Hydrocolloids Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033
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How has the size of the hydrocolloids market changed over the years?
Over the past few years, the size of the hydrocolloids market has grown substantially. It is expected to increase from $12.02 billion in 2023 to $13.07 billion in 2024, achieving a compound annual growth rate CAGR of 8.7%. The market's growth during this historical period can be accredited to a rise in demand for functional foods, growth in the pharmaceutical sector, increased demand for personal care products, a surge in e-commerce, and the emergence of budding markets.
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What is the predicted market size and expansion rate of the hydrocolloids market by 2028?
The hydrocolloids market is expected to observe substantial growth in the coming years. It is projected to increase to $18.09 billion in 2028, at a compound annual growth rate CAGR of 8.5%. This market expansion in the forecast period can be attributed to a growing demand for processed foods, rising demand for clean label and natural ingredients, increase in online food delivery, global population growth, and an increase in disposable income. Prominent trends during the forecast period encompass texture and mouthfeel enhancement, advanced processing technologies, smart packaging integration, and partnerships and collaborations.
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What is driving the growth of the hydrocolloids market?
The growth of the hydrocolloids market is expected to be propelled by an increase in nutritionally aware consumers during the forecast period. Nutrition is a crucial factor, driving consumers to prefer nutritional food for a multitude of reasons, including proper psychological well-being, muscle strength, pulmonary ventilation, infection prevention, wound healing, and cardiovascular function. As functional food ingredients with significant nutritional benefits, hydrocolloids present an opportunity to customize nutritional value and provide potential health benefits. They do so by controlling gastric emptying and intestine brake mechanisms, glycemic response plasma cholesterol levels, and carbohydrate fermentation in the large intestine.
Who are the key industry players in the hydrocolloids market?
The hydrocolloids market features many significant players, including Archer-Daniels-Midland Company, Ashland Global Holdings Inc., Cargill Incorporated, CP Kelco US Inc., Darling Ingredients Inc., DuPont de Nemours Inc., Hispanagar S.A., Ingredion Incorporated, Kerry Group plc, Koninklijke DSM N.V., Aquarev Industries SAS, BASF SE, Fiberstar Inc., FMC Corporation, Jungbunzlauer Suisse AG, Lotus Gums & Chemicals, Palsgaard A/S, Hawkins Watts Limited, J.F. Hydrocolloids Inc., E.I. du Pont de Nemours and Company, Tate & Lyle plc, Gelymar S.A., Gum Technology Corporation, Gums n Gums Limited, KIMICA Corporation, Lucid Colloids Ltd., Nexira, Penford Corporation, Silvateam S.p.A., Taiyo International.
What are the emerging trends in the hydrocolloids market?
One key trend gaining popularity in the hydrocolloids market is the use of gellan gum. Gellan gum, a water-soluble polysaccharide and multifunctional hydrocolloid commonly used as a gelling agent, can be widely used in food and beverages, home care, personal care, and other industrial applications. As the most expensive form of hydrocolloids, it is extensively used to enhance the texture of food.
What are the key segments in the hydrocolloids market?
The hydrocolloids market is segmented –
1 By Type: Carrageenan, Guar Gum, Gelatin, Pectin, Microcrystalline Cellulose, Other Types
2 By Function: Thickening, Gelling, Stabilizing, Other Functions
3 By Source: Botanical, Microbial, Animal, Seaweed, Synthetic
4 By Application: Food And Beverage, Pharmaceutical, Personal Care Products, Other Applications
On the regional front, how does the hydrocolloids market fare?
In 2023, North America emerged as the largest region in the hydrocolloids market. Asia-Pacific, however, is expected to be the fastest-growing region in the forecast period. The regions evaluated in the hydrocolloids market report comprise Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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