Market Insights
Market Research Future has just released its newest report on the global alginates market which projects overall moderate growth over the forecast period from 2023 to 2030. Alginates, which are also known as alginic acid are polysaccharides which are present in brown algae. Used in pharmaceutical and biomedical applications, alginates are perhaps most commonly used in the food beverage sector due to its ability to bind with water to form a viscous gum which can then be used as a thickening agent or a gelling agent.
This makes alginates highly popular for use in jams, jellies, and other similar products. Other applications for alginic acid are in waterproofing of fabrics in the textile industry, in pharmaceutical OTC remedies for digestive problems and several others.
Alginates Market outlook is Projected to Reach USD 0.78 Billion by 2030, registering a CAGR of 5.10%
The increasing demand for sweetened jelly-like products has been a significant factor which influences market growth for the global alginates market. Due to its low cost and the ability of alginates to act as a thickener, and a stabilizer has significantly increased the demand for alginates. As a thickener, alginates are used in drinks and icecreams. Increasing demand in the beverage sector, as well as the high demand for frozen treats, are expected to increase market growth. Moreover, alginates have the ability to absorb water at a rapid rate, making it popular as an additive in slimming aids and other supplements which reduce water retention. Increasing use of alginates in cosmetics and personal care products as a thickening agent are expected to boost demand during the review period.
Considerable investments in RD are likely to reveal market opportunities during the projection period. The increased demand for alginates is expected to result in investments toward the procurement of technology to support increased production requirements of alginates.
Market Segmentation
The alginates market's segmentation into its key segments has been performed on the basis of source, function, and region. Sources of alginates include macrocystis, laminaria, ascophyllum, and others. Among these, the macrocystis segment has captured the largest share of the market due to the high production volume of alginates from this source as well as the wide number of applications that they have across a number of end-use industries. Notably, the laminaria segment is likely to grow at a rapid rate over the forecast period.
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Functions of alginates have been categorized into emulsifier, stabilizer, thickener, acidity regulator and others. The thickener segment has established itself as a market leader due to the high demand for natural thickeners in food and beverages, pharmaceutical, and personal care applications. The growth of the stabilizer segment is projected at a high rate due to the high demand from the cosmetics and personal care sector.
Regional Analysis
Division of the global alginates market insight based on notable regions includes Europe, Asia Pacific, North America, and the Rest of the World. North America has captured a lions share of the global market with the U.S being the leading country-level market. The region has the largest FB sector across the globe, and the high demand for alginates in this industry is expected to boost the regions market growth over the forecast period. Moreover, increasing use of alginates in personal care products is expected to facilitate growth for the market in the coming years.
Closely following the North American alginates market is the Europe alginates market which owes its market size and market position to the significant pharmaceutical and personal care cosmetics sector present in the region.
Asia Pacific has been observed to have a rapid growth rate and will grow to become a serious contender as a regional market due to the rapid development of the economy and a high presence of several emerging economies where there is significant growth in the FB, pharmaceutical and cosmetics sector. Increasing set up of industrialization for the widescale manufacturing of FB products will have a considerable impact on the growth of the regional and by extension, the global market.
Key Players
Dohler Group, FMC Corporation, Ingredients Solutions Inc., Kimica Corporation, IRO Alginate Industry Co., Ltd., Marine Biopolymers Limited, CP Kelco, SNAP Natural Alginate Products Pvt Ltd., Danisco A/S and Algaia are the market players that have been included in MRFR’s analysis of the competition in the global alginates market. The competition tracking includes the growth strategies used by the leading market players.
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