As per a reseaech analysis by ESOMAR-certified consulting firm Future Market Insights (FMI), the global carrageenan gum market is expected to reach US$ 881.6 Mn in 2021. Increasing demand from end-use industries such as cosmetics, pharmaceuticals, and food & beverage will facilitate growth, with the market expanding at 4.30% CAGR through 2031.
Sales of carrageenan gum decline in 2020 due to the onset of the coronavirus outbreak. However, as per FMI’s analysis, the market experienced y-o-y growth of 4.10% between 2020 and 2021.
Being a plant-based emulsifying agent, carrageenan gum is finding applications in the cosmetic industry. Growing consumers’ preference for natural ingredients in skincare and personal care products will further create growth prospects in the market.
Besides this, carrageenan gum-based biomaterials are increasingly being incorporated with pharmaceutical formulations to develop nanomaterial drug-delivering agents such as nasal sprays, thereby driving sales.
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Additionally, rising demand for dairy products and processed meat products in countries including the U.S., the U.K., China, and India is creating lucrative opportunities for market players to launch innovative products in the market.
“Increasing applications of carrageenan in the food & beverage industry, coupled with research and development for sustainable products will enable growth in the market during the assessment period,” says the FMI analyst.
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.
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More Insights into the Carrageenan Gum Market Report
In its latest report, FMI offers an unbiased analysis of the global carrageenan gum market, providing historical data for the period of 2016-2020 and forecast statistics for the period of 2021-2031. In order to understand the global market potential, its growth, and scope, the market is segmented on the basis of application type (food & beverages, personal care, and toiletries, pharmaceuticals, feed, and pet food), and across seven regions (North America, Latin America, Eastern Europe, Western Europe, Asia Pacific excluding Japan (APEJ), Japan, and Middle East & Africa).