Propylene Glycol Alginate Market Growth is slated to capture a substantial growth rate over the review period (2021-2030), says Market Research Future (MRFR). Propylene Glycol Alginate Market Growth size is expected to reach nearly US$ 18.96 Bn by 2030 with a CAGR of 3.8% during the forecast period (2021-2030).
Growth Boosters and Challenges
Rapid globalization worldwide has led to an increase in rigorous research and development activities among the players, with rising focus on the production of specialty ingredients. Propylene glycol alginate remains one of the most popular ingredients noting significant demand across the globe. The product, in multiple variants, are progressively being introduced in the global market, and is witnessing extensive use across a number of end-use industries. Propylene Glycol Alginate Market Growth is widely used as a thickening agent in ice creams and salad dressing and as a foam stabilizer in the brewery sector. It is also used as a food preservative and as an ingredient in a number of condiments as well as chewing gums.
The wound care industry worldwide has developed considerably and extensively uses propylene glycol alginate in various wound care products. The use of the product has grown immensely in the pharmaceutical industry as an emulsion stabilizer, thickening agent, disintegrant and film-forming agent for tablets. As a result, the heightened demand for coating of tablets with reduced viscosity can be a major growth booster in the worldwide market in the coming years.
The global market is extremely competitive, marked by the presence of several ambitious manufacturers. A massive consumer base along with the significant of chief raw material in Asia Pacific has also pushed the competitive level in the market, as mergers, agreements and partnerships between players rising at a significant rate.
The market for propylene glycol alginate has been considered for application and end-users.
With respect to application, the propylene glycol alginate industry caters to texture stabilizers, preservatives, emulsifiers, gelling agents, thickeners, defoaming agents, surfactants, and more. The product’s use as thickeners and preservatives is significantly high in the food & beverage sector.
The major end-user industries studied in the report are cosmetic what is propylene glycol alginate & personal care, pharmaceuticals, food & beverage, and others. In view of the rapidly evolving lifestyle and eating habits, the food & beverage segment has emerged as the top end-user in the global market. On the other hand, the pharmaceutical segment will obtain a healthy growth rate in the near future, primarily due to the significant product demand owing to its impressive healing properties in wet and dry conditions. Propylene glycol alginate facilitates the medicines’ controlled release into the drugs, acting as disintegrants, which drives the segmental growth.
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MRFR report has highlighted a few key regions as per which the global market for propylene glycol alginate has been analyzed, namely Latin America, North America, Asia Pacific (APAC), Middle East & Africa (MEA) and Europe.
North America is currently the market leader and will successfully maintain its winning streak throughout the review timeframe. The market growth in the region is backed by the presence of a highly urban crowd and the significant rate of industrialization. The huge food and beverage industry present in the United States also elevates the market position. The region’s well-established infrastructure and the subsequent increase in researches with respect to pharmaceutical and cosmetic products also warrants substantial market growth. Some of the most renowned companies in the pharmaceutical and food & beverages industries are present in the region, which ensures robust demand for the Propylene Glycol Alginate Market Growth.
The APAC market is progressing at the fastest pace and will secure considerable profits in the ensuing years, since emerging countries like China, and India extensively use propylene glycol alginate efficiency as pesticides, fungicides and herbicides. The processed food industry in the region is flourishing at a stunning pace, which also ensures the regional market’s prolific run. While the escalating rate of beer consumption in the region bolsters the growth, the presence of a huge number of reputed manufacturers as well as the high availability of key raw materials also add to the market’s value. The vast consumer base across countries such as China and India, further strengthens the market’s position in the region.
Europe can be a moderate gainer in the coming years, encouraged by the rising spending on exhaustive research and development activities in the pharmaceutical sector, which is a major-end-user. The accelerated consumption rate in prominent end-use industries in developed economies such as France, the U.K and Germany bolster the market expansion rate. The substantial product demand in the food processing sector, backed by the approval from the European Commission under EC 1333/2008 will also enhance the market size in the region over the following years.
The active players in the propylene glycol alginate industry include Qingdao Bright Moon Seaweed Group Co.,Ltd (China), KIMICA Corporation (Japan), IRO Alginate Industry Co., Ltd (China), Kikkoman Corporation (Japan), Universal Preserv-A-Chem Incorporated (U.K), Rizhao Jiejing Group Co., Ltd (China), Fuji Kasei Co. Ltd (Japan), to name a few.
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