The global alginate market size is expected to reach USD 923.8 million by 2025, according to a new report by Grand View Research, Inc. The market is expected to exhibit significant growth on account of growing use of the product as a thickening and gelling agent.
Food & beverage industry growth in BRICS and the Middle East, due to increased domestic consumption, is anticipated to heighten the consumption of alginates. Increasing demand for convenience foods, on account of rising affinity of the consumers towards the consumption of exotic foods, is expected to further promote market growth over the forecasted period.
The product finds broad application in the pharmaceutical sector and acts as an emulsion stabilizer, thickening agent, disintegrant, and film-forming agent for tablets. Rising demand for alginate in the tablet coatings on account of superior performance characteristics is expected to fuel product demand over the forecast period.
Buyers in the industry lay high emphasis on product quality and exhibit low price sensitivity. Consumers in food industry opt for extensive product customization in order to attain gelling, thickening, or stabilizing characteristics, thereby resulting in increased product prices.in the economy. As a result, manufacturers are forced to alter their margins and selling price.
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Further key findings from the report suggest:
High M type products find extensive use in wound care applications owing to their superior performance and are likely to grow at a CAGR of 4.2% by revenue from 2016 to 2025
The demand for sodium alginate is expected to reach a consumption volume of 21,515.9 tons by 2025 driven by growing use of the product in issue engineering, drug formulations, and clinical wound treatment owing to superior physicochemical and biocompatible properties.
The consumption of the product by food & beverage industry is expected to grow at CAGR of 4.2% by volume from 2016 to 2025 due to growing adoption of naturally sourced ingredients by the food processing industry across the globe.
The industry in North America is accounted for 26.2% of the global demand in 2016 due to high consumption by the well-established food & beverage and pharmaceutical industries coupled by rising application scope in the aforementioned applications.
Companies in the industry exhibit a high affinity towards the production of advanced and customized products in order to cater to the needs of the consumers across the globe.
Grand View Research has segmented the alginate market on the basis of type, product, application, and region:
Type Outlook (Volume, Tons; Revenue, USD Million, 2014 - 2025)
Product Outlook (Volume, Tons; Revenue, USD Million, 2014 - 2025)
Application Outlook (Volume, Tons; Revenue, USD Million, 2014 - 2025)
Region Outlook (Volume, Tons; Revenue, USD Million, 2014 - 2025)
Central & South America
Middle East & Africa
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