Hydrocolloidal Market to Reach $18.7 Billion, Globally, by 2032 at 5.6% CAGR: Allied Market Research

The global hydrocolloidal market is driven by rise in demand for hydrocolloidal from food and beverage industry coupled with rapid development of pharmaceutical and healthcare industries.

PORTLAND, Ore., Dec. 8, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Hydrocolloidal Market by Product Type (Seaweed and Others), Function (Thickening Agent, Gelling Agent, Stabilizing Agent, and Others), End-use Industry (Food & Beverage, Pharmaceutical, Cosmetics, and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the global hydrocolloidal industry generated $10.9 billion in 2022, and is anticipated to generate $18.7 billion by 2032, witnessing a CAGR of 5.6% from 2023 to 2032.

Prime determinants of growth

Rise in demand for processed and convenience foods is a driving force for the incorporation of hydrocolloids in food formulations, contributing to improved product stability, texture, and overall quality. However, the fluctuation in raw material prices is expected to act as a major restraint for market growth. Nevertheless, the rise in demand for plant-based and natural ingredients is anticipated to offer many opportunities for market growth in the coming years.

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Report Coverage & Details:

COVID-19 Scenario

·  Supply Chain Disruptions: The hydrocolloidal market, like many other industries, experienced disruptions in the supply chain. Restrictions on transportation and lockdown measures in various regions affected the production and distribution of raw materials and finished products.

·  Changes in Consumer Behavior: Consumer demand patterns shifted during the pandemic. In the food industry, for example, there was a surge in demand for packaged and shelf-stable products, which influenced the use of hydrocolloids in food formulations.

·  Impact on End-Use Industries: The hydrocolloidal market serves various industries, including food and beverages, pharmaceuticals, and cosmetics. Different sectors were affected differently. For example, the closure of restaurants and disruptions in food service had implications for certain food applications of hydrocolloids.

·  Increased Emphasis on Health and Wellness: The pandemic heightened awareness of health and wellness, influencing consumer choices. This impacted the demand for products that use hydrocolloids for their functional and nutritional properties.

·  Focus on R&D: The pandemic underscored the importance of innovation and product development. Companies invested in research and development to create new hydrocolloidal-based products or enhance existing formulations.

The seaweed segment to maintain its lead position during the forecast period

By product type, the seaweed segment accounted for the largest share in 2022, contributing to more than three-fourths of the global hydrocolloidal market revenue, and is projected to maintain its lead position during the forecast period. Seaweed-based hydrocolloids refer to polysaccharides extracted from several types of seaweed, such as agar, carrageenan, and alginate, known for their unique gelling, thickening, and stabilizing properties. These hydrocolloids find diverse applications in the food industry, serving as additives to improve texture, viscosity, and shelf life in products like ice cream, yogurt, and processed meats. In addition, they play a crucial role in pharmaceuticals and biotechnology, serving as encapsulation agents and drug delivery systems. Seaweed-based hydrocolloids are valued for their natural origin, versatility, and sustainability, making them essential components in various industries aiming for eco-friendly and functional solutions. The others segment is projected to grow at a CAGR of 6.0% from 2023 to 2032. Other product types are fucoidan, laminarin, fucoxanthin, kainic acid, sesquiterpenes, phlorotannins, lectins, halogenated compounds, and others. The increasing demand for these hydrocolloids be attributed to several factors, driven by the growing awareness of their versatile applications and unique properties in various industries. One significant factor contributing to this demand is the expanding food and beverage sector.

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The stabilizing agent segment to maintain its lead position during the forecast period

By function, the stabilizing agent segment accounted for the largest share in 2022, contributing to more than one-third of the global hydrocolloidal market revenue, and is projected to maintain its lead position during the forecast period. The demand for stabilizing agents has witnessed a notable surge in recent years, driven by a confluence of factors across various industries. One key driver is the increasing complexity and diversity of products in the food and pharmaceutical sectors. As these industries continue to innovate and expand their product lines, the need for stabilizing agents becomes critical to maintaining product quality, texture, and shelf life. The gelling agent segment is projected to grow at a CAGR of 6.1% from 2023 to 2032. The demand for gelling agents has witnessed a notable increase in recent years, driven by several key factors spanning various industries. One significant driver is the burgeoning pharmaceutical and cosmetic sector, in pharmaceuticals, gelling agents are utilized in the formulation of oral medications, topical creams, and other dosage forms, providing controlled release and improved patient compliance.

The food and beverage segment to maintain its lead position during the forecast period

By end-use industry, the food and beverage segment accounted for the largest share in 2022, contributing to about two-fifths of the global hydrocolloidal market revenue, and is projected to maintain its lead position during the forecast period. It is projected to grow at the highest CAGR of 5.9% from 2023 to 2032. Hydrocolloids play a crucial role in the food and beverage industry, serving various functions to enhance product quality. These water-soluble polymers, such as agar, pectin, and carrageenan, act as stabilizers, thickeners, gelling agents, and emulsifiers. In dairy products, hydrocolloids prevent syneresis and improve texture, while in sauces and dressings, they ensure proper viscosity and stability.

Asia-Pacific to maintain its dominance by 2032

By region, in 2022, Asia-Pacific held the highest market share in terms of revenue accounting for more than half of the global hydrocolloidal market revenue and is likely to dominate the market during the forecast period. The same region is projected to grow at a CAGR of 5.9% from 2023 to 2032. Asia-Pacific, particularly countries such as China and India, has been experiencing rapid industrialization and urbanization. This has led to changes in dietary habits, increased demand for processed foods, and subsequently, a growing market for hydrocolloids.

Leading Market Players: -

·  DUPONT

·  PALSGAARD

·  BASF SE

·  ASHLAND INC.

·  CARGILL, INCORPORATED

·  KONINKLIJKE DSM N.V.

·  ARCHER DANIELS MIDLAND COMPANY

·  GLANBIA NUTRITIONALS, INC.

·  KERRY GROUP PLC.

·  JUNGBUNZLAUER SUISSE AG

The report provides a detailed analysis of these key players in the global hydrocolloidal market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

Want to Access the Statistical Data and Graphs, Key Players' Strategies: https://www.alliedmarketresearch.com/hydrocolloidal-market/purchase-options

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