Carrageenan Gum Market Forecasts to 2030 – Global Analysis By Type (Lambda, Kappa and Lota), Application and By Geography

Carrageenan Gum Market Forecasts to 2030 – Global Analysis By Type (Lambda, Kappa and Lota), Application and By GeographyAccording to Stratistics MRC, the Global Carrageenan Gum Market is accounted for $936.0 million in 2023 and is expected to reach $1,542.9 million by 2030 growing at a CAGR of 7.4% during the forecast period. Carrageenan gum is an excellent emulsifier that imparts a creamy, velvety texture to skincare products due to its ability to bind water. Due to its emulsifying and viscous properties, carrageenan gum is a commonly used ingredient in shampoos, toothpaste, hair treatments, gels, and conditioners. This gum effectively prevents water-based and oil-based compounds from separating, helping the skin absorb moisture from skincare products.

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. According to FAO, the EU is the largest producer of carrageenan throughout the globe accumulating nearly 50% of the total production followed by the U.S. and Asia-Pacific.

Market Dynamics:

Driver:

Increasing demand from the cosmetics sector

In the manufacturing of skincare goods like body lotions, cream deodorants, and shaving creams, carrageenan gum is used. Additionally, because it has good regulating texture and fluidity properties, it is also utilised in the production of toothpaste and air freshener products. Additionally, it is utilised in a variety of food applications, including beverages, confections, and bakery goods. As a result, throughout the course of the projected period, increasing demand from the cosmetics industry is anticipated to drive market expansion.

Restraint:

Concerns about animal health

Carrageenan gum's stabilising and thickening properties make it a common ingredient in dog food and animal feed. Despite coming from a non-synthetic source as well, carrageenan gum has been linked to adverse health effects in animals, and customers have been blaming pet food manufacturers for this. This gum's chemical composition results in a systemic allergic response in animals that result in gastrointestinal inflammation, ulcers, intestinal lesions, or tumours. As a result, it may decline the market growth.

Opportunity:

Increased demand for convenience foods

Carrageenan has been heavily used as a gelling and stabilising agent in various food products as a result of the increased demand among customers for convenience foods such ready-to-drink and ready-to-eat goods. Jelly, pie filling, chocolate, and meat are all made with carrageenan as a fat alternative. This market performance has benefited from these qualities. Thus, this is the element driving the segment's growth.

Threat:

Availability of various substitute items

The market's expansion is anticipated to be constrained by the availability of a number of substitute products for carrageenan. Carrageenan is known to have a number of health consequences, including bloating, glucose intolerance, and inflammation. These effects are thought to limit the market's expansion. Recently, certain government organisations chose to take carrageenan off the list of approved substances. This might have an impact on how much carrageenan people consume, which is predicted to impede market expansion.

Covid-19 Impact:

The recent outbreak of coronavirus had an immense impact on the carrageenan market. Companies and their units are taking time to react to the new change and build growth and development strategies in response to the COVID 19 pandemic, which has pushed for new developments across numerous industries. The epidemic has created additional challenges, like as temporary and permanent lockdowns. Other constraints imposed as a result of inter-state and intra-state transactions further impede the online business delivery and logistic module.

The lambda services segment is expected to be the largest during the forecast period

The lambda services segment is expected to be the largest during the forecast period. Seaweed is the source of the natural gum known as lambda carrageenan. Due to its high viscosity, it is frequently employed in dairy products as a thickening agent. It has long been utilised in food and beverage goods, most notably as an emulsifier and thickening ingredient. Various foods and beverages, such as ice cream, yoghurt, milkshakes, soup, salad dressings, and sauces, contain lambda carrageenan gum.

The food & beverage segment is expected to have the highest CAGR during the forecast period

The food & beverage segment is expected to have the highest CAGR during the forecast period. The market is projected to grow as a result of the increased usage of gum in processed foods as an emulsifier, protein stabiliser, thickening, and particle suspension. Additionally, it is used in a wide range of food products, such as drinks, confections, and bakery goods. The market for this product is therefore anticipated to grow as a result of greater use of gum in a variety of processed meals.

Region with largest share:

North America is projected to hold the largest market share during the forecast period, owing to the increasing demand from the processed food sectors. For the creation of convenience foods, manufacturers are increasingly using carrageenan. Players in the carrageenan gum market will have potential for growth as the personal care sector grows in addition to the food industry. The market will expand as a result of the escalating demand from the pharmaceutical and personal care industries.

Region with highest CAGR:

Asia Pacific is projected to hold the highest CAGR over the forecast period, due to the abundant production of carrageenan in countries. The market has grown as a result of its widespread use in pharmaceuticals for the production of gel-based medications. The region is distinguished by an expanding population, rising per capita income, shifting lifestyles, and increased consumer awareness of health and hygiene. The market in the region is also being driven by the rising demand from the cosmetic and pharmaceutical industries.

Key players in the market

Some of the key players in Carrageenan Gum market include Ina Food Industry Co. Ltd., Aquarev Industries, Cargill, Incorporated, Ingredients Solutions, Inc., Kerry Group, Altrafine Gums, Ashland, FMC Corporation, E. I. du Pont de Nemours and Co., LEM Products, DuPont, Extractos Naturales Gelymar S. A., Tate & Lyle, Marcel Carrageenan Corporation, Prinova Group LLC, CP Kelco ApS, Ingredion Incorporated, W Hydrocolloids, Inc., TBK Manufacturing Corporation and Aquarev Industries.

Key Developments:

In June 2022, Cargill Beauty launched Satiagel™ VPC 614 Kappa Carrageenan. After successfully introducing Lambda and Iota carrageenan, Cargill Beauty is now completing its carrageenan portfolio with the addition of Satiagel™ VPC614, a Kappa carrageenan, specifically suitable for high gelling applications and solid formulations.

In November 2022, Ingredion and InnovoPro Join Partnership to Scale Chickpea Proteins for North America The partnership, which is effective immediately, will allow food and beverage manufacturers to meet growing consumer demand for plant-based products that deliver on sustainability, nutrition, taste, texture, and functionality.

Types Covered:
• Lambda
• Kappa
• Lota

Applications Covered:
• Personal Care and Toiletries
• Food & Beverages
• Feed & Pet Food
• Pharmaceuticals
• Other Applications

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements