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Europe to Endure as Largest Region for Plant Hydrocolloid Market ||Key Players: Kerry Group Plc, Lonza Group Ltd., Furest Day Lawson Holdings Limited, Rousselot S.A.S., Symrise AG
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Plant hydrocolloids have been extensively used in food and pharmaceutical industries as emulsifying, stabilizing, coating, gelling and thickening agents. Plant hydrocolloids enable quality enhancements and shelf life extension for a wide range of products. Demand for processed food and convenience food has increased substantially across the globe over the past couple of years. Plant hydrocolloids witness huge adoption in the food & beverage industries as additives, as they improve the texture, stability, and aesthetic appeal of the food products and beverages. Plant hydrocolloids are capable of effectively curtailing massive amounts of fats by dissolving in water, and act as fat replacements in food products. These aspects are creating huge demand for plant hydrocolloids across the food industries.
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Europe to Endure as Largest Market for Plant Hydrocolloid
In terms of value, Europe will continue to endure as the largest market for plant hydrocolloid. Most of the region’s market growth can be attributed to predominant utilization of plant hydrocolloids in the food & beverage industry. In addition, soaring consumption of packed fruit and vegetable juices in the European countries are driving demand for plant hydrocolloid in the region. North America and Asia-Pacific excluding Japan (APEJ) will also remain remunerative for the plant hydrocolloid market. APEJ will register the fastest expansion in the market through 2026
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Europe dominated the global plant hydrocolloid market in 2017, and the region will continue to witness the highest sales through 2026. The market in North America is expected to register a slightly higher CAGR than that in Europe, and become the second largest market for plant hydrocolloid by 2026-end.
Asia-Pacific excluding Japan (APEJ) is anticipated to be the fastest growing market for plant hydrocolloid during 2017 to 2026, followed by Latin America.
Although projected to exhibit the lowest CAGR, cellulosics will continue to be largest source for plant hydrocolloid, with sales estimated to close in approximately 1,400,000 tons by 2026-end. This number will remain comparatively higher than those from all the other source segments combined.
Bakery and confectionary, and dairy products and frozen products are anticipated to lead the global plant hydrocolloid market, on the basis of application, during 2017 to 2026. Bakery and confectionary will endure as the fastest surging application of plant hydrocolloid. In addition, sales of plant hydrocolloid for application in snacks and savory, and sauces, dressings and condiments are also projected to reflect a splendid expansion through 2026.
Key companies identified by the report include Sensient Technologies Corporation, Tate & Lyle PLC, Dohler GmbH, Kerry Group Plc, Lonza Group Ltd., Furest Day Lawson Holdings Limited, Rousselot S.A.S., Symrise AG, E. I. du Pont de Nemours and Company, Ashland Inc., FMC, Dow, Cargill, Inc., and CP Kelco.
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