The gum hydrocolloid market valuation is USD 11,983 million in 2023. The valuation in 2022 was USD 11,342 million. The market is projected to progress at a normal rate over the period from 2023 to 2033, with a CAGR of 5.2%. By 2033, the gum hydrocolloid market is predicted to be worth USD 19,873 million.
Gum Hydrocolloid Market Analysis
| Attributes | Details |
|---|---|
| Gum Hydrocolloid Market Value for 2023 | USD 11,983 million |
| Projected Market Value for 2033 | USD 19,873 million |
| Value-based CAGR of Market for 2023 to 2033 | 5.2% |
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The gum hydrocolloid market is tipped to have been valued at USD 9,225.21 million in 2018. The market is likely to have progressed at a solid CAGR of 5.3% over the historical period.
The adoption of gum hydrocolloids in foods continued at a good pace over the historical period. As trends swayed people towards natural ingredients in food products, the market benefitted. The use of gum hydrocolloids in other sectors, like pharmaceutical and cosmetic products, also helped the market in the historical period. By the end of the historical period in 2022, the market had reached a valuation of USD 11,342 million.
| Market Valuation (2018) | USD 9,225.21 million |
|---|---|
| Historical CAGR (2018 to 2022) | 5.3% |
| Historical Market Valuation (2022) | USD 11,342 million |
For 2023, the value of the gum hydrocolloid market is estimated at USD 11,983 million. For the forecast period up until 2023, the CAGR of the market is estimated to be a credible 5.2%.
The natural trends prevalent in the historical period are set to grow in the forecast period. Thus, the demand for gum hydrocolloids is slated to continue unabated. The benefits of gum hydrocolloids are becoming apparent to a large number of consumers, and thus, there is growing awareness of the product. The use of gum hydrocolloids in sectors other than food is also tipped to continue favorably.
However, the pressure on manufacturers to comply with stringent regulations is set to act as a stumbling block. Regulations are strict in the approval of gelling agents; thus, gum hydrocolloid producers may face difficulties introducing products into the market. By 2033, the gum hydrocolloid market is projected to be worth USD 19,873 million.
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Xanthan gum is the leader in the product type segment. In 2023, xanthan gum accounts for 17.9% of the market by product.
Xanthan gum is used in a variety of products in a variety of industries. From oral medicine to processed meat, the use of xanthan gum has become essential for many products. Thus, xanthan gum has become the most popular of the gum hydrocolloids.
| Attributes | Details |
|---|---|
| Top Product Type | Xanthan Gum |
| Market Share in 2023 | 17.9% |
Plant-based gum hydrocolloids lead the market by source. In 2023, plant-based gum hydrocolloids hold 29.8% of the market.
Plant-based diets are increasing in popularity. Growing distaste toward animal cruelty and rising health-conscious consumers are fueling the plant-based revolution. In gum hydrocolloids, plant-sourced products are the most common ones.
| Attributes | Details |
|---|---|
| Top Source | Plant |
| Market Share in 2023 | 29.8% |
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| Countries | CAGR (2023 to 2033) |
|---|---|
| United States | 5.4% |
| Japan | 13.0% |
| Germany | 14.0% |
| Australia | 12.2% |
| China | 2.8% |
Germany is one of the fastest-rising regions for the gum hydrocolloid market. The CAGR of the German market is estimated to be an astounding 14% from 2023 to 2033.
Gelatin is becoming increasingly common in German food. The German population is in constant demand for baked products, confectioneries, and other foods that use gum hydrocolloids. Thus, the increasing adoption of gelatin and other gum hydrocolloids is driving the market in Germany.
The gum hydrocolloid market is on the up in Asia. Japan is a prime example where the market is predicted to flourish. For the forecast period, the market CAGR in Japan is projected to be an astonishing 13.0%.
Japanese consumers have earned a reputation for having a sweet tooth. Nearly half of the Japanese population prefers a sugar or chocolate-filled snack at least once daily. The players are taking notice of the Japanese people’s propensity to consume confectionary products a great deal and are set to take advantage by expanding business in the country.
Australia is penciled in to be a lucrative region for the market in the forecast period. The CAGR during the period from 2023 to 2033 for the market in Japan is predicted at an impressive 12.2%.
Pectin is finding acceptance in Australia in both the food & beverage and pharmaceutical sectors. Guar gum is another gum hydrocolloid with a promising future in Australia. The Australian market is expected to thrive due to the prominence of other gum hydrocolloids like xanthan gum and carrageenan.
The gum hydrocolloid market is highly fragmented. With several major players, the barrier to entry is low, and thus, there is an abundance of players. The market players are eager to improve product quality to stay ahead of competitors.
Market companies are investing in research and development to better the effectiveness of the product. The scope of the market may be determined, however, by the rate at which regulatory bodies approve products.
Recent Developments in the Gum Hydrocolloid Market
The size of the gum hydrocolloid market is estimated to be USD 11,983 million in 2023.
Gelatin, Xanthan gum, and Carrageenan are some of the gum hydrocolloids in the food industry.
The gum hydrocolloid market size by 2033 is predicted to be USD 19,873 million.
The gum hydrocolloid market is predicted to progress at a CAGR of 5.2% from 2023 to 2033.
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