Hydrocolloids Market Worth $10.2 billion by 2027 - Exclusive Report Covering Pre and Post COVID-19 Market Analysis by Meticulous Research®

According to a new market research report titled, "Hydrocolloids Market by Source (Animal, Microbial, Synthetic, Seaweed), Type (Gelatin, Carboxy Methyl Cellulose, Alginates, Guar Gum), Function (Stabilizer, Encapsulation, Gelling Agent, Coating Material), End User (Textile, Cosmetics) - Global Forecast to 2027", the overall hydrocolloids market is projected to reach a value of $10.2 billion by 2027, growing at a CAGR of 4.4% during the forecast period. In terms of volume, the market is expected to reach 3878.5 MT by 2027 at a CAGR of 4% during 2020- 2027.

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Hydrocolloids are a heterogeneous group of long-chain polymers (protein and polysaccharides) distinguished by their property of forming viscous dispersion (gel) when dispersed in water. The ability of hydrocolloids to form a gel, and to modify the rheology of the product is driving its demand in various industries (food, pharmaceuticals, cosmetics, explosives, agriculture, and many others). The food and beverage sector commands the largest share of the hydrocolloids demand, due to its extensive use in food formulations to improve quality attributes and shelf life of the product. However, the increasing raw material cost is expected to hinder the hydrocolloids market to some extent.

COVID 19 Impact on the Hydrocolloids Market

The COVID- 19 pandemic has spread over 200 countries, bringing economic activity to a near- standstill as countries imposed tight restrictions on movements to halt the spread of infection. Under this scenario, multiple facets of life have been affected ranging from consumer products to industrial activities. Among the most exposed verticals to the ongoing COVID-19 outbreak is the transportation industry which is currently facing unprecedented uncertainty. From public transport to commercial aviation, all have been affected by the pandemic. The restriction on vehicle movement has affected the supply chain and influence ingredients and raw material supplies. Moreover, processed food consumption has slumped as households prefer homemade food over-processed food due to various reasons. To protect the transfer of the virus, as outside foods are more liable to carry the infection, and the rising financial crises have forced people to cut out their expenditure on processed food. This shift in consumer purchasing behavior due to uncertainty surrounding the pandemic may have significant consequences for the industry's near-future growth. Thus, the arisen circumstances have hindered the growth of the hydrocolloids market to some extent.

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The global hydrocolloids market study presents historical market data in terms of value and volume (2018 and 2019), estimated current data (2020), and forecasts for 2027. The market is segmented on the basis of source, type, function, end-user, and geography. The study also evaluates industry competitors and analyses the market at a country level.

Based on source, the botanical source segment is estimated to command the largest share of the overall hydrocolloids market in 2020. The large share of this segment is mainly attributed to the increasing consumer demand for natural and organic cosmetics; rapid expansion in the convenience food and ready meal sector; and consumer's increasing preference towards the healthy, clean label, and plant-based food products. Further, companies like CP Kelco offer customers a personal care product range which highlights the use of naturally derived hydrocolloids in products such as shower gel, hand sanitizer, and body lotion. Thus, the "Go Natural" trend has driven the market for botanical hydrocolloids.

Based on type, the gelatin is estimated to command the largest share of the overall hydrocolloids market in 2020. The overall growth of this segment is mainly attributed to varied functional properties exhibited by the gelatin (gelling and thickening property, emulsifying capacity, foaming and whipping ability, hygroscopic, and non- toxic nature, among others) and its ability to possess unique emulsifying and film-forming properties in pharmaceutical industry. Gelatin has enormous applications in hard capsule, soft gel, and tablets that have a high demand in the market, thereby propelling the global demand for gelatin. However, the pectin segment is projected to grow with the fastest CAGR during the forecast period. The factors attributed to the rapid growth of this segment are increasing demand for natural and organic ingredients in food products, increasing consumer demand for low-calorie, high quality food products; and growing utilization of pectin in cosmetic, pharmaceutical, and nutraceutical industries.

Based on function, the thickening and gelling segment is estimated to command the largest share of the overall hydrocolloids market in 2020. The large share of this segment is mainly attributed to are rising consumer demand for all-natural ingredients in their food products and easy integration of hydrocolloids in numerous formulations. The demand for hydrocolloids for thickening and the gelling function has increased with respect to its natural properties, where they often replace synthetic chemicals with similar properties.

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Based on end-user, the food and beverages segment is estimated to command the largest share of the hydrocolloids market in 2020. The large share of this segment is mainly attributed to the factors such as multi-functionality of hydrocolloids in food industry, increasing demand for healthy food products, and growth in demand for bakery & confectionery products. Hydrocolloid's ability to alter flow properties of liquids, gelling ability, and property to cause oil droplets emulsification and inhibition of ice recrystallization have made hydrocolloids as an indispensable ingredient of food industries.

Geographically, the Asia Pacific region is estimated to command the largest share of the global hydrocolloids market in 2020, followed by Europe, and North America. The growth in the Asia-Pacific region is mainly driven by the factors such as growing economy of the Asian countries, well established food processing sector, changing eating habits of consumers, increasing purchasing power parity of the population, and growing trend of clean label food additives in the region. On the other hand, Europe is the second largest revenue generator in the overall hydrocolloids market, mainly attributed to the increased R&D and innovations in hydrocolloids, increase in demand for processed food, and change in consumer preference towards low fat foods.

Some of the key players operating in the global hydrocolloids market are CP Kelco Inc. (U.S.), S.A Hwakins Watts Ltd. (Australia), Gelnex Indústria e Comércio Ltd. (Brazil), Fiber Star Inc. (U.S.), Taiyo Kajaku Co. Ltd (Japan), Ingredion Inc.(U.S.), Palsgaard A/S (Denmark), Dupont De Nemours, Inc (U.S.), Cargill Inc. (U.S.), DSM N.V. (Netherlands), (ADM) Archer Daniels Midland Company (U.S.), Darling Ingredients Inc. (U.S.), Kerry Group Plc. (Ireland), and Ashland Global Holdings Inc. (U.S.) among others.

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