Alginate Market Size By Type (High M, High G), By Product (Sodium, Calcium, Potassium, Propylene Glycol), By Application (Food & Beverage [Baking, Confectionery, Dairy Products, Meat Products], Medical & Pharmaceutical, Cosmetic, textile, Pulp & Paper), Industry Analysis Report, Regional Outlook, Application Potential, Covid-19 Impact Analysis, Price Trends, Competitive Market Share & Forecast, 2021 - 2027
The alginate market is anticipated to grow significantly by 2027 owing to mounting demand across various industry verticals. Additionally, surging product penetration in the food industry is set to bolster market adoption through the forecast period.
Alginate is an anionic polymer that naturally occurs in brown algae, typically found on their cell walls. The favorable structural and chemical properties of alginates make them highly versatile. Thus, they find applications across a wide range of segments, including biotechnology, regenerative medicines, cosmetics, textile, pharmaceutical, and food & beverage. In addition, recent innovations in the development and extraction of alginates have fostered industry expansion.
Notably, leading industry players are engaging in profitable business strategies to tap into emerging market trends, which has favorably impacted the overall market landscape. For instance, in August 2020, Dupont, a global company specializing in technology-based materials and ingredients, initiated the merger of its Nutrition & Biosciences business with IFF to establish a global leader in high-value ingredients and solutions for the home & personal care, beverage, food, and health & wellness industries. The strategic merger provided Dupont with the opportunity and resources to develop leading ingredients.
The alginate market has been segmented on the basis of product, type, application, and region. In terms of product, the market has further been categorized into sodium alginate, calcium alginate, potassium alginate, PGA, and others.
The potassium alginate product segment is expected to see substantial growth by 2027, expanding at a CAGR of about 3.5% over the analysis period. The others product segment is likely to showcase steady growth through the study timeline. Other alginate products include barium, magnesium, ammonium, and zinc alginates & alginic acid.
With respect to application, the alginate market has been differentiated into food & beverage (dairy products, meat products, confectionery, beverages, baking, and others), textile, medical & pharmaceutical, pulp & paper, cosmetics, and others. Under food & beverage, the confectionery application segment is anticipated to expand at approximately 3% CAGR over the forecast period.
The dairy products food & beverage application segment is set to amass considerable gains by the end of 2027 owing to prevalent adoption of alginates in flavored milk, yogurt, and ice-cream. The others food & beverage application segment is slated to witness optimistic growth through the projected timeframe. Other food applications of alginate include meat analogues, sauces & dressings, antimicrobial treatment of fruits & vegetables, and preservatives.
The textile application segment accounted for around 20% of the overall market by volume in 2020 and is slated to progress at a robust pace over 2021-2027. The pulp & paper application segment is speculated to see steady growth by 2027, progressing at a CAGR of above 2.5% over the analysis period.
Meanwhile, the others application segment is expected observe significant growth over the estimated period. Other applications of alginates include welding rods, wastewater treatment, animal feed, and paint & dyes.
From the regional perspective, the Latin America alginate market is foreseen to exceed a valuation of USD 55 million by the end of 2027. The Middle East & Africa alginate market is set to grow at nearly 2% CAGR over the stipulated period.
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