Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.
Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.
We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.
In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months. Request Insights
Introduction to Pectin Market Overview
Pectin is a heterogeneous structure of polysaccharides in the fruits and vegetables. The pectin is produced from the waste of apple and citrus peel. The pectin is used as a thickener, stabilizer and an emulsifier. Pectin is also used as gelling agent in food products such as jam and jellies. It is also used in sweets, dairy products, bakery items and others.
It is a natural source of protein for human diet and also provide various nutrients and proteins. Pectin is used as dietary fiber and has various health benefits associated with it. Additionally, pectin is widely used in pharmaceuticals and cosmetics industry.
Market Size and Forecast
The global pectin market is observing vibrant growth on account of increasing demand from confectionary and dairy products, thereby driving the demand for pectin. Additionally, rising food industry coupled with the increasing research and development in the industry is projected to drive pectin market across the globe.
The market segmented into function type and application. The pectin market is highly driven by the thickener segment on the account of high application of pectin in food and beverage industries during the forecast period. The application segment is anticipated to be dominated by the dairy products on the back of high usage of pectin in various food items such as yogurt, desserts, smoothies and others during the forecast period.
As per Organisation for Economic Co-operation and Development, the global consumption of dairy products increased from 411,173 tonnes in 2015 to tonnes in 2016, 414,687 tonnes in 2017, 426,228 tonnes in 2018 and 435,805 tonnes in 2019. The rise in dairy product consumption is expected to drive
the demand for pectin market by the application in numerous dairy products. Pectin market is anticipated to record a CAGR of 8.1% over the forecast period.CLICK TO DOWNLOAD SAMPLE
Growth Drivers
Rising Demand for Dairy Products
Rising consumption of dairy product coupled with rising disposable income is expected to boost the pectin market in the developing regions. Additionally, increasing derivatives of dairy products coupled with the rising trend for consuming healthy food is driving the pectin market during the forecast period. Moreover, the rising health awareness has shifted the focus towards consuming dairy products on regular basis. This is expected to drive the pectin market during the forecast period.
High Application in Cosmetics
The rising application of emulsifying agent in the cosmetics industry is expected to drive the pectin market during the forecast period. Additionally, it is used as a stabilizer in the cosmetics which is anticipated to propel the demand for pectin during the forecast period. The high demand for cosmetics among the working women population is driving the market growth of pectin in the forthcoming years.
Restraints
Lack of Raw Material
The shortage of availability of raw materials owing to the lack of favorable climatic conditions for citrus fruits in different geographic locations is expected to increase the price of pectin .This is expected to hamper the growth of pectin market during the forecast period.
Market Segmentation
Our-in depth analysis of the global pectin market includes the following segments:
By Function Type
By Application
By Region
On the basis of regional analysis, global Pectin market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
Europe is anticipated to be the dominating region during the forecast period on the account of increasing food and beverage consumption coupled with the rising adoption of healthy food habits in the region. Additionally, the high application of pectin in various industries is expected to fuel the market growth of the pectin during the forecast period.
Europe is followed by North America on the account of rising healthy food habits and high consumption of dietary fibers in the region. Additionally, Asia Pacific is expected to witness high growth owing to the high consumption of food and beverages coupled with increasing production of dairy products in the region.
Global pectin market is further classified on the basis of region as follows:
Key Players
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