Market Size of Food Hydrocolloids Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 6.50 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Food Hydrocolloids Market Analysis
The global food hydrocolloids market is estimated to register a CAGR of 6.5% during the forecast period, (2021-2026).
The market was affected marginally by COVID-19. Considering the pandemic scenario, it negatively impacted the demand for various hydrocolloids from the respective food and drink sector, which witnessed the downfall. Moreover, the pandemic had caused a drop in the overall demand for on-the-go foods and beverages, for the short term. For instance, in the Europe Union (EU-27), according to FoodDrinkEurope, in Q2 2020, the region's food and drink industry production decreased by 9.6% compared to the previous quarter and decreased by 9.1% Y-o-Y compared to Q2 2019.
However, increasing consumer preference for online purchasing for various foods and beverages containing hydrocolloids, during the pandemic, is likely to enhance the demand for market studied.
Increasing demand for processed and convenience food products is likely to act as opportunities for the studied market during the forecast period. Moroever, over the short term, growing demand in the food and beverage industry and increased R&D and innovations in hydrocolloids are expected to drive the market's growth.
On the flipside, adherence to international quality standards and regulations and unfavorable conditions arising due to the COVID-19 pandemic are likely to hinder the growth of hydrocolloids market.
