Carrageenan Gum Market to Hike at Moderate CAGR of 4.3% during 2016-2024
According to the report, titled “Carrageenan Gum Market: Global Industry Analysis and Opportunity Assessment, 2016-2024,” the common fallacy that renders carrageenan gum as harmful ingredient has been instrumenting the decelerated growth in its global sales. Misconceptions arising from ambiguous status of carrageenan gum as a viable food ingredient has restrained the market from attaining a steady growth. The global carrageenan gum market, which is presently valued over US$ 700 million, is hence anticipated to register a 4% CAGR and bring in close to US$ 1 billion by the end of 2024.
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Limited availability of raw carrageenan is also expected to keep curbing the production of carrageenan gum in the world. A majority of carrageenan gum produced across the globe gets consumed by food and beverage manufacturers. The report reveals how more than half of global carrageenan gum revenues are accounted by food & beverage industries. Presence of carrageenan gum is also gaining traction in production of personal care products & toiletries. In 2016, nearly ten thousand metric tonnes of carrageenan gum were consumed by this segment. Meanwhile, pharmaceutical manufacturers are expected to lower their participation in the global consumption of carrageenan gum, owing to the ingredient’s speculative status and prolonging FDA approvals. Carrageenan gum will also be used in production of animal feed and pet food products, revenues from which are projected to surpass US$ 200 million by the end of 2024.
A regional analysis of global carrageenan gum market projected higher demand for carrageenan gum in Europe. Apropos the report, Europe will contribute to more than 35% of global carrageenan gum revenues throughout the forecast period. Revenues emanating from Europe are also expected to rise at 4.4% CAGR, while the region’s carrageenan gum consumption will register growth at 4.8% CAGR. Meanwhile, North America and Asia-Pacific will collectively account for almost 50% of global carrageenan gum revenues through 2024. Latin America’s carrageenan gum market, on the other hand, will bring in nearly US$ 120 million in revenues. Middle East & Africa’s carrageenan gum revenues, however, will be registering the slowest CAGR over the forecast period.
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A majority of carrageenan gum manufacturers in the world are based in the US. Companies such as CP Kelco ApS, FMC Corporation, E. I. DuPont de Nemours and Co., Ingredient Solution Inc., and Cargill, Incorporated are prominent players in the global carrageenan gum market. The market is also witnessing higher participation from companies namely, Compañía Española de Algas Marinas S.A. (CEAMSA), W. Hydrocolloids Inc., Altrafine Gum, Kerry Group, Extractos Naturales Gelymar S. A., and Marcel Trading Corporation.
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