The global alginate market size is expected to reach USD 297.19 billion by 2030, according to a new study by Polaris Market Research. The report “Alginate Market Share, Size, Trends, Industry Analysis Report, By Type (High M, High G); By Function (Stabilizers, Thickeners, Gelling Agents, Emulsifiers); By Product; By Application; By Region; Segment Forecast, 2022 – 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.
Rising regulatory approvals for the use of alginate-based drugs and the rising prevalence of chronic diseases are boosting the growth of the industry during the forecast period. Leading regulatory bodies including the FDA and the European Commission, have approved the use of the gelling agent, which is expected to boost product demand.
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For instance, in December 2021, Klara Pharma AB announced that it had received permission to conduct a clinical Phase 1 investigation with Naloxone Alginate Film, a novel therapy for opioid overdose, from the regulatory authorities in the UK.
Naloxone Alginate Film has the potential to be much better than all Naloxone nasal sprays now in use due to a more patient-friendly composition that is being specially designed to address the needs of patients and caregivers. Additionally, strong product acceptance in industrial applications is expected to drive growth.
With the rising prevalence of chronic diseases linked to poor lifestyles and eating habits, people are becoming more willing to eat a healthy and natural diet. The growing preference among consumers for edible products made with natural and healthy materials has raised alginate consumption around the world. Furthermore, its wide use across a wide range of end uses is driving vendors to expand their global presence, boosting the market’s growth.
Concerns about environmental degradation have arisen as the output of seaweeds from aquaculture has grown. Seaweed harvesting is risen as a result of the growing need for seaweed by makers of tannins and agar-agar, leading to an ecological imbalance. Concerns about the negative impact of unsustainable farming are also expected to limit seaweed growth, putting pressure on the industry in the coming years.
Alginate Market Report Highlights
- Propylene glycol is expected to witness a significant market share and it is expected to maintain its dominance over the forecast period. Rising FDA approvals for these products are driving segmental growth.
- High M segments are growing with a significant CAGR rate during the forecast period due to their conversation into gel rapidly as compared to high G products.
- The food application sector is expected to hold a lucrative market share over the forecast period due to the combination of increased disposable income and high food consumption, as well as a growth in the worldwide population, which has increased the global population.
- North America is expected to grow at a significant CAGR rate over the projected period on account of the increasing consumer awareness. The significant consumer preference for products containing naturally sourced materials drives the global alginates market in the region.
- The global market is highly competitive owing to the existence of large market players with a global presence including Algaia Inc., Ashland Inc., CP Kelco Corporation, and, Danisco A/S Company
Polaris Market Research has segmented the alginate market report based on type, product, application, function, and region:
Alginate, Type Outlook (Revenue – USD Billion, 2018 – 2030)
- High M
- High G
Alginate, Product Outlook (Revenue – USD Billion, 2018 – 2030)
- Propylene Glycol
Alginate, Application Outlook (Revenue – USD Billion, 2018 – 2030)
- Food and Beverages
- Meat Products
- Dairy Products
- Sauces & Dressings
Alginate, Function Outlook (Revenue – USD Billion, 2018 – 2030)
- Gelling Agents
Alginate, Regional Outlook (Revenue – USD Billion, 2018 – 2030)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa