Market Size of Hydrocolloids Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 6.00 % |
| Fastest Growing Market | North America |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Hydrocolloids Market Analysis
The hydrocolloids market is projected to register a CAGR of over 6% during the forecast period (2021-2026).
Plants that process meat has become a hotspot for COVID-19 infections, bringing attention to the health and safety of traditional meat and resulting in decreased meat consumption. In 2020, the CDC (Centers for Disease Control and Prevention) received data on COVID-19 cases from 19 of the 23 states that had reported at least one case related to this industry. There were 115 meat or poultry processing facilities with COVID-19 cases, with 4,913 workers diagnosed, resulting in decreased demand and consumption of gelatin and other hydrocolloids in the meat industry. The sales of bakery products were above average, even though the bakery supply was insufficient, as many bakeries had to close due to labor shortages. The disruption in logistics facilities and scarcity of raw materials due to the lockdown caused additional issues in the market. Due to these factors, the hydrocolloids market was negatively impacted by COVID-19. However, with governments easing the lockdown regulations, the demand for bakery products is increasing.
- Over the medium term, the major factors driving the market are likely to be the growing demand for hydrocolloids in the food and beverage industry and increased R&D and innovations in hydrocolloids.
- On the flipside, unfavorable conditions arising from the COVID-19 outbreak and adherence to international quality and standards are the major restraints hindering the market's growth.
- The North American region dominated the market worldwide, with the largest consumption from countries, such as the United States and Canada.
