Global Carrageenan Gum Market is expected to witness significant growth over the forecast period, owing to increasing demand from meat and dairy industry. The demand for carrageenan gum is characterized by growing global need for emulsifying & gelling agents and food additives in the food & beverage industry.
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Carrageenan gum acts as emulsifying agents and thus, is widely employed in the manufacturing of sauces, dips, desserts and other dairy products. Furthermore, it is also used in the pharmaceutical and cosmetic industry on account of having hydrocolloids, and this is further expected to drive the market. However, substitutes including xanthan gum, guar gum and cellulose gums having the same as well as modified properties are likely to challenge carrageenan market demand over the projected period.
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The largest markets for of carrageenan gum market are Europe and Asia Pacific. In Europe, Germany and UK are the largest manufacturers and distributors of the product on account of greater consumption of meat and dairy, coupled with booming pharmaceutical industry. Europe has the largest market share of carrageenan, followed by Asia Pacific. The Asia Pacific region is rising and this trend is expected to continue over the forecast period, on account of rapid urbanization, growing disposable income of the middle class and increasing demand for gelling agents and emulsifiers in rising food and beverages industry. The food and beverages industry has risen over the years owing to better standard of living, greater disposable income among consumers in the region and demand for good quality food items with better safety and hygiene standards. China, India and Japan are expected to be the fastest growing markets in the Asia Pacific region furthermore, North America has witnessed stagnant growth in the carrageenan gum market over the past few years, owing to stringent FDA laws reducing its use; and this trend is expected to continue over the forecast period.
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Carrageenan gum can be subdivided into three types, namely iota, kappa and lambda; among these are iota and kappa hold the largest market share.
Key players involved in the carrageenan gum business are Kachabo Gums, BLG Shanghai & Zhejiang Plants, Marinalg international, Altrafine Gums, Scalzo Food Industries,FMC Corporation, TIC Gums Incorporation, Cargill Inc. and Gum Technology Corporation.
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