Market Leaders: International Flavors & Fragrances Inc. and Cargill, Incorporated, are Focusing on Expansions, Mergers, and New Product Launch Strategies to Strengthen their Market Position in Hydrocolloids Market
The global hydrocolloids market is estimated to be valued at USD 11.2 billion in 2023. It is projected to reach USD 14.5 billion by 2028, recording a CAGR of 5.4% during the forecast period. Hydrocolloids belong to a group of biopolymers widely used in food technology. Hydrocolloids are widely used in many food formulations to improve quality attributes and shelf-life. It have been extensively used in different food products as thickeners (soups, gravies, salad dressings, sauces, and toppings), water retention agents, stabilizers, emulsifiers, and gel-forming agents (jam, jelly, marmalade, restructured foods, and low-sugar per calorie gels). Rise in demand for clean-label products due to rise in health and wellness trend and expansion of ready meal and convenience food industry to drive the growth for the market.
However, stringent regulations and international quality standards an inadequate supply of raw materials and price fluctuation are expected to restrain the market growth.
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Key players operating in this market include International Flavors & Fragrances Inc. (US), Ingredion (US), Cargill, Incorporated (US), Kerry Group plc (Ireland), Associated Archer Daniels Midland Company (US), Palsgaard A/S (Denmark), Darling Ingredients Inc. (US), DSM (Netherlands), Ashland (US), Tate & Lyle (UK), CP Kelco U.S., Inc. (US), Nexira (France), Deosen Biochemical (Ordos) Ltd. (China), Fufeng Group (China), and BASF SE (Germany).
International Flavors & Fragrances Inc. is a leading food ingredient manufacturing company. Its wide range of hydrocolloids finds application in different food segments, such as meat, poultry & seafood, bakery, culinary and pharmaceutical industries. The firm produces flavors, fragrances, and cosmetic actives, which it markets globally. The company operates through two major business segments: taste and scent. The company provides a wide range of unique all-natural hydrocolloids that helps in controlling viscosity and improving texture. In May 2022, International Flavors & Fragrances Inc. announced the US launch of SEAFLOUR, a nutrient-dense hydrocolloid sourced from non-GMO red seaweed. It is natural stabilizer catering for increasing demand for clean-label products.
Cargill, Incorporated is involved in the manufacture and marketing of food, agricultural, financial, and industrial products & services. Its key business segments include specialty food ingredients & applications and bulk ingredients. It offers food ingredients through the food & beverage ingredients business segment. The company offers a wide range of hydrocolloids, including alginates, biopolymers (xanthan gum and scleroglucan), carrageenan, galactomannans (LBG), and pectins, to numerous food industries as well as pharmaceutical and cosmetic industries. Cargill has subsidiaries across 65 countries. In September 2021, Cargill, Incorporated announced the opening of its new, cutting-edge pectin production facility, located in Bebedouro, Brazil. The plant, which represents a USD 150 million investments, significantly expands the company’s ability to meet growing global demand for the label-friendly texturizing ingredient.
Related Reports:
Hydrocolloids Market by Type (Gelatin, Pectin, Carrageenan, Xanthan gum, Agar, Gum Arabic, Alginates, Guar gum, MCC), Source (Botanical, Microbial, Animal, Seaweed, Synthetic), Function, Application and Region - Global Forecast to 2028
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