Research Nester published a report titled “Alginates Market: Global Demand Analysis & Opportunity Outlook 2031” which delivers detailed overview of the global alginates market in terms of market segmentation by product, application, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The global alginates market is anticipated to grow with a CAGR of 4.63% over the forecast period, i.e., 2022 – 2031. The market is segmented by product into food, pharmaceutical, technical, and feed grade alginates, out of which, the pharmaceutical grade alginates segment is anticipated to garner the largest revenue of USD 513.3 Million by the end of 2031. Additionally, in the year 2021, the segment registered a revenue of USD 332.7 Million.
The global alginates market is estimated to garner a revenue of USD 1222.5 Million by the end of 2031, up from a revenue of USD 784.6 Million in the year 2021. Surge in awareness amongst individuals for the benefits associated with having a vegetarian diet, followed by the increasing trends of veganism, and the growing consumption of plant-based products are some of the major factors anticipated to contribute to the growth of the market in the coming years.
Geographically, the global alginates market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Out of these, the market in North America is anticipated to garner the largest revenue of USD 479.6 Million by the end of 2031. Additionally, in the year 2021, the market in the region generated a revenue of USD 303.0 Million.
The research is global in nature and covers detailed analysis on the market in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa). In addition, analysis comprising market size, Y-O-Y growth & opportunity analysis, market players’ competitive study, investment opportunities, demand for future outlook etc. has also been covered and displayed in the research report.
Increasing Production of Fruits & Vegetables to Drive the Market Growth
The production of fruits and vegetables around the globe, according to the statistics by the Food & Agriculture Organization (FAO), increased from 0.57 Billion Tonnes and 0.68 Billion Tonnes in the year 2000 to 0.88 Billion Tonnes and 1.13 Billion Tonnes in the year 2019.
The demand for different types of fruits & vegetables around the globe are increasing significantly, backed by the surge in population globally. Owing to the growing trade on these perishable goods and the rising need to lower the losses caused during transportation of perishable goods, there is a rising need amongst the producers to protect these goods from microbes or viruses. Such a factor is therefore anticipated to drive the growth of the market during the forecast period.
However, the availability of low-cost substitutes, and the high cost associated in procuring raw materials are expected to operate as key restraint to the growth of global alginates market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global alginates market which includes company profiling of Algaia, International Flavors & Fragrances Inc., Haiyang Zhouji Seaweed Co., Ltd., IRO Alginate Industry Co., Ltd., ZIBO WANGFEI SEAWEED TECH CO., LTD., FMC Corporation, QINGDAO GFURI SEAWEED INDUSTRIAL CO., LTD., SNP, Inc., Ashland Global Holdings Inc., KIMICA Corporation, Shandong Jiejing Group Corp., Marine Biopolymers Ltd., JRS Pharma LP, and others. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global alginates market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.