CHICAGO, Jan. 31, 2024 /PRNewswire/ -- The alginates and derivatives market is estimated at USD 494 million in 2023 and is projected to reach USD 651 million by 2028, at a CAGR of 5.7% from 2023 to 2028 according to a report published by MarketsandMarkets. Alginates and their derivatives stand out for their exceptional functional properties, encompassing versatile applications in numerous industries. With remarkable abilities in gelling, thickening, and stabilizing, these substances have become indispensable ingredients in sectors ranging from food and pharmaceuticals to cosmetics. In the food industry, alginates play a key role in enhancing textures and stabilizing formulations, while in pharmaceuticals, they contribute to controlled-release formulations. Additionally, their versatility extends to cosmetics, where they act as natural thickeners, collectively driving demand across diverse industries.
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By type, sodium alginate accounted for the largest share in 2023 in terms of value in the alginates and derivatives market.
Sodium alginate stands out for its exceptional versatility and functional properties, making it a sought-after ingredient. Derived from brown seaweed, this natural polysaccharide possesses remarkable gelling, thickening, and stabilizing abilities. Beyond the culinary realm, sodium alginate finds applications in pharmaceuticals and textiles. In pharmaceuticals, it is utilized as a binder in tablet formulations and as a controlled-release agent. In the textile industry, sodium alginate serves as a thickening agent in printing pastes for textiles, facilitating color retention and ensuring uniform dye distribution. Its multifaceted applications, coupled with its natural origin and clean-label appeal, position sodium alginate as a pivotal ingredient in the formulation of modern, consumer-driven products.
By applications, the food & beverage segment is estimated to grow at a higher rate in the alginates and derivatives market.
In the food industry, sodium alginate plays a pivotal role in enhancing the texture and stability of numerous products. Its ability to form gels in the presence of calcium ions makes it a preferred choice for culinary applications. Chefs and food manufacturers alike leverage sodium alginate to create unique textures, encapsulate flavors, and improve the overall quality of various dishes. As the global shift towards plant-based diets and clean-label preferences intensifies, sodium alginate aligns seamlessly with these trends. Its natural origin from seaweed and its functional properties position it as an ideal solution for plant-based food alternatives. Moreover, sodium alginate supports clean-label initiatives by offering a recognizable, natural ingredient for food and beverage formulations.
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The Europe region accounted for the largest share in 2022 in terms of value.
Europe's overall economic stability plays a significant role in determining the trajectory of the alginates and derivatives market. As the region experiences economic fluctuations, consumer spending patterns may be affected, influencing the demand for products incorporating alginates. The interplay between disposable income and consumer preferences holds the potential to sway the market dynamics. Europe's growing emphasis on health and wellness transcends individual consumer choices to impact market dynamics. The preference for natural and clean-label products aligns seamlessly with the properties of alginates. The market, therefore, responds to the evolving health-conscious mindset prevalent in the region, driving manufacturers to incorporate alginates in a diverse range of products.
Key Market Players
Key players operating in the alginates and derivatives market include Cargill Inc. (US), KIMICA Corporation (Japan), FMC Corporation (US), E.I. DuPont de Nemours and Company (US), and The Dow Chemical Company (UK). Other players include Brenntag AG (Germany), Döhler Group (Germany), Penford Corporation (US), Ashland Inc. (US), and Dastech International (US). These players in this market are focusing on increasing their presence through expansion and collaboration. These companies have a strong presence in North America, Asia Pacific, and Europe.
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