The Hydrocolloids market Size is anticipated to increase significantly between 2020 and 2032, with a compound annual growth rate (CAGR) of 5.36%, and a projected value of USD 13.30 billion in 2032. This might be attributed to the global increase in knowledge of the advantages of clean-labeled additives like hydrocolloids as well as the rising demand for convenience food products. The market was valued at USD 9.07 billion in 2019, according to Fortune Business Insights' most recent report, "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.
Slow Market Growth at 3.31% CAGR Predicted amid COVID-19
Based on our data, the global hydrocolloid market is expected to grow at a sluggish compound yearly growth rate of 3.31% in 2020. This is because a lockdown was imposed by government authorities, leading to the closure of several businesses and other industrial facilities worldwide. The market is expanding more slowly as a result of the significant disruption to the supply chain and the subsequent drop in demand for raw materials. The market is expected to progressively recover following the COVID-19 epidemic as consumer awareness of natural and clean-labeled food products rises.
Information Source: https://www.fortunebusinessinsights.com/industry-reports/hydrocolloids-market-100552
What does the Report Provide?
A qualitative and quantitative examination of several aspects, including the primary growth-related drivers and limitations, is provided by the market study. Insights into the geographical analysis, which takes into account many regions, are also provided by the study, which helps the market grow. It discusses the competitive landscape, which includes the leading companies and their approaches to forming partnerships, introducing new products, and cooperating to foster market growth.Furthermore, the research analyst has gathered information about the market trends and industry developments that will spur growth between 2020 and 2027 using a variety of research methods, such as Porter's Five Forces analysis.
DRIVING FACTORS
Increasing Demand for Convenient Food Products to Aid Growth
Growing consumer awareness of the advantages of consuming food products with clean labels will likely drive the uptake of clean-labeled additives like hydrocolloids. The excellent nutritious content of these food products is expected to stimulate demand for them, which will speed up the products' global adoption. Additionally, people are being encouraged to adopt a healthy eating pattern by the mounting health concerns associated with consuming unhealthy, high-fat foods like pizza and burgers. These factors most likely won't stop the worldwide hydrocolloids market from expanding in the approaching years.
SEGMENTATION
Food & Beverages Segment to Hold Major Market Share
According to application, the food and beverage market is anticipated to increase significantly in the upcoming years. This can be attributed to various sources, including the global increase in demand for natural and nutrient-dense food products containing hydrocolloids.
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 global hydrocolloids market has become more concentrated due to the dominance of a small number of large businesses that are focusing on expanding their manufacturing facilities and developing innovative hydrocolloids to meet the growing demand for functional food products. Aside from that, other big businesses are trying to stay in the game by employing strategies including collaborations, the introduction of new products, and mergers and acquisitions that will quicken market expansion over the anticipated period.
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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