The market for hydrocolloids is estimated at USD 8.8 billion in 2018 and is projected to grow at a CAGR of 5.3% from 2018 to 2023, to reach USD 11.4 billion by 2023. The growth of the hydrocolloids market is driven by the rising demand for convenience foods in the food industry. The key market drivers are the R&D activities and innovation, consumer preference for functional dairy products, and multifunctionality of hydrocolloids in food & beverage products.
Objectives of the Report:
• To define, segment, and project the global market size for hydrocolloids
• To understand the structure of the hydrocolloids market by identifying its various subsegments
• To provide detailed information about the key factors influencing the growth of the market (drivers, restraints, opportunities, and industry-specific challenges)
• To analyze the micromarkets with respect to individual growth trends, future prospects, and their contribution to the total market
• To project the size of the market and its submarkets, in terms of value and volume, with respect to the regions (along with their respective key countries)
• To profile key players and comprehensively analyze their core competencies
• To understand the competitive landscape and identify major growth strategies adopted by players across key regions
• To analyze the competitive developments such as expansions & investments, mergers & acquisitions, new product launches, partnerships, joint ventures, and agreements
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Rise in consumption of premium food and beverage products is a major driver for the market
The increase in consumer preference for convenience foods indirectly contributes to the rise in demand for hydrocolloids required as stabilizers, texturants, binding agents, viscosity, and thickening agents in these convenience food products. The processed food market is driven by the greater need for convenience due to the busy lifestyles of consumers. This, in turn, increases the demand for hydrocolloids.
Stringent international quality standards and regulations are a major restraint for hydrocolloids market growth
There are various measures required to be taken to sustain in the hydrocolloids market, due to the prevailing regulations. According to the European Union’s regulations, a firm has to implement administrative regulations such as pre-market approval, especially in the case of food ingredient products, functional foods, sweeteners, as well as novel packaging. Coping with the changing regulations related to environment protection, pricing policy, immigration reforms, and infrastructure improvements is necessary for a company. To meet these stringent international regulations is a challenge for the manufacturers in the hydrocolloids market.
Increase in investments in R&D provides major opportunities for the hydrocolloids market
Substantial Hydrocolloids are largely utilized in processed and convenience foods. These products require food additives such as hydrocolloids that impart proper texture, viscosity, mouthfeel, and shape to the food. The wide application of hydrocolloids in food has led to the introduction of new procedures or complex steps in food processing. Food manufacturers are adopting sophisticated food processing methods and are demanding new hydrocolloids that can impart the desired functions.The increase in demand for hydrocolloids that help to maintain end-product quality as well as add value encourages food ingredient manufacturers to invest in R&D and introduce new solutions in the market. The solutions offered by manufacturers also include customized blends and systems.
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North America is projected to account for the largest market size during the forecast period.
North America is a dominant region in the global hydrocolloids market. Factors influencing its market dominance include the high demand for functional dairy products, convenience foods, higher per capita consumption of baked goods, and presence of major players.
This report includes a study of marketing and development strategies along with the product portfolios of leading companies in the hydrocolloids market. It includes profiles of leading companies such as Ingredion (US), Cargill (US), DowDuPont (US), Darling Ingredients (US), ADM (US), and Kerry (Ireland).