(I-BusinessNews.Com, June 24, 2020 ) The pectin market size is estimated to account for a value of USD 1.0 billion in 2019 and is projected to grow at a CAGR of 6.5% from 2019, to reach a value of USD 1.5 billion by 2025. The increasing consumption of convenience food, rise in health consciousness, and multifunctionality of pectin (leading to their wide applications) drive the growth of the pectin industry.
The demand for pectin is high in developed markets such as the US and Europe. Developing countries, namely, China and India, are projected to experience a strong upsurge in demand for pectin in the coming years. This demand is expected to be driven by an increase in the production of processed and convenience foods. Emerging economies such as India and China in the Asia Pacific region are exhibiting high growth. The demand for the usage of pectin is expected to grow continually in developed countries such as Japan; additionally, exponential growth is projected in new and emerging markets such as China, India, and other Asia Pacific countries.
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Asia provides a cost advantage to the market, in terms of production and processing due to low prices of raw materials and cheap labor. The rise in living standards and changes in lifestyles in developing countries contribute to the development of the convenience food market; these factors consequently impact the hydrocolloids market. The demand for pectin is, therefore, estimated to witness growth potential in the newer markets of China, India, Japan, Brazil, and the Middle East, among others.
Companies are investing heavily in R&D to adjust the formulation of existing products and cater to customer requirements. Companies are innovating new products to benefit their customers. The rise in health concerns & the resultant consumer demand for healthy products and the need for custom-made pectin blends drive companies to invest more in research & development. Top players such as Cargill, Incorporated (US) and DowDupont (US) are continuously involved in research & development activities to meet the increasing demand for pectin. In February 2018, DuPont launched Grindsted Pectin Prime 541, a pectin product used for reduced sugar fruit spreads. This launch helped the company target the South Asian market. In October 2018, CP Kelco introduced GENU Explorer Pectin ND-200 for dairy dessert application.
The increasing demand for pectin in Europe and Asia Pacific is driving the growth of the pectin market.
The European and Asia Pacific countries are witnessing increasing demand for pectin mainly in the food & beverages industries. Europe accounted for the largest share of the global pectin market due to the high demand for convenience foods & functional dairy products and increasing consumption of jam & jellies and baked goods.
Asia Pacific is likely to be the fastest-growing region in the global pectin industry. The growth in the market is driven by the growing demand for convenience foods, functional dairy products, and baked goods, coupled with the changing consumer lifestyle in the region.
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In the pharmaceutical industry, pectin is also used to reduce blood cholesterol levels and gastrointestinal disorders. The production of pharmaceutical products is growing because of the growing population and the increasing number of diseases. Emerging countries like China, Brazil, and India are markets that are growing rapidly in this area, are projected to increase the demand for pectins in the global market.
The major players such as DowDupont (US), Cargill, Incorporated (US), Ingredion Incorporated (US), CP Kelco (US), and Koninklijke DSM N.V. (Netherlands) in the pectin market are focusing on new product launches, merger & acquisitions, expansions & investments, agreements, collaborations, and partnerships to expand their global footprint.
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