Hydrocolloids are used extensively in food industry as gelling and thickening agents so as to improve the shelf-life and quality of food products.
According to the report, the global hydrocolloids market is projected to increase at a CAGR of 4.23% over the forecast period 2019-2025.
The market growth is majorly being fuelled by growing food processing industry in many regions across the globe. Increasing demand for ready-to-make and processed food and beverage items, especially in developing economies, is boosting the demand for hydrocolloids among food and beverage manufacturers. This trend is expected to continue throughout the projected period as urbanization and lifestyle of people continue to pick up pace. The World Bank Group estimates that the proportion of global population living in urban areas stood at around 55% in 2018, up from 52.104% in 2011. As GNI per capita also continues to show a continuous year-on-year increase, demand for convenience food products is increasing across growing middle class population in urban areas. Increasing number of supermarket and hypermarket chains across the globe is contributing to increasing adoption of convenience food among people, thus contributing to the market growth of hydrocolloids. Moreover, rising applications of hydrocolloids across end use sectors such as textiles and pulp and paper industry is further propelling the growth of global hydrocolloids market. Growing pharmaceutical industry is also acting as a strong pillar for the global hydrocolloids market. Increasing R&D investments by market players and entry of many new products into the market are expected to continue propelling the market growth over the projected period.
Geographically, global hydrocolloids market has been segmented into North America, South America, Europe, Middle East and Africa, and Asia Pacific. North America holds the largest share of the global hydrocolloids market owing to the presence of major market players in the region along with R&D investments by these companies. However, Asia Pacific will witness the highest CAGR during the forecast period. Booming demand for convenience food and beverage items in countries like China, India, and South Korea is fuelling the growth of this regional market. Growing OTC drug market coupled with the presence of global pharmaceutical companies in the region is also supporting the growth of the regional market.
The major players covered as part of the report are Cargill Incorporated, DowDuPont, Ashland, Ingredion, Darling Ingredients, Inc, and Kerry Group Plc among others.
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This report has segmented the global hydrocolloids marketon the basis following terms: