Carrageenan Gum Market Likely To Expand At Around 4.0 % CAGR during 2032
The global carrageenan gum market is anticipated to expand at around 3.78% CAGR during the forecast period from 2032, as per the analysts at Zion Market Research. Few of the prominent contenders in the global carrageenan gum market consist of-
- CP Kelco ApS
- AEP Colloids
- Shemberg Biotech Corporation
- Shemberg Marketing Corporation
- Marcel Trading Corporation
- Ingredients Solutions Inc.
- Cargill Incorporated
- FMC BioPolymer
- Gelymar SA
- Danisco A/S
- CEAMSA
- Soriano SA
- Rhodia
During the projected period, 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.
Increasing Health Consciousness among Consumers Expected To Drive Market Growth
The growth of the carrageenan gum market is projected to be mainly driven by increasing health consciousness among consumers. Further, the rising need for emulsifying, gelling, and food additives agents is also projected to trigger the carrageenan gum market during the forecast period. In addition, the growth of end-use industries comprising pharmaceuticals, personal care, and food & beverage is projected to drive the product demand because of the high need for hydrocolloids as it has exceptional gelling and viscosity properties. Moreover, carrageenan gum demand is rising considerably on account of the rising use in the pharmaceutical industry particularly as a gelling agent. Also, it is used in diverse application segments such as water gels, chocolate milk, poultry & meat, processed eucheuma seaweed food grades, toothpaste, and pet food. Furthermore, the increasing need for pre-cooked poultry and meat products is also anticipated to propel the growth of the carrageenan gum market during the forecast period.
Wide Use In Food And Beverage Sector Likely To Propel The Market Growth
The global carrageenan gum market is bifurcated based on application, type, and region. The type segment of the market is divided into iota, lambda, and kappa. Wide application of the product grades within the food & beverage industry is anticipated to drive the growth of the market in the years to come. High product usage in milk-based substances is projected to spur the demand for the carrageenan gum owing to its features such as strong reactivity with a number of substances like milk proteins. The application segment of the global carrageenan market is classified into cosmetics industry, pharmaceutical industry, food industry, and others. The food & beverage industry is projected to continue as the major end-use segment during the forecast period. The increasing need for gelling agents particularly in caramel sauces, dairy desserts, dips, and other nondairy & dairy products is expected to boost the growth of the carrageenan gum market in the coming period.
Asia Pacific To Surface As The Dominant Player In The Global Market During The Forecast Period
The main markets within the global carrageenan gum market are Asia Pacific and Europe. The increasing need for processed and fast food in Asia Pacific is projected to drive the growth of the carrageenan gum market in this region. In addition, considerable dairy product consumption in Europe is driving the carrageenan gum demand. Expansion of the wealthy middle class in India, China, Brazil, Indonesia, and Russia is also anticipated to spur the market growth in Asia Pacific. The biggest market share in Asia Pacific is captured by China owing to its strong industrialization, which has lead to a considerable expansion of the food and beverage sector in China.
The global carrageenan gum market is segmented as follows:
By Type
- Iota
- Kappa
- Lambda
By Industry Type
- Food & Beverage
- Pharmaceutical
- Cosmetics
- Others
By Region
- North AmericaThe U.S.Canada
- EuropeFranceThe UKSpainGermanyItalyRest of Europe
- Asia PacificChinaJapanIndiaSouth KoreaSoutheast AsiaRest of Asia Pacific
- Latin AmericaBrazilMexicoRest of Latin America
- Middle East & AfricaGCCSouth AfricaRest of Middle East & Africa
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