The global hydrocolloids market size isexpected to experience substantial growth by reaching USD 13.30 billion by 2027while exhibiting a CAGR of 5.13% between 2020 and 2027. This is attributable tothe growing demand for convenience food products and the growing awarenessregarding the benefits of clean-labeled additives such as hydrocolloids acrossthe globe. Fortune Business Insights in its latest report, titled, “HydrocolloidsMarket Size, Share & Industry Analysis, By Type (Xanthan Gum, Carrageenan,Guar Gum, Gelatin, and Others), Source (Microbial, Animal, Seaweed, andOthers), Application (Food & Beverages, Pharmaceuticals, and Cosmetics& Personal Care), and Regional Forecast, 2020 – 2027.”, observesthat the market stood at USD 9.07 billion in 2019.
What does the Report Provide?
The market report provides aqualitative and quantitative analysis of several factors such as the keydrivers and restraints that will impact growth. Additionally, the reportprovides insights into the regional analysis that covers different regions,contributing to the growth of the market. It includes the competitive landscapethat involves the leading companies and the adoption of strategies by them toannounce partnerships, introduce new products, and collaborate to furthercontribute to the growth of the market. Moreover, the research analyst hasadopted several research methodologies such as Porter’s Five Forces analysis toextract information about the current trends and industry developments thatwill drive the market growth between 2020 and 2027.
DRIVING FACTORS
Increasing Demand for Convenient FoodProducts to Aid Growth
The increasing awareness regarding theconsumption of clean-labeled food products is likely to drive the adoption ofclean-labeled additives such as hydrocolloids. The growing demand for healthy,convenient food products owing to high nutritional content is expected to boostthe adoption of the products globally. Moreover, the rising healthy issue dueto the consumption of harmful fatty foods such as burgers, pizzas, and othersis propelling the consumers to adopt a healthy meal regime. These factors arelikely to contribute to the global hydrocolloids market growth in the forthcomingyears.
Slow Market Growth at 3.31% CAGRPredicted amid COVID-19
Based on our analysis, the global market forhydrocolloids is expected to showcase slow-paced growth while exhibiting a CAGRof 3.31% in 2020. This is due to the imposition of lockdown announced by thegovernment agencies that has led to the shutdown of several stores and otherindustrial activities globally. This has led to significant supply chaindisruption and lower demand for raw materials impacting the market growth.However, the market is expected to recover steadily post-COVID-19 pandemic withgrowing awareness amongst people regarding natural and clean-labeled foodproducts.
Hydrocolloids are polymers,mostly proteins, and polysaccharides, that have the property of forming gels orviscous dispersion when combined with water. Additionally, their ability toprovide the right viscosity, structure, and texture to several food products enablestheir wider adoption in manufacturing several food products worldwide.
SEGMENTATION
Food & Beverages Segment to HoldMajor Market Share
The food & beverages segment, basedon application, is expected to experience considerable growth in theforthcoming years. This is ascribable to factors such as the growing demand fornatural and nutritious food products that contain hydrocolloidsworldwide.
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REGIONAL INSIGHTS
Asia-Pacific to Remain Dominant;Presence of Manufacturing Units to Promote Growth
Among all the regions, Asia-Pacific isexpected to remain at the forefront and hold the highest position in the globalhydrocolloids market during the forecast period. This is attributable to thepresence of hydrocolloid manufacturing units in countries such as India,Thailand, China, and Indonesia in the region. Asia-Pacific stood at USD 3.44billion in 2019.
On the other hand, North America isexpected to showcase exponential growth backed by the growing demand forfortified convenience food products that is likely to drive the adoption ofhydrocolloids in the region between 2020 and 2027.
COMPETITIVE LANDSCAPE
Prominent Companies Focus on FacilityExpansion to Amplify Their Market Positions
The global hydrocolloids market isconsolidated by the presence of key players focusing on expanding theirproduction facility into developing innovative hydrocolloids to cater to thegrowing demand for functional food products. Additionally, other key playersare striving to maintain their footprint by adopting strategies such aspartnership, the introduction of new products, and merger and acquisition thatwill boost the market growth during the forecast period.
Industry Development:
November 2018: CP Kelco, a subsidiary of J.M. Huber Corporation,announced the expansion of its pectin production capacity in Denmark by about15%. The company aims to cater to the increasing demand for clean-labelingredients across functional foods and further strengthen its position in theglobal marketplace.
List of the Companies Profiled in theGlobal Market for Hydrocolloids:
- Kerry Group plc (Tralee, Ireland)
- Koninklijke DSM N.V. (Heerlen, Netherlands)
- Cargill, Incorporated (Minnesota, United States)
- Archer-Daniels-Midland Company (Illinois, United States)
- DuPont de Nemours, Inc. (Delaware, United States)
- Ashland Global Holdings Inc. (Delaware, United States)
- M. Huber Corporation (New Jersey, United States)
- W Hydrocolloids, Inc. (Philippines)
- Ingredion, Incorporated (Illinois, United States)
- Tate & Lyle plc (London, United Kingdom)
