The global hydrocolloids market size is expected to experience substantial growth by reaching USD 13.30 billion in 2032 while exhibiting a CAGR of 5.36% during the 2020-2032. This is attributable to the growing demand for convenience food products and the growing awareness regarding the benefits of clean-labeled additives such as hydrocolloids across the globe. Fortune Business Insights in its latest report, titled, “Hydrocolloids Market Size, Share & Industry Analysis, By Type (Xanthan Gum, Carrageenan, Guar Gum, Gelatin, and Others), Source (Microbial, Animal, Seaweed, and Others), Application (Food & Beverages, Pharmaceuticals, and Cosmetics & Personal Care), and Regional Forecast, 2020 – 2032.”, observes that the market stood at USD 9.07 billion in 2019.
Slow Market Growth at 3.31% CAGR Predicted amid COVID-19
Our analysis predicts that the worldwide hydrocolloid market will develop slowly in 2020, with a compound annual growth rate of 3.31%. This is because government agencies declared a lockdown, which has caused several stores and other industrial operations around the world to close. Due to the severe disruption of the supply chain and the resulting decline in raw material demand, the market is growing more slowly. After the COVID-19 pandemic, the market is anticipated to gradually rebound as consumer awareness of natural and clean-labeled food products increases.
Information Source: https://www.fortunebusinessinsights.com/industry-reports/hydrocolloids-market-100552
What does the Report Provide?
The market study offers a qualitative and quantitative analysis of a number of variables, including the main growth-related drivers and constraints. The study also offers insights into the geographical analysis that encompasses several regions, which supports the market's expansion. It covers the competitive environment, which consists of the top businesses and their strategies for announcing alliances, launching new goods, and working together to promote the market's expansion.In addition, the research analyst has used a number of research techniques, including Porter's Five Forces analysis, to gather data regarding the market trends and industry advancements that would propel growth between 2020 and 2027.
DRIVING FACTORS
Increasing Demand for Convenient Food Products to Aid Growth
The acceptance of clean-labeled additives like hydrocolloids is probably going to be fueled by growing consumer knowledge of the benefits of consuming food items with clean labels. The increased demand for convenient and healthful food products due to their high nutritional value is anticipated to accelerate the products' global adoption. In addition, the growing health concern brought on by the eating of unhealthy fatty foods like pizza, burgers, and others is encouraging people to switch to a healthy eating schedule. In the upcoming years, these factors probably won't stop the global hydrocolloids market from growing.
SEGMENTATION
Food & Beverages Segment to Hold Major Market Share
The food & beverages segment, based on application, is expected to experience considerable growth in the forthcoming years. This is ascribable to factors such as the growing demand for natural and nutritious food products that contain hydrocolloids worldwide.
REGIONAL INSIGHTS
Asia-Pacific to Remain Dominant; Presence of Manufacturing Units to Promote Growth
Asia-Pacific is anticipated to lead and maintain its top spot in the worldwide hydrocolloids market during the course of the forecast period, outperforming all other regions. This is explained by the existence of hydrocolloid production facilities in the region, including those in China, Indonesia, Thailand, India, and China. In 2019, the GDP of Asia-Pacific was $3.44 billion USD.
However, between 2020 and 2027, North America is predicted to experience exponential development supported by the rising demand for fortified convenience food products, which is expected to propel the region's adoption of hydrocolloids.
COMPETITIVE LANDSCAPE
Prominent Companies Focus on Facility Expansion to Amplify Their Market Positions
The dominance of a few major companies who are concentrating on building their manufacturing facilities and creating cutting-edge hydrocolloids to meet the rising demand for functional food products has consolidated the worldwide hydrocolloids market. In addition, other major companies are making an effort to stay in the game by implementing tactics that will accelerate market expansion during the projected term, like partnerships, the launch of new goods, and mergers and acquisitions.
Industry Development:
November 2018: J.M. Huber Corporation's subsidiary CP Kelco announced that it has increased its pectin production capacity in Denmark by around 15%. The company wants to improve its standing in the international market and meet the growing demand for clean-label ingredients in functional foods.
List of the Companies Profiled in the Global 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)
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