Chicago, April 12, 2023 (GLOBE NEWSWIRE) -- According to MarketsandMarkets™, The global hydrocolloids market is estimated to be valued at USD 11.2 Billion in 2023. It is projected to reach USD 14.5 billion by 2028, recording a CAGR of 5.4% during the forecast period. The exponential growth in natural and clean-label food consumption across the food and beverage industry due to its growing awareness has influenced the use of hydrocolloids. Moreover, this has led to an increase in dependence on natural fibers and gums for functional properties, stability, safety, and quality of food products. Furthermore, hydrocolloid manufacturing companies follow various growth strategies to widen their customer base. Companies are investing significant amounts in R&D to develop and launch new products.
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Key Features of the Hydrocolloids Market Report:
- Wide range of applications: Hydrocolloids are used in a variety of food products such as dairy, bakery, confectionery, meat, sauces, dressings, and beverages. They are also used in non-food applications such as pharmaceuticals, cosmetics, and personal care products.
- Growing demand for natural hydrocolloids: Consumers are increasingly demanding natural and clean label products, which has led to a growing demand for natural hydrocolloids such as agar, carrageenan, and pectin.
- Increasing use of hydrocolloids in the Asia-Pacific region: The Asia-Pacific region is the largest market for hydrocolloids, driven by the growing food and beverage industry in countries such as China, India, and Japan.
- Technological advancements in hydrocolloid production: Technological advancements in the production of hydrocolloids have led to improved functionality and increased efficiency, leading to lower production costs.
- Health benefits of hydrocolloids: Hydrocolloids can provide health benefits such as reducing cholesterol levels, improving gut health, and reducing the risk of chronic diseases, which has led to an increased demand for functional foods containing hydrocolloids.
The food & beverages application is projected to dominate the market for hydrocolloids until 2028. With the increasing awareness among consumers, the market for hydrocolloids as functional ingredients is increasing as consumers prefer balanced diets and food that not only satisfy their hunger but also take health into consideration. Therefore, the growing market for functional food is opening up opportunities for the development of applications in the hydrocolloids market.
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The North American market accounted for the largest share in 2022. Factors influencing this market dominance include high demand for functional dairy products, convenience foods, higher per capita consumption of baked goods, and the presence of major players here. This market is projected to be driven by the increase in consumer demand for healthy convenience food due to their busy lifestyles. Further, increasing occurrences of obesity and cardiac diseases have led consumers to demand functional food products, thereby driving the market for hydrocolloids.
The hydrocolloids market has grown considerably over the last five years, and this trend is expected to continue in the near future. The growing consumer demand for healthy food, such as low-fat, low-sugar, and high-fiber food, is projected to fuel the demand for hydrocolloids globally. The hydrocolloids market in the North American region is projected to progress at the highest CAGR of 6.0%, in terms of value, from 2023 to 2028. The US has a large market for bakery, confectionery, convenience food, and packaged food products; hence, it constitutes a major share in the market. Key players in this market focus on increasing their presence using new product launches specific to consumer tastes and expansions & investments in these regions.
Leading players profiled in this report:
- Flavors & Fragrances Inc. (US), Ingredion (US)
- Cargill, Incorporated (US)
- Associated Archer Daniels Midland Company (US)
- Darling Ingredients Inc. (US), Ashland (US)
- CP Kelco U.S., Inc. (US)
- Kerry Group plc (Ireland)
- Palsgaard A/S (Denmark)
- DSM (Netherlands)
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- To get a comprehensive overview of the hydrocolloids market.
- To gain wide-ranging information about the top players in this industry, their product portfolios, and key strategies adopted by them.
- To gain insights about the major countries/regions in which the hydrocolloids market is flourishing.
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