The Carrageenan Gum market is experiencing substantial growth due to its versatile applications in the food, pharmaceutical, and cosmetic industries. Carrageenan, known for its role as a stabilizer, thickener, and gelling agent, is gaining importance as consumer demand for natural and plant-based products rises. This trend is expected to continue, with the dairy-based breakfast beverages market alone projected to exceed $140 million by the end of 2026, generating over $50 million in additional opportunities between 2019 and 2026. These factors contribute to the increasing popularity of healthier on-the-go breakfast options.
The Carrageenan Gum market is witnessing significant growth, driven by its versatile applications in the food, pharmaceutical, and cosmetic industries. As consumer demand for natural and plant-based products increases, carrageenan’s role as a stabilizer, thickener, and gelling agent gains prominence. This upward trend is expected to continue in the coming years.
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The market for dairy-based breakfast beverages was valued at close to US$ 90 million in 2015, and by the end of 2026, it is anticipated to exceed US$ 140 million. Additionally, it is predicted that between 2019 and 2026, this market will generate additional opportunities worth more than US$ 50 million. All of these elements play a significant role in the rising popularity of breakfast items that can be consumed quickly and easily on-the-go and are healthier than sugary cereals.
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 from the Carrageenan Gum Market Survey
- Food & beverage sector is anticipated to account for the maximum revenue share in the market.
- The U.S. market is anticipated to exhibit high growth owing to the presence of some of the leading cosmetics and food companies.
- Increasing meat consumption in China will augment the carrageenan gum market growth.
- The U.K. will emerge as a lucrative market, due to expansions in the cosmetic industry and increasing investments in research and development for product innovations.
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 market 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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Key Questions Answered in the Report
- What is the current carrageenan gum market value?
The carrageenan gum market will reach a valuation of US$ 881.6 Mn 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 market.
- What will be the demand outlook for North America Carrageenan Gum Market?
North America carrageenan gum market is anticipated to witness steady growth at a 3.90% CAGR.
- What is the size of the Carrageenan Gum Market?
The Carrageenan Gum Market 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 Bn 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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