A new report composed by Fact.MR, global plant hydrocolloid market will record a CAGR of 6.1% in terms of volume, between the forecast period 2017 and 2026. Sales of plant hydrocolloid around the world are poised to bring in nearly US$ 8,000 Mn in revenues by 2026-end.
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Key Projections on Future of Plant Hydrocolloid Market for Forecast Period 2017-2026
- 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.
- Stabilizing will remain the sought-after among functions of plant hydrocolloid, with sales pegged to exceed 1,150,000 tons by 2026-end. However, emulsifying function of plant hydrocolloid is slated to witness the fastest expansion in the market through 2026.
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.
Plant hydrocolloids seek extensive application in confectionary, bakery, and dairy products on the back of their stabilizing, emulsifying, and dressing properties. Bakery and confectionary will continue to be dominant among applications in the market, followed by dairy products and frozen products.
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Competition Tracking
The global plant hydrocolloid market encompasses several local, regional, and global players, which in turn has made the market’s nature to be fragmented. Intense competition is being observed in the market, wherein global players account for major revenue shares of the market. These leading players contend on the basis of cost & quality of plant hydrocolloids, and innovations. Major players in the market have a vast geographical presence and possession of huge production facilities around the world. Key companies profiled by the report include CP Kelco, Cargill, Inc., Dow, FMC, Ashland Inc., E. I. du Pont de Nemours and Company, Rousselot S.A.S., Symrise AG, Furest Day Lawson Holdings Limited, Kerry Group Plc., Tate & Lyle PLC, Lonza Group Ltd., Dohler GmbH, and Sensient Technologies Corporation.
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