05 November 2020
Visiongain has published a new report on Alginate Market Report: Forecasts by Type (Sodium Alginate, Calcium Alginate, Potassium Alginate and Others), by Application (Food & Beverages, Pharmaceuticals and Industrial), PLUS Profiles of Leading Alginate Manufacturing Companies and Regional and Leading National Market Analysis, PLUS COVID-19 Recovery Scenarios.
The Global alginate market was valued at US$ xx billion in 2020 and is projected to reach a market value of US$ xx billion by 2031. Growth in the food & beverage sector is a major factor that is resulting to the rise in the demand for alginate market. Further increasing usage of calcium and sodium alginate fibers for wound care is also a major factor resulting to the increase in the demand for alginate.
COVID-19 Impact on Alginate Market
COVID-19 negatively impacted the overall alginate market owing to the disruptions in the supply chain resulting to the lockdowns and stringent regulation on the movement of people across the globe. Regulation in the logistic patterns in order to curb the disease also impacted the overall production and supply of alginate thereby hindering the overall all market growth.
Growth in the Food & Beverage Industry
Growth in the food & beverage industry is a major factor resulting to the rise in demand for alginate.
For instance, food & beverage industry is one of the high growth industries that is experiencing 5% annual growth across the globe. High consumer demands for food & beverage products leads to mass production. Several technological trends such as robotics, washing and cleaning systems among others also resulted in the growth in the food & beverage industry.
Growth in the Pharmaceutical Industry
Further, growth in the pharmaceutical industry is also a major factor resulting to the rise in demand for alginate. For instance, nominal spending on medicines in the U.S is US$ 511.4 Bn in 2019. Further branded drugs share of total U.S pharmaceutical revenue is 80% in 2019. Therefore this is boosting the market growth of alginate.
Increasing Product Application in the bakery and confectionery products
Increasing product application in the confectionary and bakery products is triggering the market growth of alginate. Consumers in recent years are more inclined towards bakery and confectionery products due to the availability of several variety of items in the market. Further 15% of average annual growth in the confectionery products launches with a discovery claim.
Some of the major companies operating in the global alginate market are Algaia, Marine Biopolymers Limited, DuPont de Nemours, Inc., Ingredients Solutions, Inc., KIMICA., IRO Alginate Industry Co., Ltd., Ceamsa, Algae, SNAP Natural & Alginate Product Pvt. Ltd., Shandong Jiejing Group Corporation among others. The market is characterized by presence of significant number of customer base across the globe companies operating in the business. Some of the companies operating in the market are involved in new product launch and development to grab more number of customer attention. For instance, in 2017 Algaia introduced Next-Gen Alginate for the Dairy and Non Dairy products to have a creamy texture. Earlier in 2016, Algaia acquired Cargill’s alginate business in order to have more customer base.
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