Global Hydrocolloids Market is projected to reach USD 26,937.1 million by 2024. It is expected to garner revenues at a CAGR of 5.50% over the Forecast Period.
Huge demand for convenience foods and indulgence of processed foods can drive the need for hydrocolloids which provide functional nutrients to the body. The rising wave of health-consciousness among consumers has led to food and beverage manufacturers to shift to natural ingredients in their formulations. This is evident with the use of pectin, guar guar gum, locust bean gum, and carrageenan. According to Agriculture and Agri-Food Canada, the U.S. accounted for USD 68.17 billion worth of bakery products. Complexities in attaining raw materials and adherence to strict regulations can restrain market growth.
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DowDuPont, DSM NV, Darling Ingredients, Inc., Ingredion Incorporated, Archer Daniels Midland Company, Kerry Group PLC, Brenntag AG, Ashland Global Holdings, Inc., Cargill, Incorporated, and Tate & Lyle PLC are key players of the Global Hydrocolloids Market.
Global Hydrocolloids Market has been segmented by type, source, and application.
The application segments of the market are food & beverages and others. The food & beverages segment has been further segmented into meat, poultry & seafood products, dairy & frozen desserts, bakery & confectionery, creams, dressings & spreads, beverages, and others. The food & beverages segment is expected to register a higher CAGR of 5.55% during the forecast period. This can be attributed to the use of hydrocolloids as food additives to alter the composition and texture of food items. This is exemplified by its use in jellies, jams, ice creams, cakes, and candies.
Region-wise, the global hydrocolloids market has been segmented into North America, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW).
Europe and North America are highly lucrative regions for the global market owing to trade agreements of nations.
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