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Alginate Market - What are the main factors that contributing towards industry growth? | By Leading Key Players: Cargill Inc., DuPont, Mytech, Inc, Shandong Jiejing Group Corporation, SNP Inc., Dohler Group, Algea AS, FMC Corporation, Ingredients Solution
Alginate Market
The key factors driving the global alginate market growth includes elevated demand from various sectors especially food and textile industry, mounting applications, rise in industrialization, increasing awareness among the end users, constant developments and innovation etc. In addition, the textile industry is resorting it to carry out processes like dyeing, printing, and designing on cotton as well as jute fabrics. Furthermore, it also finds its application as binding agent for repairing rods as well as in the preparation of animal feed are other factor that supplement the growth of alginate industry.
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Global Alginate Market size is poised to grow at a high CAGR from 2018 to 2024. Alginate or alginic acid is an anionic polysaccharide apportioned widely in the cell walls of brown algae, that binds with water to form a viscous gum. Brown seaweed contains mixed alginic acid salts, that are the basic raw materials used in the manufacturing of the product. Its color ranges from white to yellowish brown.
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On the basis of product type, alginate market is divided into sodium, calcium, potassium, propylene glycol alginate (an ester of alginic acid.) and others such as magnesium, lithium, ammonium etc. The demand for sodium alginate is driven by growing use of the product in tissue engineering, drug composition, also calcium alginate-based fibers which are used for clinical injury treatment owing to superior chemical and bio-compatible properties will contribute to the growth of this segment over the forecast period.
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The application areas of the alginate market include foaming & emulsifying agent, stabilizer, coating, adhesive, gelling agent, thickening agent, and others including moisture retainer, fertilizers, etc. In the food industry, alginates have a superior functionality as a gelling agent, emulsifier, thickening stabilizer, texture improvement(noodles), to improve the quality of food. The unique properties of alginate are utilized in foods like ice cream, milk-based drinks, jellies, food dressings, instant noodle, and beer.
Food & beverage industry rise in BRICS and the Middle East, due to increased domestic consumption and its naturally extractive properties makes it a safer food additive, certified by WHO, FDA and European Commission will likely to surge the demand for global alginate market over the forecast period. Growing favorability of consumers towards the food industry mainly due to increasing demand for the meat products, processed food, bakery & confectionery sector will increase the product consumption thereby fueling the alginate industry.
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Based on end-use industries, global alginate market can be segmented into food & beverages, textiles & papers, pharmaceuticals, personal care and others including art & craft, technical industry etc. Alginates & derivatives find applications in various end-user industries, in the pharma sector it acts as a thickener, stabilizer and disintegrant for tablet coating. In cosmetics industry it used as waterproofing & thickener to manufacture lotions, creams, etc.
The rapid growth of end-use verticals such as food and beverage industry in Europe and North America regions especially in Canada, the U.S., Germany, U.K., Spain, France, and Italy will drive the global alginate market. Growing demand in the pharmaceutical sector and rising consumption of packaged food among the consumers owing to industrialization, urbanization, growing population will propel the alginate industry growth in Asia Pacific region.
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The alginate market competitive landscape includes key players such as DuPont, KIMICA Corporation, Mytech, Inc, Shandong Jiejing Group Corporation, SNP Inc., Dohler Group, Algea Produkter AS, Qingdao Fengrun Seaweed Company, Compaa espaola de algas marinas S.A., Cargill Inc., IRO Alginate, Allforlong Bio-Tech, FMC Corporation, Ingredients Solutions Inc., Protan AS to name a few. In order to attain a dominant position in the global market, these players are focusing on research and development activities to introduce technological advancement and innovation.
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