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% CAGR through 2031, to reach over US$ 1.3 Bn in revenues. Between 2020 and 2021, the carrageenan gum market grew by 4.10%.
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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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.
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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