Carrageenan gum is extracted from seaweed and is ideal for food additives as they have various range of gelling and emulsifying properties. Moreover, it is also used to treat various medical conditions such as bronchitis, coughs, tuberculosis, and intestinal problems. Also, it is used as a thickening agent, binder, and as a stabilizer in various medications and food. Additionally, it is also consider as important weight loss products. It is beneficial for reducing pain and swelling during injury. In food products, they thicken things such as ice cream, marshmallow fluff, pancake syrup, etc. and in the beverage, they act as an excellent emulsifier by keeping the liquid mixed together.
Global carrageenan gum market was valued at US$ 881.6 Million in 2021 in terms of revenue, exhibiting a CAGR of 4.4% during the forecast period (2022 to 2030).
Drivers
Growing usage of carrageenan gum in processed food as thickener, protein stabilizer, particle suspension and emulsifying the agent is predominantly fueling market growth. It is used in ice creams, dairy-based products, salad dressings, sour cream, and chocolate milk. Furthermore, it is also used across food applications such as beverages, confectioneries, and bakery products. Therefore, the growing consumption of carrageenan gum in various processed foods is anticipated to propel the overall market growth of carrageenan gum.
Growing demand for carrageenan gum from the cosmetic industry is estimated to foster market growth over the forecast period. Carrageenan gum is used in the production of skincare products such as shaving creams, cream deodorants, and body lotions. Moreover, carrageenan gum is also used in manufacturing toothpaste and air freshener’s product, because it has excellent controlling texture and fluidity property. Therefore, rising demand for carrageenan gum from the cosmetic industry is expected to propel the market growth over the forecast period.
The COVID-19 pandemic has led to disruptions in transportation, labor, and ingredients availability. There has also been a shortage of carrageenan gum due to supply chain challenges and recall of carrageenan gum products over contamination issues, which caused a hindrance to the steady business growth.
However, with the gradual lifting of restrictions and reduction of pandemic-induced constraints, the global carrageenan gum industry may witness commendable growth over the years ahead.
Among region, Europe dominated the global carrageenan gum market in 2021, reporting 35% market share in terms of revenue, followed by Asia Pacific and North America, respectively.
Figure 1. Global Carrageenan Gum Market Value Share (%), By Region, 2021
Market Restraints
Growing usage of carrageenan as a food ingredient in various food items and rising concerns regarding the risk of inflammation and colon cancer in humans is a major factor hindering the demand for carrageenan gum, thereby hampering the market growth of carrageenan gum. According to the Coherent Market Insights analysis, in November 2016, The National Organic Standard Boards voted to remove carrageenan from the national list of allowed substances in organic food. Therefore, the aforementioned factor is restricting market growth.
Availability of cheaper substitute such as agar to replace carrageenan as it has excellent gelling properties owing to the presence of highly soluble fiber content is hindering the market growth of carrageenan gum. Moreover, agar powder is an excellent vegan gelling agent which makes it ideal for making gelatin-based desserts. Therefore, the availability of cheaper substitute for carrageenan gum is hampering the market growth.
| Report Coverage | Details | ||
|---|---|---|---|
| Base Year: | 2021 | Market Size in 2021: | US$ 881.6 Mn |
| Historical Data for: | 2017-2020 | Estimated Year: | 2022 |
| Forecast Period 2022 to 2030 CAGR: | 4.4% | Forecast Period: | 2022-2030 |
| Geographies covered: |
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| Companies covered: |
CP Kelco U.S., Marcel Trading Corporation, FMC Corporation, E. I. du Pont de Nemours and Co., Gelymar S.A, Ingredients Solutions Inc., Kerry Group, Cargill Incorporated, Altrafine Gums, W Hydrocolloids Inc. and CEAMSA |
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Market Opportunities
Growing application of carrageenan gum in infant’s formula is expected to offer potential growth opportunity to the market of carrageenan gum over the forecast timeframe. Growing urban population, along with improving consumer lifestyle are some of the major factors propelling the market growth of carrageenan-based infant formula products.
Rising demand for personal care products especially in Asia Pacific region is expected to create lots of opportunities for the market of carrageenan gum. Huge demand for personal care products and organic cosmetics products is expected to increase the sales of carrageenan gum ingredients, which in turn augmenting the market growth of carrageenan gum. Therefore, the growing demand for organic personal care products are anticipated to foster market growth over the forecast timeframe.
Figure 2. Global Carrageenan Gum Market Value Share (%), By Application, 2021
On the basis of application, in 2021, Food & Beverages accounted the largest market share of 55% in terms of revenue, followed by Feed & Pet Food and Personal care & Toiletries.
Recent Developments
Competitive Section
Major players operating in the global carrageenan gum market include CP Kelco U.S., Marcel Trading Corporation, FMC Corporation, E. I. du Pont de Nemours and Co., Gelymar S.A, Ingredients Solutions Inc., Kerry Group, Cargill Incorporated, Altrafine Gums, W Hydrocolloids Inc. and CEAMSA
Carrageenan gum is extracted from a species of purple and red seaweeds and finds its application as a thickener and emulsifier in food & beverages, personal care, pharmaceutical, and cosmetics industries. It is commercially available in powder form with off white or brown color, as a result of which it is also known as seaweed flour. It is used as gelling agent in different food & beverage products such as dairy, water gels and meat.
Market Dynamics
The global carrageenan gum market has witnessed a surge of growth in terms of revenue in recent years, owing to the rising health concerns among consumers which in turn resulted the rise in demand for healthy food products. The surge in demand for emulsifying agents, gelling agents and food additives in food & beverages industry is expected to foster the demand for carrageenan gum in the next few years.
Carrageenan gum is also used in the pharmaceutical industry due to its multifunctional qualities such as antiviral, antibacterial, anticoagulant, and antitumor properties. Incorporation of carrageenan gum-based biomaterials in pharmaceutical formulations is increasing in tissue engineering and drug delivery. Carrageenan gum readily forms into a strong gel when combined with calcium salts, which makes them soluble in water and maintains the elasticity of the product. This compound is applied in the pharmaceutical industry to as an alternative to neuraminidase inhibitors, particularly in nasal sprays. This scenario is anticipated to provide lucrative growth to the market in the forecasting period.
Carrageenan gum is widely used in various application industries such as meat, pet food & feed, beverages and others, owing to its superior viscosity and gelling properties. Carrageenan gum prevents the separation of protein and fat in dairy products, on account of which it is used as alternative for gelatin jelly in dairy products. This scenario is expected to provide lucrative growth to the market in the forecasting period.
Key features of the study:
Detailed Segmentation:
“*” marked represents similar segmentation in other categories in the respective section
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