Carrageenan gum is extracted from seaweed and is ideal for food additives as they have various range of gelling and emulsifying properties. Moreover, it is also used to treat various medical conditions such as bronchitis, coughs, tuberculosis, and intestinal problems. Also, it is used as a thickening agent, binder, and as a stabilizer in various medications and food. Additionally, it is also used consider as important weight loss products. It is also beneficial for reducing pain and swelling during injury. In food products they thicken things such as ice cream, marshmallow fluff, pancake syrup, etc. and in the beverage, they act as an excellent emulsifier by keeping the liquid mixed together.
The global carrageenan gum market is projected to reach over US$ 1100 million by the end of 2027, in terms of revenue, growing at CAGR of 4.0% during the forecast period (2019 to 2027).
Market Dynamics
The global carrageenan gum market has witnessed a surge of growth in terms of revenue in recent past years, owing to the rising health concerns among consumers which in turn has resulted the rise in demand for healthy food products. The surge in demand for emulsifying agents, gelling agents and food additives in food & beverages industry is expected to foster the demand for carrageenan gum in the next few years.
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Carrageenan gum is widely used in various application industries such as meat, pet food & feed, beverages and others, owing to its superior viscosity and gelling properties. Carrageenan gum prevents the separation of protein and fat in dairy products, on account of which it is used as alternative for gelatin jelly in dairy products. This scenario is anticipated to provide lucrative growth to the market in the forthcoming years.
Drivers
Growing usage of carrageenan gum in processed food as thickener, protein stabilizer, particle suspension and emulsifying the agent is predominantly fueling market growth. It is used in ice creams, dairy-based products, salad dressings, sour cream, and chocolate milk. Furthermore, it is also used across food applications such as beverages, confectioneries, and bakery products. Therefore, the growing consumption of carrageenan gum in various processed foods is anticipated to propel the overall market growth of carrageenan gum.
Growing demand for carrageenan gum from the cosmetic industry is estimated to foster market growth over the forecast period. Carrageenan gum is used in the production of skincare products such as shaving creams, cream deodorants, and body lotions. Moreover, carrageenan gum is also used in manufacturing toothpaste and air freshener’s product, because it has excellent controlling texture and fluidity property. Therefore, rising demand for carrageenan gum from the cosmetic industry is expected to propel the market growth over the forecast period.
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Market Opportunities
Growing application of Carrageenan Gum in infant’s formula is expected to offer potential growth opportunity to the market of carrageenan gum over the forecast timeframe. Growing urban population, along with improving consumer lifestyle are some of the major factors propelling the market growth of carrageenan-based infant formula products. This is expected to foster market growth. For instance, in June 2015, the Joint Expert Committee on Food Additives released a technical report regarding the safety of carrageenan in infant formula.
Rising demand for personal care products especially in Asia Pacific region is expected to create lots of opportunities for the market of carrageenan gum. Huge demand for personal care products and organic cosmetics products is expected to increase the sales of carrageenan gum ingredients, which in turn augmenting the market growth of carrageenan gum. Therefore, the growing demand for organic personal care products are anticipated to foster market growth over the forecast timeframe.
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