COVID-19 Vaccine Impact on Hydrocolloids Market Is Forecast To Reach $13.61 Billion By 2025
Hydrocolloids Market Growth & Trends
The global hydrocolloids market size is expected to reach USD 13.61 billion by 2025, as per a new report by Grand View Research Inc. It is anticipated to expand at a CAGR of 6.5% during the forecast period. Hydrocolloids find application in radiology as a suspending agent, suppositories, slow release capsules, emulsions, surgical lubricants, and as a carrier of topical medicaments, which is expected to drive the market growth.
Rapid urbanization coupled with improved consumer lifestyle with more emphasis on healthy, diet-friendly, nutritious, and natural products is fueling the demand for convenience and packaged foods, which, in turn, is likely to propel the product consumption. Additionally, growing consumer awareness regarding the benefits of nutritional food is further propelling the demand for hydrocolloids in developing countries, such as China and India.
Europe and North America are projected to play a substantial role even after losing their market share to Asia Pacific and Latin America. Asia Pacific and Latin America are expected to accomplish the highest gains in near future. A large number of health-conscious individuals are embracing a healthier lifestyle with the foremost importance on the healthy food choices offered by various food and beverage companies.
The key players in the hydrocolloids market are inclined towards new product launches, which is expected to augment the growth. In August 2018, Cargill announced its plans to invest USD 150 million in Brazil production facility to keep up with the increasing demand for pectin.
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Hydrocolloids Market Report
Hydrocolloids Market Report Highlights
- Growing demand for processed food due to the convenience is expected to positively impact hydrocolloid market in the forthcoming years
- Processed foods market has seen healthy growth in recent past and is projected to witness high growth in near future
- The ability of hydrocolloids to reduce the fat content by dispersing water and acting as a fat replacer in food products is expected to propel their demand as consumers are increasingly preferring low-fat and low-calorie food products
- The shortage of resources and vulnerability to seasonal changes cause volatility in the raw material pricing is propelling manufacturing costs and limiting the market growth
- Rise in population coupled with rising disposable income, translates into an enhanced standard of living, particularly in the developing regions. This is anticipated to result in a steady growth in demand for specialty and processed food products