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The global hydrocolloids market size is expected to showcase considerable growth by reaching USD 13.30 billion by 2027. The growth is attributable to the increasing demand for hydrocolloids to manufacture cosmetics products across the globe. This information is published by Fortune Business Insights in its latest report, titled, “Hydrocolloids Market Size, Share & Covid-19 Impact Analysis, By Type (Xanthan Gum, Carrageenan, Guar Gum, Gelatin, and Others), Source (Microbial, Animal, Seaweed, and Others), Application (Food & Beverages, Pharmaceuticals, and Cosmetics & Personal Care), and Regional Forecast, 2020 – 2027.” The report further mentions that the market stood at USD 9.07 billion in 2019 and is likely to exhibit a CAGR of 5.13% between 2020 and 2027.
Cargill Announces Expansion of its Carrageenan Extract Portfolio to Maintain Market Dominance
The evolving consumer preference for functional food and beverages is driving manufacturers to develop reliable and healthy products. For instance, in July 2018, Cargill, a leading sustainable nutrition solutions provider, announced the launch of a new carrageenan extract, Satiagel Seabrid. According to the company, the extract is developed to provide premium textures for desserts, custards, and other delicacies and is based on 100% cultivated seaweed. The growing demand from consumers for rich and creamy texture for their dairy desserts has propelled the development of the extract, reports Cargill.
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The addition of hydrocolloids such as carrageenan to manufacture organic and clean-labeled food products is likely to contribute to market growth.
Increasing Demand for Hydrocolloids from Cosmetics Industry to Feed Market Growth
The growing awareness regarding the skin-care regime and the high disposable income of the working population is driving the demand for organic cosmetics products. This has led to the increasing adoption of hydrocolloids such as carrageenan, gelatin, and xanthan gum in cosmetics manufacturing due to their beneficial properties such as high compatibility and chemically stable nature. For instance, as to the Ministry of Foreign Affairs, the natural cosmetics market value stood in Europe stood at USD 4.11 billion in 2018 and is likely to grow at a faster rate in the forthcoming years. Therefore, the surging demand for natural cosmetics is expected to favor the global hydrocolloids market growth during the forecast period.
Product Launches by Major Companies to Expand Their Product Portfolio and Boost Sales Revenue
The global hydrocolloids market is consolidated by the presence of major companies that are striving to maintain a stronghold by introducing innovative hydrocolloid products to cater to the growing demand for industrial applications such as food and beverages worldwide. Moreover, other key players are adopting strategies such as collaboration, facility expansion, and merger and acquisition that will bode well for the market growth in the forthcoming years.
January 2019 - Koninklijke DSM N.V. unveiled new branding for its gellan gum and xanthan gum products. The company introduced three brands ClariXan, XanTreme, and Gellaneer, that offer consumers improved bio gum solutions. The launch is expected to consolidate its footprint in the global market for hydrocolloids.
List of the Companies Profiled in the Global Market for Hydrocolloids:
Further Report Findings:
Table of Segmentation: