Rising demand of gum hydrocolloid is witnessing high demand across the food industry based on its functionality. Hydrocolloid is used as an additive to improve the texture and modify the viscosity of food systems. Increase in consumer preference for natural ingredients in food and beverages is adding fuel to the growth of hydrocolloid market. The consumption of hydrocolloid is high in bakery manufacturers and is projected to increase at a higher rate in pharmaceutical and cosmetics industry. Furthermore, dairy industry and confectionary industry are increasing the usage of hydrocolloid as an additive.
The global gum hydrocolloid market share is expected to grow at a higher growth rate supported by the changing lifestyle and changing food consumption pattern of consumers. Rising R&D investments in hydrocolloid ingredients is driving the market of gum hydrocolloids. However, the volatile raw material prices leading to high production cost may hamper the growth of the market.
All these factors will contribute to the estimated CAGR of 4.7% of gum hydrocolloid market during the forecast period 2017-2023.
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Based on the type of gum hydrocolloid, xanthan gum is dominating the market owning to potential application as a thickening agent and stabilizing agent. Further focusing on its application, it has observed highest growth in bakery industry improving the texture of dough and overall improvisation in its quality and witnessing growth in pharmaceutical and cosmetics industry based on consumption pattern globally.
Additionally on the basis of functionality, it is dominating the market as a stabilizing agent depending on the acceptance of higher shelf life food processed systems.
Major Key Players in the Gum Hydrocolloid Market are:
- Cargill, Inc. (the U.S)
- Darling Ingredients Inc. (the U.S.)
- Kerry Group PLC (Ireland)
- CP Kelco (the U.S.)
- Ingredion Incorporated (the U.S.)
- Rico Carrageenan. (Philippines)
- Ashland Inc. (the U.S.)
Gum hydrocolloid manufacturers across various regions are focusing on R & D to penetrate the global market and to meet the growing demand for the product in various industries based to its functionality. Rising demand in natural food products and changing lifestyle among the consumers propels the growth of hydrocolloid market. In North America, U.S. dominates the market of gum hydrocolloid based on the consumption pattern of the population and exports the product to different countries.
The global hydrocolloid market is segmented into North America, Europe, Asia Pacific, and rest of the world (RoW). North America holds a major share followed by Europe. The rising nutritional trend and increasing consumption of processed food in the U.S. and U.K. will continue to drive the growth of hydrocolloid. In Asia Pacific, the changing lifestyle and shifting food consumption pattern followed by an increase in disposable income anticipates development and growth of hydrocolloid market in its developing countries.
Gum hydrocolloid market is segmented on the basis of type, application, function and region.
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