Hydrocolloids market to grow at a CAGR of 4.9% during the forecast period
According to Next Move Strategy Consulting, the Hydrocolloids Market?was valued at USD 13.15 billion in 2021 and is expected to reach USD 20.21 billion by 2030, at a CAGR of 4.9% during the forecast period 2022–2030, driven by the rising demand from the food and beverage industry.
Increasing use of hydrocolloids in the healthcare industry as wound dressings for acute wounds owing to its capability to maintain a consistent temperature and maintain acidic pH level in the wound, which reduces bacterial growth and allows the formation of connective tissue and collagen, is driving the growth of the hydrocolloids market.
However, strict government regulations prohibiting the use of hydrocolloids is restraining the growth of the hydrocolloids market. On the contrary, these products are easily available and less time-consuming, which makes them a popular choice for consumers. To meet the growing demand for hydrocolloids, manufacturers are increasingly using the product in processed foods, which in turn is expected to create ample growth opportunities for the market players in the coming years.
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Based on type, the hydrocolloids market is divided into gelatin, xanthan gum, carrageenan, alginates, agar, pectin, guar gum, locust bean gum (LBG), gum arabic, carboxymethyl cellulose (CMC), and microcrystalline cellulose (MCC). On the basis of application, the hydrocolloids market is segmented into thickener, stabilizers, gelling agents, fat replacers, coating materials, and others. Based on source, the market is categorized into source, botanical, microbial, animal, seaweed, and synthetic. On the basis of industry vertical, the market is divided into food & beverage, cosmetics, pharmaceuticals, and others. Region wise, the global hydrocolloids market is segmented into North America, Europe, Asia-Pacific, and RoW.
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The Asia-Pacific region has been the leading consumer of hydrocolloids due to increased interest shown in research & development and innovations in hydrocolloids. The North American region is expected to witness a steady growth; this can be attributed to the increasing consumption of hydrocolloids due to factors such as increasing health consciousness among the customers and surging awareness for diet, nutrition, and natural products.
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The report offers an extensive analysis of competitive landscape of the hydrocolloids market. Some of the major market players in the hydrocolloids market include Cargill Inc., CP Kelco Inc., Kerry Group PLC, DSM N.V., Archer Daniels Midland Company, Ashland Global Holdings Inc., Hawkins Watts Ltd., Gelnex Industria e Comercio Ltd., Taiyo Kagaku Co. Ltd., and Fiberstar Inc.
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Source: Next Move Strategy Consulting