The global Hydrocolloids Market was valued at USD 9.73 billion in 2020 and is projected to reach USD 13.36 billion by 2026, at a CAGR of 5.4% during the forecast period. Hydrocolloids are widely used in applications, such as bakery, confectionery, meat & poultry, beverages, dairy & frozen products, and others, such as baby food and prepared food. The growth of the hydrocolloids market is driven by the rising demand for healthier and natural food ingredients from the food industry.
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The segmentation considered for this report on hydrocolloids is based on sources, types, applications, functions, and regions that constitute the key markets. Hydrocolloids segmented on the basis of sources include botanical, microbial, animal, seaweed, and synthetic. On the basis of types, hydrocolloids have been segmented into gelatin, pectin, carrageenan, xanthan gum, agar, gum Arabic, locust bean gum, carboxymethyl cellulose, alginates, guar gum, and microcrystalline cellulose. Hydrocolloids segmented on the basis of functions include thickeners, stabilizers, gelling agents, fat replacers, and coating materials. On the basis of applications, the market has been segmented into food & beverages, cosmetics & personal care products, and pharmaceuticals. By region, the hydrocolloids market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World (RoW).
The gelatin segment dominated the market for hydrocolloids by type in 2020. This is attributed to its varied application across the food industry. It is commonly used in candies, desserts, marshmallows, and ice creams, where it functions as a texturant and gelling agent. However, the market for gelatin is estimated to grow at a slow rate as consumers are drifting toward gelatin substitutes due to the risks of transmitting animal diseases, especially Bovine Spongiform Encephalopathy (BSE). Due to this, the market has been shifting toward some of its alternatives, such as guar, carrageenan, and pectin.
The food & beverages application is projected to dominate the market for hydrocolloids until 2026. With the increasing awareness among consumers, the market for hydrocolloids as functional ingredients is increasing as consumers prefer balanced diets and food that not only satisfy their hunger but also takes health into consideration. Therefore, the growing market for functional food is opening up opportunities for the development of applications in the hydrocolloids market.
The North American market accounted for the largest share in 2020. Factors influencing this market dominance include high demand for functional dairy products, convenience foods, higher per capita consumption of baked goods, and the presence of major players here. This market is projected to be driven by the increase in consumer demand for healthy convenience food due to their busy lifestyles. Further, increasing occurrences of obesity and cardiac diseases have led consumers to demand functional food products, thereby driving the market for hydrocolloids.
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However, one of the major restraints for the growth of the hydrocolloids market includes adherence to international quality standards and regulations regarding food additives, such as stabilizers and fluctuations, in raw material prices. A tight supply of raw materials is affecting many hydrocolloids, and prices are expected to rise as a result. Due to the shortage and change in the prices of raw materials, the pricing of hydrocolloids by the companies has been fluctuating. Recently, FMC Corporation (US) increased the price of its alginate, carrageenan, microcrystalline cellulose, pectin, and other hydrocolloid products by 20% or more. Similarly, CP Kelco also increased the price of its hydrocolloid products; for instance, it increased the price of xanthan gum, pectin, and carrageenan by 10% and Carboxymethyl Cellulose (CMC) products by more than 15%. Hydrocolloid products are mainly obtained from natural ingredients that are in limited supply and are dependent on the quality of the crops and good climatic conditions.
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