Global Pectin Market - Growth, Trends, Industry Analysis, Forecasts (2018 - 2023)
The global pectin market accounted to USD 958 million in 2015 and is expected to register a CAGR of 7.3% during the forecast period (2018-2023). Increasing health concerns and the growing demand for natural and organic ingredients are expected to provide the anticipated boost to the global pectin market during the forecast period.
Availability of substitutes threatens the market growth
Xanthan gum, gelatin, carrageenan, alginates, agar, guar, locust bean gum, gum arabic and CMC are the widely available hydrocolloids for end-use industries, such as food, oil & gas, chemical, and personal care. The wide availability of these products and low costs incurred in developing them are lagging the market for pectin. Due to the high demand from various industries, the shortage of these products is creating an opportunity for the pectin market.
Spreads and Baked Goods Occupy a Major Share Among the End-Users
Pectin is primarily used for its gelling, stabilizing and thickening properties. Pectin from Citrus-Junos was incorporated into cake formulations to evaluate the baking performance as a fat replacer. The connecting properties of jams, jellies, and organic product spreads are, to a great extent, related to pectin, which is a smooth gel with a lustrous surface, low syneresis, and great spreadability. In order to reach the required sensory and technological properties in the production of different types of fruit preparations for bakery products the importance of using pectin increases. In addition, pectin is utilized as part of most heating stable organic product arrangements and fillings, since it provides high dissolving temperature and furthermore guarantees the strength of shape while preparing
High Consumption of Processed Food Leads Europe to Stay Ahead in the Race
The supply of citrus based pectin is currently declining in 2016 as there is a shortage of the key raw material, which is citrus peel for the production of pectin in North America alone. Europeans consume baked goods, smoothies and salads in their daily meals. High consumption of these products has placed Europe on top of the market, as the processed foods are paired with toppings, dressings, spreads, etc., which contain high pectin levels. Also, Europeans like their drink to be fresh and thick which is gaining popularity for pectin in the region. However, with the growing demand for processed foods, manufacturers of pectin are expected to expand their production to sustain their market position. Major PLAYERS: DUPONT NUTRITION & HEALTH, FMC CORPORATION, CP KELCO, CARGILL, INCORPORATED, HERBSTREITH & FOX, DEVSON IMPEX PRIVATE LIMITED, YANTAI ANDRE PECTIN CO. LTD., B&V SRL, NATUREX, ADM CORN PROCESSING, ROYAL DSM, TATE & LYLE, PALSGAARD A/S, KERRY GROUP, and TIC GUMS INCORPORATION, amongst others.
The global pectin market is highly concentrated with major global players and is expected to remain the same during the forecast period, as the companies are expanding their production units, geographical presence, and product innovations. New local vendors are entering the market, with a price and unique strategy to gain attention in the particular region. Cargill is one of those key player in the pectin supply to the food industry which is used in diverse applications such as yogurt, confectionery and acid milk drinks.
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