The global food hydrocolloids market is extremely competitive in nature with a large number of international and regional players operating in it across the globe, states a new market research study by Transparency Market Research. The increasing number of mergers and acquisitions and strategic collaborations and the entry of new players are some of the major factors that estimated to strengthen the competitive environment of the global market throughout the forecast period. In addition to this, these players are emphasizing on technological developments and innovations, which is likely to enhance the growth of the market in the near future. Some of the leading players operating in the food hydrocolloids market across the globe are Cargill Incorporated, Du Pont De Nemours and Company, Ingredion Incorporated, Fuerst Day Lawson, Darling Ingredients, CP Kelco, Koninklijke DSM N.V., Ashland Inc., Kerry Group plc, and Rico Carrageenan.
According to the market intelligence study by Transparency Market Research, the global market for food hydrocolloids market is estimated to reach US$7,634.0 mn by the end of 2025. Furthermore, the market is likely to register a healthy 3.60% CAGR between 2017 and 2025.
Increasing Number of Manufacturers to drive Asia Pacific Market
From a regional perspective, Asia Pacific is projected to hold a large share of the global food hydrocolloids market and is likely to remain in the leading position in the next few years. Furthermore, Asia Pacific is projected to witness a healthy growth throughout the forecast period. The growth of this region can be attributed to the rising number of product manufacturers in most of the developing economies. In addition to this, the rising working class population and the increasing adoption of convenience foods in order to match with their hectic lifestyle are some of the other key factors that are anticipated to accelerate the growth of the food hydrocolloids market in Asia Pacific. Furthermore, the Middle East and Africa and Europe are estimated to register a steady growth in the next few years.
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The global market for food hydrocolloids has been classified on the basis of application into meat and poultry, confectionery, sauces and dressings, dairy products, beverages, and others. Among these, the bakery and confectionery segment is estimated to account for a large share of the global market throughout the forecast period. This segment is estimated to register a promising 4.80% CAGR between 2017 and 2025. This segment is further expected to be followed by the meat and poultry segment in the coming years.
Rising Consumption of Convenience Foods to Accelerate Growth
The increasing focus on research and development activities and technological advancements in the field are considered as the key factors that are projected to encourage the growth of the global food hydrocolloids market throughout the forecast period. In addition to this, the rising consumption of convenience foods and the potential growth opportunities in emerging economies are predicted to accelerate the growth of the overall market in the next few years.
On the flip side, the strict rules and regulations related to the food stabilizer products and the storage of resources are the key factors that are projected to curtail the growth of the global food hydrocolloids market in the coming few years. Nonetheless, the multi functionality of food hydrocolloids is predicted to generate promising growth opportunities for the market players in the coming years.