Technological advancements in packaging have led to heightened demand for convenience foods such as prepared mixes, shelf-stable, chilled, frozen and others. Processed food or convenient foods are commercially prepared foods that require minimal or no further preparation in order to be consumed.
Plant hydrocolloids are largely used in ready-to-eat, frozen and packaged foods which, in turn will drive the global plant hydrocolloids market.
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Rising usage of plant hydrocolloids in ready-to-eat, frozen, and packaged foods coupled with increasing consumption of these products is expected to boost the growth of the global plant hydrocolloids market during the forecast period.
Similarly, growing health consciousness among consumers and increasing demand for natural food additives are likely to bolster sales of plant hydrocolloids over the projection period. Additionally, growing usage of plant hydrocolloids in dairy, bakeries, and confectioneries and other products due to their multifunctionality feature will elevate the demand for these ingredients through 2029.
Plant hydrocolloids are used in a variety of food products such as bread, cakes, biscuits, and ice cream. They can also be found in other food products such as jellies, processed meats, and soups. All these applications of plant hydrocolloids contribute to market expansion.
- By application, dairy products and bakery & confectionery segment is likely to hold a significant share of the global plant hydrocolloids market by the end of the forecast period.
- APEJ plant hydrocolloids market is anticipated to generate an absolute $ opportunity of US$ 1.4 billion between 2019-2029.
- North America will continue to remain a leading plant hydrocolloids market during the forecast period.
- Latin America is expected to emerge as a lucrative market for plant hydrocolloids during the projection period.
- Demand for plant hydrocolloids across India and China is expected to grow at a significant pace over the next ten years.
- Rising application in food and beverage industry is expected to drive the global hydrocolloids market swiftly during the forecast period.
- The market for plant hydrocolloids is projected to be impacted by the rising number of packaging technology innovations that have increased demand for convenience meals.
- Growing preference for natural food additives is expected to elevate the sales of plant hydrocolloids during the projection period.
- Implementation of stringent regulations is acting as a barrier to the expansion of plant hydrocolloids market.
- Volatility in raw material prices along with ambiguous labeling is also expected to limit market growth during the forecast period.
Inorganic growth through strategic acquisitions has been a key strategy of the companies functioning in the plant hydrocolloids market. In line with this, Ingredion Incorporated has made significant acquisitions in recent times.
For example, In March 2019, Ingredion Incorporated acquired Western Polymer, a company based in Washington, United States to further invest and expand its starch business.
Starch is a strong and commonly used plant hydrocolloid. Western Polymer is involved in the processing of potato starch whereas Ingredion is looking for capacity expansion of potato starch and enhancing its processing capabilities. With the help of such acquisitions, companies are going for inorganic growth to increase sales in plant hydrocolloids.
Plant Hydrocolloids Market: Segmentation
FactMR’s study has done the segmentation of plant hydrocolloids market on the basis of source, application, function, form and region.
· By Source :
- Guar Gum
- Locust Bean Gum
- Gum Arabic
- Other Sources
· By Application :
- Dairy Products and Bakery and Confectionery
- Sauces, Dressings, and Condiments
- Snacks and Savoury
- Meat and Poultry
- Other Applications
· By Function :
- Emulsifying Agent
- Thickening Agent
- Stabilizing Agent
- Gelling Agent
· By Form :
· By Region :
- North America
- Latin America
- Asia Pacific excluding Japan (APEJ)
- Middle East and Africa (MEA)
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Key Questions Covered in the Plant Hydrocolloids Market Report
- What is the projected value of the plant hydrocolloids market in 2019?
- At what rate will the global plant hydrocolloids market grow until 2029?
- Which are the factors hampering the growth in the plant hydrocolloids market?
- Which region is expected to lead in the global plant hydrocolloids market during 2019-2029?
- Which are the factors driving the plant hydrocolloids market during the forecast period?
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