The global hydrocolloids market size is expected to experience substantial growth by reaching USD 13.30 billion by 2027 while exhibiting a CAGR of 5.13% between 2020 and 2027. This is attributable to the growing demand for convenience food products and the growing awareness regarding the benefits of clean-labeled additives such as hydrocolloids across the globe. Fortune Business Insights in its latest report, titled, “Hydrocolloids Market Size, Share & Industry Analysis, By Type (Xanthan Gum, Carrageenan, Guar Gum, Gelatin, and Others), Source (Microbial, Animal, Seaweed, and Others), Application (Food & Beverages, Pharmaceuticals, and Cosmetics & Personal Care), and Regional Forecast, 2020 – 2027.”, observes that the market stood at USD 9.07 billion in 2019.
Slow Market Growth at 3.31% CAGR Predicted amid COVID-19
Based on our analysis, the global market for hydrocolloids is expected to showcase slow-paced growth while exhibiting a CAGR of 3.31% in 2020. This is due to the imposition of lockdown announced by the government agencies that has led to the shutdown of several stores and other industrial activities globally. This has led to significant supply chain disruption and lower demand for raw materials impacting the market growth. However, the market is expected to recover steadily post-COVID-19 pandemic with growing awareness amongst people regarding natural and clean-labeled food products.
Hydrocolloids are polymers, mostly proteins, and polysaccharides, that have the property of forming gels or viscous dispersion when combined with water. Additionally, their ability to provide the right viscosity, structure, and texture to several food products enables their wider adoption in manufacturing several food products worldwide.
What does the Report Provide?
The market report provides a qualitative and quantitative analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies by them to announce partnerships, introduce new products, and collaborate to further contribute to the growth of the market. Moreover, the research analyst has adopted several research methodologies such as Porter’s Five Forces analysis to extract information about the current trends and industry developments that will drive the market growth between 2020 and 2027.
Browse Complete Report Summary @ https://www.fortunebusinessinsights.com/industry-reports/hydrocolloids-market-100552
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