The Carrageenan Gum market is expected to grow at a CAGR of 4.0 %. The market value is projected to increase from US$ 915.9 Million in 2022 to US$ 1,355.7 Million by 2032.
The European carrageenan gum market has been growing steadily in recent years, driven by increasing demand from the food and beverage industry. During the projected period, Carrageenan Gum market is expected to grow at a CAGR of 4.0 %. The market value is projected to increase from US$ 915.9 Mn in 2022 to US$ 1,355.7 Mn Mn by 2032.
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
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:
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Global carrageenan gum market segmentation
By Region
By Application
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Key Questions Answered in the Report
The carrageenan gum market will reach a valuation of US$ 881.6 Mn in 2021.
The animal feed additive market experienced steady growth, exhibiting a 3.30 % CAGR between 2016 and 2020.
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.
North America carrageenan gum market is anticipated to witness steady growth at a 3.90% CAGR.
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.
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.
Jun 21, 2023