Hydrocolloids Market: Market Leaders
by Mit K. SEOThe hydrocolloids
market is estimated to be valued at USD 8.4 billion in 2018 and is
projected to reach USD 11.4 billion by 2023, at a CAGR of 5.3% during the
forecast period. The growth of the hydrocolloids market is driven by factors
such as the expansion of the processed food industry due to the increasing
demand for convenience foods in regions such as the Asia Pacific, South
America, and the Middle East & African. Apart from this, manufacturers are
engaged in R&D to offer high-quality hydrocolloids due to its
multi-functionality in the food industry.
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Key Players:
• DowDupont (US)
• Ingredion (US)
• Cargill (US)
• Kerry (Ireland)
• Archer Daniels Midland Company (US)
• Palsgaard (Denmark)
• Darling Ingredients (US)
• CP Kelco (US), Ashland (US)
• BASF (Germany)
• Tate & Lyle (UK)
• Glanbia (Ireland)
By source, the botanical segment is projected to be one of the fastest growing segments for the hydrocolloids market due to the increased demand for natural products and ingredients. Some of the popular hydrocolloids of botanical origin used by manufacturers of the food & beverage industry include gum arabic, gum tragacanth, gum karaya, and gum ghatti.
By type, guar gum is projected to
be the fastest growing segment in the hydrocolloids market. Derived from the
guar plant, it finds applications in the food, pharmaceutical, and cosmetics
industries. In the food industry, it is used as a thickening and binding agent.
It is used in a wide variety of food products such as ice cream, baked goods,
cheese, soups, gravies, noodles, and meat. In addition, it is used in cosmetics
products such as lotions, creams, and shampoos. In the pharmaceutical industry,
it is used as a binder in tablets. Expansion of the food processing industry in
the developing countries is projected to boost the sales of guar gum in the
coming years.
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By function, the
stabilizers segment is considered to be one of the fastest-growing segment in
the hydrocolloids market. Hydrocolloids used as stabilizers include locust bean
gum, guar gum, carboxymethyl cellulose (CMC), xanthan gum, alginate, and
carrageenan. The increasing demand for convenience foods in emerging countries
is projected to drive the demand for hydrocolloids in the coming years.
Geographical Prominence:
North America is
the fastest-growing market for hydrocolloids and is projected to record the
highest CAGR during the forecast period. The North American market is
completely driven by the US, which accounted for nearly 84.0% of the market
share in 2017. The US has a large market for bakery, confectionery, convenience
food, and packaged food products; hence, it constitutes a major share in the
market. Consumers in the US are calorie-conscious, due to which low-calorie and
low-fat foods are popular in the country. The increasing prevalence of obesity
and cardiac diseases have led to an increasing demand for natural and
low-calorie food products among consumers. Food manufacturers are therefore
concentrating on the application of natural hydrocolloids and their functions
as fat replacers.
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Created on May 19th 2020 07:35. Viewed 151 times.