Market Highlights
The Global Hydrocolloids Market has witnessed continued growth over the last few years and is projected to reach USD 26,937.1 Million by 2027 at a CAGR of 5.50%. Hydrocolloids are used in various applications in the food beverage, pharmaceuticals, and oil gas industries, among others. The nutritional and health-promoting properties of hydrocolloids have led to their adoption as functional ingredients by several food beverage manufacturers. The use of hydrocolloids in functional food improves health, lowers cholesterol, and helps in combating diseases, especially diabetes. Hydrocolloids help in improving gut health, owing to which small- and medium-sized manufacturers have begun offering their products to functional food processors. Thus, the rising adoption of hydrocolloids as functional food ingredients is opening up new markets for hydrocolloid suppliers, thereby, offering lucrative opportunities to market players.
Asia-Pacific was the largest market for hydrocolloids and the regional market is expected to maintain its dominance during the forecast period with the highest CAGR of 5.84%. The growing demand for bakery and confectionery products in Asia-Pacific is influencing the demand for hydrocolloids in the food beverage industry of the region. North America held a notable market share in 2018 and the regional market is expected to register a growth rate of 5.07% during the forecast period.
The global hydrocolloids market is highly competitive with key industry players adopting various strategies such as expansions, acquisitions, product launches, joint ventures, and agreements to strengthen their market positions. Most companies in the market are focused on expanding operations across regions, augmenting their capabilities, and building strong partner relations.
Market Players
Market Research Future recognizes Kerry Group PLC (Ireland), Cargill, Incorporated (US), DowDuPont (US), Ingredion Incorporated (US), Archer Daniels Midland Company (US), DSM NV (Netherlands), Brenntag AG (Germany), Tate Lyle PLC (UK), Ashland Global Holdings, Inc. (US), and Darling Ingredients, Inc. (US) as the key players active in the global hydrocolloids market.
Segmental Analysis
The global hydrocolloids market has been segmented on the basis of type, source, application, and region.
Based on type, the global hydrocolloids market has been segmented into gelatin, carrageenan, guar gum, pectin, xanthan gum, gum arabic/acacia gum, alginates, agar, and others. The agar segment is projected to register the highest CAGR of 5.7% during the forecast period. The major application industries for agar are pharmaceuticals, food, and cosmetics. Agar offers several advantages over gelatin; it stays solid at warm temperatures, is a powerful gelling agent, and does not impart color, odor, or flavor to the food product. Additionally, agar contains 80% fiber, small amounts of carbohydrates, and zero protein and fats. Owing to these nutritional and functional benefits, the demand for agar as a natural hydrocolloid is increasing in the food beverage industry.
By source, the market has been divided into natural and synthetic. The natural segment garnered the larger the global hydrocolloids market share in 2022 and is expected to register the higher growth rate during the upcoming years. Agar, carrageenan, gelatin, alginates, konjac gum, guar gum, xanthan gum, pectin, and locust bean gum are some of the commonly used natural hydrocolloids. The major determinants propelling the growth of the segment are the low cost of natural hydrocolloids, easy availability of natural raw materials, biodegradability, bio-compatibility, limited side effects, and high acceptance among consumers.
Based on application, the global hydrocolloids market has been classified as food beverages and others. The food beverages segment has been further divided into dairy frozen desserts, bakery confectionery, beverages, creams, dressings spreads, meat, poultry seafood products, and others. In 2018, the food beverages segment garnered a lower revenue share; however, it is expected to exhibit higher CAGR of 5.55% during the forecast period. In the food beverages segment, the dairy frozen desserts sub-segment accounted for the largest market share in 2018, where hydrocolloids are used mainly as stabilizers, thickeners, and gelling agents. However, the meat, poultry seafood products sub-segment is expected to register the highest growth rate during the forecast period.
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Regional Analysis
Geographically, the global hydrocolloids market has been segmented into North America, Europe, Asia-Pacific, and the rest of the world. As per MRFR analysis, Asia-Pacific dominated the market, accounting for the largest share of more than 30.00% in 2018 and the regional market is projected to register the highest CAGR of 5.84% during the forecast period.
Key Findings of the Study:
The global hydrocolloids market is expected to register a growth rate of 5.50% during the period of 2019 to 2024. The growth of application industries of hydrocolloids is projected to propel the growth of the global hydrocolloids market.
By type, the gelatin segment is projected to maintain its dominance during the forecast period of 2019 to 2024. The segment is expected to register a substantial growth rate of 5.43% during the review period.
On the basis of source, the natural segment is estimated to hold the larger market share during the forecast period and is projected to register a growth rate of 5.53%.
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