingly integrated into pharmaceutical formulations. Notably, they are used in creating nanomaterial drug-delivering agents like nasal sprays, contributing to enhanced saless
Competitive Landscape:
Leading players, including CP Kelco ApS, Marcel Carrageenan Corporation, FMC Corporation, E. I. du Pont de Nemours and Co., Extractos Naturales Gelymar S. A., Ingredients Solutions, Inc., Kerry Group, Cargill, Incorporated, Altrafine Gums, and W Hydrocolloids, Inc., collectively account for 20-40% of the total market share. Key growth strategies involve expansions in distribution networks, mergers, collaborations, and acquisitions.
Carrageenan gum, a plant-based emulsifying ingredient, is being used in the cosmetics sector. Prospects for market expansion will be further enhanced by consumers’ growing desire for natural ingredients in skincare and personal care products.
In addition, pharmaceutical formulations are increasingly incorporating carrageenan gum-based biomaterials to create nanomaterial drug-delivering agents like nasal sprays, which boosts sales.
Key Takeaways:
- Dominance of Food & Beverage Sector: The food and beverage sector is anticipated to command the highest revenue share in the carrageenan gum market.
- U.S. Market Growth: The U.S. market is expected to exhibit high growth, driven by the presence of leading cosmetics and food companies.
- China’s Meat Consumption Impact: Increasing meat consumption in China is expected to augment the growth of the carrageenan gum industry.
- U.K. Emerges as a Lucrative Market: The U.K. is set to become a lucrative market, propelled by expansions in the cosmetic industry and growing investments in research and development for product innovations.
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Competitive Landscape
CP Kelco ApS, Marcel Carrageenan Corporation, FMC Corporation, E. I. du Pont de Nemours and Co., Extractos Naturales Gelymar S. A., Ingredients Solutions, Inc., Kerry Group, Cargill, Incorporated, Altrafine Gums, and W Hydrocolloids, Inc. are among the leading players operating in the carrageenan gum industry as profiled by FMI, accounting for 20-40% of the total market share.
Prominent growth strategies adopted by leading players include expansions in distribution networks, mergers, collaborations, and acquisitions. Production facility expansions to cater to the increasing demand from end-use industries will continue gaining significance during the forecast period. For instance:
- In July 2021, global leader in nature-based ingredient solutions CP Kelco extended its distribution relationships with Azelis to expand its product portfolio in the Netherlands. Effective August 1st, Azelis will distribute CP Kelco’s products in the Netherlands as a part of continuously developing collaboration between both companies.
- In July 2021, Kerry Group acquired Hare Topco Inc, operating as Niacet Corp., in a U$ 1.01 Bn deal, strengthening its food preservation and preservation strategies for better positioning in the market.
Global carrageenan gum market segmentation
By Region
- North America
- Latin America
- Europe
- APAC
- Middle East & Africa
By Application
- Food and Beverages
- Dairy Products
- Meat Products
- Confectionery and Bakery
- Beverages
- Salads and Dressings
- Personal Care and Toiletries
- Toothpaste
- Air Fresheners
- Cosmetics
- Pharmaceuticals
- Feed and Pet Food
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Recent Developments:
- In July 2021, CP Kelco extended its distribution relationships with Azelis to expand its product portfolio in the Netherlands, aiming to strengthen collaboration.
- The acquisition of Hare Topco Inc, operating as Niacet Corp., by Kerry Group in July 2021 for U$ 1.01 billion further solidified its position in the market
Key Questions Answered in the Report
- What is the current carrageenan gum industry value?
The carrageenan gum industry will reach a valuation of US$ 881.6 Million in 2021.
- At what rate did the carrageenan gum market grow between 2016 and 2020?
The animal feed additive market experienced steady growth, exhibiting a 3.30 % CAGR between 2016 and 2020.
- What are the key trends driving carrageenan gum sales?
Increasing demand from end-use industries such as food & beverage, personal care, and pharmaceutical, coupled with growing preference towards plant-based additives are key trends driving carrageenan gum sales.
- Who are the leading players in the carrageenan gum market?
- I. du Pont de Nemours and Co., CP Kelco ApS, FMC Corporation, Kerry Group, and Cargill Incorporated are the leading players operating in the carrageenan gum industry
- What will be the demand outlook for North America Carrageenan Gum Market?
North America carrageenan gum industry is anticipated to witness steady growth at a 3.90% CAGR.
- What is the size of the Carrageenan Gum Market?
The Carrageenan Gum Industry is valued at US$ 881.6 Million in 2021. The market is likely to grow at a CAGR of 4.3% through 2031, reaching over US$ 1.3 Billion in 2031.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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