The primary factor driving market expansion is the increasing use of carrageenan gum in processed foods as a thickening, protein stabiliser, particle suspension, and emulsifying agent. It is a component in ice cream, dairy products, salad dressings, sour cream, and chocolate milk, among other foods. It is also utilised in a variety of food applications, including bakery goods, confections, and beverages. The market for carrageenan gum is therefore anticipated to grow as a result of its greater use in processed foods. Over the forecast period, it is anticipated that rising demand for carrageenan gum from the cosmetics sector would drive market expansion. Shaving creams, cream deodorants, and body lotions are among the skincare goods made with carrageenan gum. The outstanding texture and fluidity controlling qualities of carrageenan gum also make it a popular ingredient in the production of toothpaste and air fresheners. Hence, the market is anticipated to rise over the forecast period due to rising carrageenan gum demand from the cosmetics industry.
According to the Coherent Market Insights, In terms of revenue, the global Carrageenan Gum Market was estimated to be worth US$ 881.6 Million in 2021, displaying a CAGR of 4.4% over the forecast period (2022 to 2030).
Top Companies in the Carrageenan Gum Industry:
1. CP Kelco U.S.
The firm was founded in 1929 and has its main office in Atlanta, GA, US. A producer of hydrocolloid goods is CP Kelco. Carrageenan, citrus fibre, diutan and gellan gum, pectin, refined locust bean and xanthan gum, among other goods, are offered. In order to create ground-breaking, plant-based "Vegurts," CP Kelco and Chr. Hansen teamed up in nov 2022. CP Kelco is thrilled to showcase its portfolio of bio-based ingredients at the SEPAWA® Conference in October 2022.
2. Marcel Trading Corporation
The company was founded in 1975 and has its headquarters in Metro Manila, Philippines. Manufacturing prepared foods and other specialised foods is part of the company's operation. The business supported farmers' livelihoods and contributed to the expansion of seaweed farming in the Philippines.
3. FMC Corporation
The business was founded in 1883 and is located in Pennsylvania, United States. The company supplies crop chemicals for corn crop, potatoes, millet, sweet corn, cotton, nicotine, sunflowers, vines, and other related items. It also offers agricultural solutions such as fungicides, insecticides, and miticides. FMC Company invested in a new programme in March 2023 to assist youth chances in Kenyan agriculture. FMC Corporation successfully acquired BioPhero ApS in July 2022.
4. E. I. du Pont de Nemours and Co.
The business was founded in 2017 and is located in Delaware, United States. The business offers a wide variety of products, including building supplies, adhesives, electrical components, textiles, fibres, home and garden items, resins for use in medical equipment, printing, and consumer goods. The company also provides technology-based materials and solutions. DuPont stated in November 2021 that it planned to buy Rogers Company for $5.2 billion.
5. Gelymar S.A,
The company was established in 1991 and has its main office in Providencia, Region Metropolitana, and Chile. Gelymar SA creates, produces, and sells goods containing carrageenan. The business sells to industrial, food, and personal care firms. The manufacturing and commercialization of textural solutions for the food, personal care, and pharmaceutical industries are the main specialties of Gelymar S.A.
6. Cargill Incorporated
The company was established in 1865 and is based in Minnetonka, Minnesota. The business cultivates grains and oilseeds, offers risk management tools and services to farmers, as well as meat and poultry, food, industrial goods, biofuels, and items for animal nutrition. Cargill announced in January 2023 that it had successfully acquired Owensboro Grain Company. Cargill has plans to construct a new soybean processing facility in Southeast Missouri, which it will announce in May 2022.
7. Kerry Group
The company was established in 1972 and is based in Ireland. The Group creates, produces, and distributes cutting-edge flavour solutions as well as dietary and functional ingredients for the pharmaceutical, food, and beverage industries. The Sweet Ingredients Portfolio of Kerry Group will be purchased by IRCA, a portfolio business of Advent International, for €500 million in January 2023. Kerry Group paid $107.5 million for The Kraft Heinz Company's B2B powdered cheese business and related assets in August 2022.
*Definition: Seaweed-derived carrageenan gum is perfect for food additives since it has a variety of gelling and emulsifying qualities. Several medical disorders like bronchitis, coughs, tuberculosis, and digestive issues are also treated with it.
