According to a report published by Grand View Research, Inc.; the global alginate market is anticipated to reach a valuation of around USD 923.8 million by 2025. Growing demand from food, pharmaceutical, industrial, and other applications can propel the market over the forecast period (2014 to 2025).
High demand for alginate as a thickening and gelling agent in food and beverage and bakery and confectionery is expected to boost the market growth in the forthcoming years. Rising demand for ice creams, beer, and yogurt is likely to drive the demand from food and beverage sector. Increasing use as an emulsifier in salad dressings, margarine, frozen desserts can also spur the alginate market growth during the forecast period. Extensive usage in pharmaceuticals as a thickening agent, emulsion stabilizer, disintegrated, and film-forming agent for tablets can also bode well for market expansion. Rising use of alginate in tablet coatings due to its superior characteristics is likely to bolster the market growth during the forecast period.
The worldwide alginate market can be segmented on the basis of type, product, application, and regions. As per type, the market can be classified into High M and High G. The high M segment is expected to grow at a CAGR of around 4.2% from 2016 to 2025. Based on product, the market can be categorized into sodium, calcium, potassium, propylene glycol, and others. On the basis of application, the market can be split into food, pharmaceutical, industrial, and others. Geographically, the market can be divided into North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa.
Full Research Report On Alginate Market Analysis: https://www.grandviewresearch.com/industry-analysis/alginate-market
In 2016, North America held around 26.2% of the overall market share in terms of demand owing to high utilization in established food and beverage and pharmaceutical sectors. Growing pharmaceutical industry in the U.S. due to high healthcare spending is expected to have a positive impact on the global market for alginate.
The Central & South America market is anticipated to hold considerable market share over the forecast period on account of increasing use of the product in paper industry. In addition, high demand from food and beverage industry for the production of ice creams, lactic acid drinks, and jellies is anticipated to further drive the alginate market during the forecast period.
Asia Pacific is likely to grow at a CAGR of around 5.9% in the forthcoming years owing to rapidly growing textile and food and beverage industries. Presently, adoption of alginate in the pharmaceutical sector is relatively inadequate due to limited demand from the emerging economies. However, the demand is anticipated to propel over the forecast period, creating expansion opportunities for the market players.
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Europe is expected to showcase significant growth over the projected period due to the presence of major manufacturers and their involvement in the development of advanced products. High availability of raw materials in Norway and Chile supports the production. The product price in the region is expected to remain high owing to increasing demand for high-purity and quality.
The Middle East region is expected to witness high demand for alginate over the forecast period due to growing applications in food and beverage industry. High demand for convenience foods due to rising attraction for exotic food products from around the world. This trends is likely to promote the market development during the forecast period.
Prominent players operating in the alginate market include Ingredients Solutions, Inc.; SNAP Natural & Alginate Product Pvt. Ltd.; SNP, Inc.; IRO Alginate Industry Co., Ltd.; and Dohler Group. Major participants in the market are focusing on research and development (R&D) activities to develop advanced products. Market players are making more efforts to develop advanced product grades to attract more customers. Most companies are employing sustainable manufacturing techniques to tackle issues like the effect of unsustainable seaweed harvesting.
The companies operating in the Chinese alginate market are supplying the product across the world to bridge the huge supply-demand gap in domestic production. Increasing investments from governments and private companies for the development of seaweed processing are likely to support the market growth.
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