Global Carrageenan Gum Market to Soar at Moderate CAGR of 4.3%, 2024 FMI | Page 5

Carrageenan Gum Market
The report reveals how more than half of global carrageenan gum revenues are accounted by food &
beverage industries. Presence of carrageenan gum is also gaining traction in production of personal care
products & toiletries. In 2016, nearly ten thousand metric tonnes of carrageenan gum were consumed by
this segment. Meanwhile, pharmaceutical manufacturers are expected to lower their participation in the
global consumption of carrageenan gum, owing to the ingredient’s speculative status and prolonging FDA
approvals. Carrageenan gum will also be used in production of animal feed and pet food products,
revenues from which are projected to surpass US$ 200 million by the end of 2024.
A regional analysis of global carrageenan gum market projected higher demand for carrageenan gum in
Europe. Apropos the report, Europe will contribute to more than 35% of global carrageenan gum
revenues throughout the forecast period. Revenues emanating from Europe are also expected to rise at
4.4% CAGR, while the region’s carrageenan gum consumption will register growth at 4.8% CAGR.
Meanwhile, North America and Asia-Pacific will collectively account for almost 50% of global carrageenan
gum revenues through 2024. Latin America’s carrageenan gum market, on the other hand, will bring in
nearly US$ 120 million in revenues. Middle East & Africa’s carrageenan gum revenues, however, will be
registering the slowest CAGR over the forecast period.
A majority of carrageenan gum manufacturers in the world are based in the US. Companies such as CP
Kelco ApS, FMC Corporation, E. I. DuPont de Nemours and Co., Ingredient Solution Inc., and Cargill,
Incorporated are prominent players in the global carrageenan gum market. The market is also witnessing
higher participation from companies namely, Compañía Española de Algas Marinas S.A. (CEAMSA), W.
Hydrocolloids Inc., Altrafine Gum, Kerry Group, Extractos Naturales Gelymar S. A., and Marcel Trading
Corporation.
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