Gum Hydrocolloid Market Size, Growth Probability, Leading Vendors and Future Scenario up to 2027
Market Overview
Rising demand of gum hydrocolloid is
witnessing high demand across the food industry based on its functionality.
Hydrocolloid is used as an additive to improve the texture and modify the
viscosity of food systems. Increase in consumer preference for natural
ingredients in food and beverages is adding fuel to the growth of hydrocolloid
market. The consumption of hydrocolloid is high in bakery manufacturers and is
projected to increase at a higher rate in pharmaceutical and cosmetics
industry. Furthermore, dairy industry and confectionary industry are increasing
the usage of hydrocolloid as an additive.
Market Forecast
The global gum
hydrocolloid market size is expected to grow at a higher growth rate
supported by the changing lifestyle and changing food consumption pattern of
consumers. Rising R&D investments in hydrocolloid ingredients is driving
the market of gum hydrocolloids. However, the volatile raw material prices
leading to high production cost may hamper the growth of the market.
All these factors will contribute to
the estimated CAGR of 4.7% of gum hydrocolloid market during the forecast
period 2017-2023.
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Downstream Analysis
Based on the type of gum
hydrocolloid, xanthan gum is dominating the market owning to potential
application as a thickening agent and stabilizing agent. Further focusing on
its application, it has observed highest growth in bakery industry improving
the texture of dough and overall improvisation in its quality and witnessing
growth in pharmaceutical and cosmetics industry based on consumption pattern
globally.
Additionally on the basis of functionality,
it is dominating the market as a stabilizing agent depending on the acceptance
of higher shelf life food processed systems.
Competitive Analysis
Major Key Players in the Gum
Hydrocolloid Market are:
·
Cargill, Inc. (the U.S)
·
Darling Ingredients Inc. (the U.S.)
·
Kerry Group PLC (Ireland)
·
CP Kelco (the U.S.)
·
Ingredion Incorporated (the U.S.)
·
Rico Carrageenan. (Philippines)
·
Ashland Inc. (the U.S.)
Gum hydrocolloid manufacturers across
various regions are focusing on R & D to penetrate the global market and to
meet the growing demand for the product in various industries based to its
functionality. Rising demand in natural food products and changing lifestyle
among the consumers propels the growth of hydrocolloid market. In North
America, U.S. dominates the market of gum hydrocolloid based on the consumption
pattern of the population and exports the product to different countries.
Regional Analysis
The global hydrocolloid market is
segmented into North America, Europe, Asia Pacific, and rest of the world
(RoW). North America holds a major share followed by Europe. The rising
nutritional trend and increasing consumption of processed food in the U.S. and
U.K. will continue to drive the growth of hydrocolloid. In Asia Pacific, the
changing lifestyle and shifting food consumption pattern followed by an
increase in disposable income anticipates development and growth of
hydrocolloid market in its developing countries.
Market Segmentation
Gum hydrocolloid market is segmented
on the basis of type, application, function and region.
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