A new report composed by Fact.MR, global plant hydrocolloid market will record a CAGR of 6.1% in terms of volume, between the forecast period 2017 and 2026. Sales of plant hydrocolloid around the world are poised to bring in nearly US$ 8,000 Mn in revenues by 2026-end.
Plant hydrocolloid have been substantially utilized in pharmaceutical and food industries as an emulsifying, coating, gelling, stabilizing, and thickening agent. Plant hydrocolloid help in quality enhancements as well as shelf life extension in a wide variety of products. Inclination toward processed and convenience food has surged tremendously around the world over the past few years. Plant hydrocolloid experience huge adoption as additives in food & beverage industries, as they improve the stability, texture, and aesthetic appeal of food products. They are also capable of curtailing massive amounts of fats effectively by dissolving in water, along with acting as a fat replacement in the food products. The aforementioned aspects are paving high demand for plant hydrocolloid in the food industries.
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Significant surge in adoption of low-fat & low-calorie foods is likely to bolster adoption of plant hydrocolloid. Preferences of consumers are changing, coupled with technological developments, for nutritional & healthy foods, which in turn is resulting into soaring requirement for natural hydrocolloid as a consequence, such as plant hydrocolloid. On the other hand, volatile prices of plant hydrocolloid owing to the seasonal nature of production will create hindrances to the market expansion. Growing demand and supply gap is further likely to negatively impact growth of the plant hydrocolloid market globally.
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6 Key Projections on Future of Plant Hydrocolloid Market for Forecast Period 2017-2026 (In terms of Volume)
- Europe dominated the global plant hydrocolloid market in 2017, and the region will continue to witness the highest sales through 2026. The market in North America is expected to register a slightly higher CAGR than that in Europe, and become the second largest market for plant hydrocolloid by 2026-end.
- Asia-Pacific excluding Japan (APEJ) is anticipated to be the fastest growing market for plant hydrocolloid during 2017 to 2026, followed by Latin America.
- Although projected to exhibit the lowest CAGR, cellulosics will continue to be largest source for plant hydrocolloid, with sales estimated to close in approximately 1,400,000 tons by 2026-end. This number will remain comparatively higher than those from all the other source segments combined.
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- Bakery and confectionary, and dairy products and frozen products are anticipated to lead the global plant hydrocolloid market, on the basis of application, during 2017 to 2026. Bakery and confectionary will endure as the fastest surging application of plant hydrocolloid. In addition, sales of plant hydrocolloid for application in snacks and savory, and sauces, dressings and condiments are also projected to reflect a splendid expansion through 2026.
- Stabilizing will remain the sought-after among functions of plant hydrocolloid, with sales pegged to exceed 1,150,000 tons by 2026-end. However, emulsifying function of plant hydrocolloid is slated to witness the fastest expansion in the market through 2026.
- Dry form of plant hydrocolloid will remain preferred among industries, whereas liquid form of plant hydrocolloid will exhibit a relatively higher CAGR in the market through 2026.
The global market for plant hydrocolloid comprises several regional, local, and global players, thereby making nature of the market to be highly fragmented. High competition is being witnessed in the market, where global players hold major shares of the market. The leading players compete based on quality & cost of plant hydrocolloid, along with product innovations. Major companies in the global plant hydrocolloid market possess a widespread geographical occupancy and have huge production facilities. Key companies identified by the report include Sensient Technologies Corporation, Tate & Lyle PLC, Dohler GmbH, Kerry Group Plc, Lonza Group Ltd., Furest Day Lawson Holdings Limited, Rousselot S.A.S., Symrise AG, E. I. du Pont de Nemours and Company, Ashland Inc., FMC, Dow, Cargill, Inc., and CP Kelco.