In spite of recording global sales of over 60,000 metric tonnes in 2016, Future Market Insights predicts that the global demand for carrageenan gum will witness a considerable decline. A latest research report published by Future Market Insights projects that by the end of 2024, the global consumption of carrageenan gum would have soared moderately at 4.3% CAGR and surpassed 88,000 metric tonnes. The report further reveals the real reason behind sluggish sales of carrageenan gum in the world.
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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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
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.
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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.
Competitive Landscape
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.
Leading players operating in the carrageenan gum market are focusing on mergers, acquisitions, and strategic collaborations to strengthen their footprints in the market. Product innovations, research and development, and production facility expansions will remain prominent growth strategies of market players throughout the forecast period. For instance:
- In June 2021, CP Kelco announced the extension of its distribution chain with Azelis in India, Malaysia, Indonesia, and Thailand. Azeli’s diverse product range and a proven growth track record make them a good distributor of choice for CP Kelco to expand its operations to other countries across the world. Through this partnership, Azelis will distribute the complete range of CP Kelco’s products.
- In July 2021, Kerry Group acquired biotechnology company Biosearch Life to expand its operations in the food ingredient sector. Biosearch will be integrated in Kerry Group’s global ProActive health platform for ‘science-backed branded ingredients.
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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?
E. 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.