The global hydrocolloids market size is expected to experience substantial growth by reaching USD 13.30 billion by 2027 while exhibiting a CAGR of 5.13% between 2020 and 2027. 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 – 2027.”, observes that the market stood at USD 9.07 billion in 2019.
Slow Market Growth at 3.31% CAGR Predicted amid COVID-19
Based on our analysis, the global market for hydrocolloids is expected to showcase slow-paced growth while exhibiting a CAGR of 3.31% in 2020. This is due to the imposition of lockdown announced by the government agencies that has led to the shutdown of several stores and other industrial activities globally. This has led to significant supply chain disruption and lower demand for raw materials impacting the market growth. However, the market is expected to recover steadily post-COVID-19 pandemic with growing awareness amongst people regarding natural and clean-labeled food products.
Hydrocolloids are polymers, mostly proteins, and polysaccharides, that have the property of forming gels or viscous dispersion when combined with water. Additionally, their ability to provide the right viscosity, structure, and texture to several food products enables their wider adoption in manufacturing several food products worldwide.
What does the Report Provide?
The market report provides a qualitative and quantitative analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies by them to announce partnerships, introduce new products, and collaborate to further contribute to the growth of the market. Moreover, the research analyst has adopted several research methodologies such as Porter’s Five Forces analysis to extract information about the current trends and industry developments that will drive the market growth between 2020 and 2027.
KEY DRIVING FACTORS
Increasing Demand for Convenient Food Products to Aid Growth
The increasing awareness regarding the consumption of clean-labeled food products is likely to drive the adoption of clean-labeled additives such as hydrocolloids. The growing demand for healthy, convenient food products owing to high nutritional content is expected to boost the adoption of the products globally. Moreover, the rising healthy issue due to the consumption of harmful fatty foods such as burgers, pizzas, and others is propelling consumers to adopt a healthy meal regime. These factors are likely to contribute to the global hydrocolloids market growth in the forthcoming years.
MAJOR 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
Among all the regions, Asia-Pacific is expected to remain at the forefront and hold the highest position in the global hydrocolloids market during the forecast period. This is attributable to the presence of hydrocolloid manufacturing units in countries such as India, Thailand, China, and Indonesia in the region. Asia-Pacific stood at USD 3.44 billion in 2019.
On the other hand, North America is expected to showcase exponential growth backed by the growing demand for fortified convenience food products that is likely to drive the adoption of hydrocolloids in the region between 2020 and 2027.
COMPETITIVE LANDSCAPE
Prominent Companies Focus on Facility Expansion to Amplify Their Market Positions
The global market is consolidated by the presence of key players focusing on expanding their production facility into developing innovative hydrocolloids to cater to the growing demand for functional food products. Additionally, other key players are striving to maintain their footprint by adopting strategies such as partnership, the introduction of new products, and merger and acquisition that will boost the market growth during the forecast period.
Browse Detailed Summary of Research Report:
https://www.fortunebusinessinsights.com/industry-reports/hydrocolloids-market-100552
