Global Carrageenan Gum Market to Soar at Moderate CAGR of 4.3%, 2024 FMI | Page 4

Carrageenan Gum Market
Global Carrageenan Gum Market to Soar at Moderate CAGR of 4.3% during 2016-2024
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.
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.
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