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Alginates Market Projected to Grow at a CAGR of 4.63% During 2022-2031

Research Nester has released a report titled Alginates Market: GlobalDemand Analysis & Opportunity Outlook 2031which also includes some of the prominent market analyzing parameters such as industry growth drivers, restraints, supply and demand risk, along with the impact of COVID-19 and a detailed discussion on the latest trends and future opportunities that are associated with the growth of the market.

In one of the statistics by the Food & Agriculture Organization (FAO), the production of fruits and vegetables around the globe touched 0.88 Billion Tonnes and 1.13 Billion Tonnes in the year 2019, up from 0.57 Billion Tonnes and 0.68 Billion Tonnes in the year 2000.

The statistics portray the growing demand for fruits and vegetables worldwide, backed by the increasing population around the globe. With the rising trade of these perishable goods, one of the major concern that lies amongst the producers is the transportation of these goods. Hence, to protect these perishable goods from microbes or viruses, there is a growing need for alginates which are used to coat these products. Such a factor is therefore anticipated to drive the growth of the market in the coming years.

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The global alginates market is anticipated to grow with a CAGR of 4.63% over the forecast period, i.e., 2022 – 2031. The market is estimated to garner a revenue of USD 1222.5 Million by the end of 2031. Additionally, in the year 2021, the market registered a revenue of USD 784.6 Million in the year 2021. The market is segmented by product into food, pharmaceutical, technical, and feed grade alginates. The pharmaceutical grade alginates segment, out of all the other segments, is anticipated to garner the largest revenue of USD 513.3 Million by the end of 2031. Moreover, the segment generated a revenue of USD 332.7 Million in the year 2021.

By region, the global alginates market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in North America, out of the market in all the other regions, is anticipated to garner the largest revenue of USD 479.6 Million by the end of 2031. Moreover, the market in the region generated a revenue of USD 303.0 Million in the year 2021.

The research is global in nature and covers detailed analysis on the market in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa). In addition, analysis comprising market size, Y-O-Y growth & opportunity analysis, market players’ competitive study, investment opportunities, demand for future outlook etc. has also been covered and displayed in the research report.

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However, the availability of low-cost substitutes, and the high cost associated in procuring raw materials are predicted to hinder the market growth in the coming years.

This report also provides the existing competitive scenario of some of the key players of the global alginates market, which includes company profiling of Algaia, International Flavors & Fragrances Inc., Haiyang Zhouji Seaweed Co., Ltd., IRO Alginate Industry Co., Ltd., ZIBO WANGFEI SEAWEED TECH CO., LTD., FMC Corporation, QINGDAO GFURI SEAWEED INDUSTRIAL CO., LTD., SNP, Inc., Ashland Global Holdings Inc., KIMICA Corporation, Shandong Jiejing Group Corp., Marine Biopolymers Ltd., JRS Pharma LP, and others.

The profiling enfolds key information of the companies which comprises of business overview, products and services, key financials and recent news and developments. Conclusively, the report titled “Alginates Market: GlobalDemand Analysis & Opportunity Outlook 2031”, analyses the overall global alginates industry to help new entrants to understand the details of the market. In addition to that, this report also guides existing players looking for expansion and major investors looking for investment in the global alginates market in the near future.

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