The 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.
Key
Players :
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Expansion of the food processing industry due
to the increased demand for convenience foods in the emerging countries of the Asia
Pacific and South America is projected to create lucrative opportunities for
hydrocolloids manufacturers in the coming years.
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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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.
Recent Market Developments:
Recent developments are helpful to know the market trend and growth strategies adopted by players in the market. For instance, in the previous version, expansions were the major strategies adopted by players during 2010–2015. The current analysis shows that expansions, new product launches, mergers, and acquisitions have become more popular during 2013–2018.