The global hydrocolloid market was valued at more than $6 billion in 2015 and is expected to reach around $8 billion by 2020, says Technavio.
Technavio has announced its latest market research report on hydrocolloids for the forecast period, 2016-2020. This market analysis, under the bio-chemicals and bio-materials vertical, discusses the major drivers and key emerging trends that will influence the growth of the global hydrocolloid market during the forecast period. Some of the top vendors listed in this industry analysis include Archer Daniels Midland, Cargill, DuPont, FMC, and J.M. Huber.
In terms of geographical analysis, North America is expected to account for the largest share of the global market and is likely to surpass $2 billion in revenue by 2020. The US and Canada will emerge as the key revenue-generators.
“Increased awareness about the benefits of nutritious food and beverages are prompting many people to adopt a healthy lifestyle that emphasizes healthy food choices. Vendors in the market space focusing on the expansion of their product portfolios and are engaging in M&As and forming synergies to provide healthier alternatives that have lower sugar, sodium, and fat content and higher fiber and protein content. Hydrocolloids are used in food and beverage products to enhance quality and to provide additional health benefits. The addition of hydrocolloids to food products and beverages allows a reduction in sugar and salt content without altering the taste and texture of the products,” says Ajay Adhikhari, a lead analyst at Technavio for research on bio-chemicals and bio-materials.
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The new industry research report from Technavio analyzes some of the key drivers and trends responsible for the growth of this market and its sub-segments.
Increasing demand for convenience food
Hectic lifestyles and busy schedules have spurred an increase in the preference among consumers across the globe. Convenience food such as packaged food or meals, canned food, frozen food, preserved food, and instant products are easy to consume, portion-packed, time saving, has convenient packaging, and is freeze or thaw stable. With technological advancement in the packaging industry, the range of convenience has also expanded from frozen, chilled, shelf-stable, portion-ability, microwave-ability, prepared mixes and others. As hydrocolloids are extensively used in packaged, frozen, and ready-to-eat food, the increasing demand for convenience food is anticipated to fuel the demand for hydrocolloids in the global market.
Growth in food and beverage industry
The global market for hydrocolloids grows in tandem with that of the global markets for food and beverages respectively. The global food industry can be classified into agricultural food and packaged food. The agricultural food consists of food, vegetables and food grains. The packaged food includes baked food, chocolates, ice cream, baby food, snacks, yogurt, frozen confectionary and others. The growth of the food and beverage industries over the next four years is expected to augment the demand for hydrocolloids owing to its growing application in these industry segments.
Growing demand in major application areas such as in oil drilling and pharmaceutical industries
The use of hydrocolloids in the oil drilling and pharmaceutical industries is on the rise. In oil drilling activities, hydrocolloids are required for thickening drilling mud and as an emulsifier for hydraulic fracturing. The most commonly used hydrocolloids in the oil drilling industry include guar gum, xanthan gum, CMC, and LBG. The growth of the global pharmaceutical market and an increase in medical spending across the globe is expected to add to the demand for hydrocolloids such as gelatin, carrageenan, alginate, pectin and gum arabic owing to an increase in their primary applications as film forming or coating agents as well as other applications as laxatives and adhesives.
Some of the other prominent vendors identified in this report are Altrafine Gums, Ashland, Ingredion, and Kerry Group.
This research report includes an in-depth analysis, market shares, and sizes of the sub-segments and geography. It provides a comprehensive analysis of the key companies, including their market shares, business overview, and key financials. The market study also offers a detailed analysis of key drivers, challenges, and opportunities influencing this market.
A more detailed analysis is available in the Technavio report titled, ‘Global Hydrocolloid Market 2016-2020’. Technavio also customizes reports by other regions and specific segments upon request.
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