Carrageenan Gum Market - Growth, Statistics, By Application, Production, Revenue & Forecast To 2031

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.

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.

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The carrageenan gum market grew at 3.3% CAGR between 2016 and 2020. Speculations regarding the sustainability of carrageenan gum, coupled with unprecedented effects of COVID-19 dampened rate of sales in the market in 2020.

However, with expedited vaccine drives across the globe, manufactures are resuming the production operations for a speedy recovery. Owing to faster production and improvements in supply chain, the carrageenan gum market experienced y-o-y growth of 4.10% between 2020 and 2021.

FMI projects a positive demand outlook for carrageenan gum with biocompatibility and non-toxicity of carrageenan gum being key factors driving its application, leading to market expansion at a moderate 4% CAGR through 2031.

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).

Key Points Covered in Carrageenan Gum Market Survey

Market estimates and forecast 2021-2031
Key drivers and restraints impacting market growth
Segment-wise, Country-wise, and Region-wise Analysis
Competition Mapping and Benchmarking
Brand share and Market Share Analysis
Key Product Innovations and Regulatory Climate
COVID-19 Impact on Carrageenan Gum Market and how to Navigate
Recommendation on Key Winning Strategies

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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 market share of leading players in the Carrageenan Gum Market?
Top players in the carrageenan gum market are estimated to account for approximately 20-40% of the total market share.

What will be the carrageenan gum market share in Europe?
The carrageenan gum market in Europe is expected to grow at a healthy pace, exhibiting a 4.40 % CAGR through 2031.

What is the current market share of Japan and South Korea in the global carrageenan gum market?
Japan and South Korea will account for 4.3% and 2.9% of the total market share respectively.

Contact

Mr. Abhishek Budholiya

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About FMI

Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, the global financial capital, and has delivery centers in the U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.

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