The gum hydrocolloid market is projected to be US$ 11,983 million in 2023. The value in 2022 was US$ 11,342 million. The forecast of the market is average as the CAGR during the period from 2023 to 2033 is 5.2%. By the end of the forecast period in 2033, the market’s valuation is tipped to have reached US$ 19,873 million.
Growing health trends are seeing a large customer base form for natural-based products. Gum hydrocolloid is emerging as a popular plant-based ingredient. The product is used in several foods, such as bakery, dairy, confectionery, and processed meats. Thus, there is a strong demand for gum hydrocolloid.
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However, the application of gum hydrocolloid is not limited to the food & beverages industry. Gum hydrocolloids are also being used in cosmetic products. Chemical cosmetic products are being rejected in favor of naturally-sourced products. Gum hydrocolloids are predicted to play a big part in cosmetic product manufacture. Similarly, gum hydrocolloids also find application in the pharmaceutical sector.
There are hindrances to the growth of the market, however. Gelling agents are regulated strictly by authorities and the pace of products getting approval is sometimes slow. Difficulties with the supply of raw materials, which can be seasonal, are a further challenge for the market.
“Through investment in Research & Development, manufacturers are improving the quality of the product. Gum hydrocolloids are already renowned for being high in fiber and low in calories but companies are looking to further increase benefits. Thus, the adoption of gum hydrocolloid as a fat substitute is gaining momentum. Companies can tap into the ever-increasing health benefits of gum hydrocolloid as an opportunity to further appeal to consumers,” says an analyst at FMI.
Key Takeaways from the Gum Hydrocolloid Market
- The gum hydrocolloid market is anticipated to have reached a valuation of US$ 11,983 million in 2023.
- Xanthan Gum is the most popular of the product types of gum hydrocolloids. In 2023, xanthan gum is projected to contribute to 17.90% of the market share.
- In terms of source, the plant is the leader. Plant as a source is expected to account for 29.80% of the market share.
- Germany has enormous potential for the market. The CAGR for Germany over the forecast period of 2023 to 2033 is an outstanding 14.0%.
- Japan is a lucrative region in the market. The Japanese market is expected to progress at an extraordinary CAGR of 13.0% over the forecast period.
- The market is expected to gain speed rapidly in Australia. The CAGR for Australia during the 2023 to 2033 period is tipped to be a remarkable 12.2%.
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Competition Analysis of the Gum Hydrocolloid Market
The fragmented nature of the market means that while established players thrive, smaller players have scope too. The fragmented nature also ensures the market is highly competitive. Some of the prominent companies in the market are Cargill Inc., Kerry Group PLC, Archer Daniels Midland Company (ADM), and E. I. Du Pont De Nemours & Company.
Recent Developments in the Gum Hydrocolloid Market
- In January 2023, French players Alland & Robert introduced the Syndeo Gelling product in the market. Syndeo Gelling contains a mix of gum acacia and plant-based hydrocolloids.
- In October 2021, Ingredient Solutions, Inc. was acquired by Tilley Co. Using the acquirement, Tilley Co. stepped into the gum hydrocolloid market.
- In September 2021, reputed player Cargill Inc. opened a plant in Brazil. The plant is focused on producing the hydrocolloid pectin.
Key Companies in the Gum Hydrocolloid Market
- Cargill Inc.
- Kerry Group PLC
- Archer Daniels Midland Company (ADM)
- E. I. Du Pont De Nemours & Company
- Royal DSM
- Danisco A/S
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Key Segments
By Product Type:
- Gelatin
- Xanthan gum
- Carrageenan
- Alginates
- Agar
- Pectin
- Guar gum
- Locust bean gum (LBG)
- Gum Arabic
- Carboxymethyl cellulose (CMC)
- Microcrystalline cellulose (MCC)
By Source:
- Plant
- Microbial
- Animal
- Seaweed
- Synthetic
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East and Africa (MEA)
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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