Hydrocolloids Market Growth & Trends
The global hydrocolloids market size is expected to reach USD 17.83 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 6.0% from 2023 to 2030. Hydrocolloids find application in radiology as a suspending agent, suppositories, slow-release capsules, emulsions, surgical lubricants, and as a carrier of topical medicaments, which is expected to drive the market growth.
Rapid urbanization coupled with improved consumer lifestyle with more emphasis on healthy, diet-friendly, nutritious, and natural products is fueling the demand for convenience and packaged foods, which, in turn, is likely to propel product consumption. Additionally, growing consumer awareness regarding the benefits of nutritional food is further propelling the demand for hydrocolloids in developing countries, such as China and India.
Europe and North America are projected to play a substantial role even after losing their market share to Asia Pacific and Latin America. Asia Pacific and Latin America are expected to accomplish the highest gains in near future. A large number of health-conscious individuals are embracing a healthier lifestyle with the foremost importance on the healthy food choices offered by various food and beverage companies.
The key players in the hydrocolloids market are inclined towards new product launches, which is expected to augment the growth. In August 2018, Cargill announced its plans to invest USD 150 million in Brazil’s production facility to keep up with the increasing demand for pectin.
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Hydrocolloids Market Report
Hydrocolloids Market Report Highlights
- Growing demand for processed food due to the convenience is expected to positively impact the hydrocolloids market in the forthcoming years
- The processed foods market has seen healthy growth in the recent past and is projected to witness high growth in the near future
- The ability of hydrocolloids to reduce the fat content by dispersing water and acting as a fat replacer in food products is expected to propel their demand as consumers are increasingly preferring low-fat and low-calorie food products
- The shortage of resources and vulnerability to seasonal changes cause volatility in raw material pricing propelling manufacturing costs and limiting the market growth
- The rise in population coupled with rising disposable income translates into an enhanced standard of living, particularly in developing regions. This is anticipated to result in a steady growth in demand for specialty and processed food products.
