The global alginates market is estimated to garner a revenue of USD 1222.5 Million by the end of 2031 by growing at a CAGR of 4.63% over the forecast period, i.e., 2022 – 2031. Moreover, in the year 2021, the market registered a revenue of USD 784.6 Million. The growth of the market can be attributed to the rising production and exports of different types of fruits & vegetables worldwide, and therefore the need for protection of these products from microbes or viruses during the process of transportation of these goods from the producer’s end to the consumer’s end. According to the statistics by the Food & Agriculture Organization (FAO), the production of fruits and vegetables around the globe 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. Alginates are used to coat fruits & vegetables and are also used as a gelling, stabilizing, emulsifying agent, and thickening agent in food factories. In the beverage industry, alginates are used for enhancing the texture of the drink. On the other hand, in the textile industry, these chemical compounds are used for printing, designing, and dyeing on cotton and jute fabrics. In addition to this, these compounds are used to resemble traditional meat cuts, such as roasts, nuggets, steaks, and loaves in the meat industry.
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The growth of the market can also be attributed to the rising consumption of plant-based products, backed by the rising awareness amongst individuals for transition vegetarian diet. Additionally, increasing advancements in the healthcare industry and the surge in use of alginates in the pharmaceutical industry are also projected to add to the market growth.
Regionally, the global alginates market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in North America is anticipated to garner the largest revenue of USD 479.6 Million by the end of 2031, up from a revenue of USD 303.0 Million in the year 2021. One of the major factors anticipated to drive the growth of the market during the forecast period is the presence of highly developed pharmaceutical and food & beverages industries. Besides this, the growing healthcare spending in the region, along with the increasing awareness amongst individuals for high quality fruits and vegetables that are microbe and virus free are some of the additional factors projected to boost the market growth. According to the statistics by the World Bank, the current health expenditure as a share of GDP in North America, increased from 14.727% in the year 2008 to 16.322% in the year 2019.
On the other hand, the market in Europe is projected to garner the second-largest revenue of USD 325.1 Million by the end of 2031, up from a revenue of USD 215.5 Million in the year 2021. The market in the region is further segmented by country into Germany, United Kingdom, Italy, France, Spain, Russia, Netherlands, and the Rest of Europe. The market in Germany is projected to attain the second-largest revenue of USD 77.6 Million by the end of 2031, up from a revenue of USD 42.8 Million in the year 2021.
The study further incorporates Y-O-Y Growth, market opportunities, demand & supply and forecast future opportunity in North America (United States, Canada, Mexico), South America, Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX [Belgium, Netherlands, Luxembourg], NORDIC [Norway, Denmark, Sweden, Finland], Poland, Russia, Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, 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).
The global alginates market is segmented by product into food, pharmaceutical, technical, and feed grade alginates. Out of these, the pharmaceutical grade alginates segment is anticipated to garner the largest revenue of USD 513.3 Million by the end of 2031, up from a revenue of USD 332.7 Million in the year 2021. The market is further segmented by application into food additives, pharmaceutical & medical devices, paper & pulp, personal care & cosmetics, textile, animal feeds, and others. Out of these, the pharmaceutical & medical devices segment is projected to display the largest revenue of USD 482.3 Million by the end of 2031, up from a revenue of USD 297.9 Million in the year 2021.
Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the global alginates market that are included in our report are 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.
FREQUENTLY ASKED QUESTIONS
The increasing demand for alginates in the end-use industries, along with the growing consumption of plant-based products are some of the major factors anticipated to drive the market growth.
The market is anticipated to attain a CAGR of 4.63% over the forecast period, i.e., 2022 – 2031.
The availability of low-cost substitutes, and the high cost associated in procuring raw materials are estimated to hamper the market growth.
The market in North America is anticipated to garner the largest revenue of USD 479.6 Million by the end of 2031 and provide more business opportunities in the future.
The major players in the market are Algaia, International Flavors & Fragrances Inc., Haiyang Zhouji Seaweed Co., Ltd., IRO Alginate Industry Co., Ltd., ZIBO WANGFEI SEAWEED TECH CO., LTD., FMC Corporation, and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by product, application, and by region.
The pharmaceutical grade alginates segment is anticipated to garner the largest revenue of USD 513.3 Million by the end of 2031 and display significant growth opportunities.
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