Carrageenan Gum market is growing as a result of its numerous uses in food, medicine, and cosmetics. Its function as a thickening and natural stabiliser fits perfectly with the increasing market for plant-based goods. It is expected to grow from $915.9 million in 2022 to $1,355.7 million by 2032, or a 4.0% CAGR.
The market for carrageenan gum is growing rapidly due to its numerous applications in the food, medicine, and cosmetics sectors. As consumer demand for natural and plant-based products develops, carrageenan plays an increasingly essential function as a stabiliser, thickener, and gelling agent. It is expected that this upward trend will continue in the years to come.
The market for carrageenan gum is anticipated to expand at a CAGR of 4.0% over the forecast period.According to projections, the market value will rise from US$915.9 million in 2022 to US$ 1,355.7 million by 2032.
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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 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 industry 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 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.
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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 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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