The global hydrocolloid market is expected to reach US$108.4 billion by 2020, growing at a compound annual growth rate of more than 5%, according to Technavio.
To calculate the market size, the revenue generated through sales of hydrocolloids to end-users such as the food and beverage, oil drilling, pharmaceutical, cosmetics and the textile industries have been taken into consideration, using 2015 as the base year.
Convenience food or processed food is commercially prepared food that requires minimum or no further preparation to be consumed.
This category includes packaged food or meals, canned food, frozen food, preserved food, and instant products.
Convenience food is easy to consume, portion-packed, time saving, has convenient packaging, and is freeze or thaw stable.
With technological advancement in the packaging industry, the range of convenience has also expanded from frozen, chilled, shelf-stable, portion-ability, microwave-ability, prepared-mixes and others.
In 2015, the global hydrocolloid market was dominated by the food and beverage industry with 58.18% share, followed by the pharmaceutical and oil drilling industries with shares of 14.55% and 8.37%, respectively.
One of the top three application segments for the global hydrocolloid market, the food and beverage industry mainly uses the ingredient bakery, confectionery and dairy products, convenience and processed food, meat, poultry, as well as several other products as thickening, gelling, film forming or coating, fat-replacing, and stabilizing agents.
“In dairy and frozen products, hydrocolloids are used in cheese, yogurt, and ice creams for thickening and improving mouthfeel,” says Ajay Adikhari, a lead bio-chemicals and bio-materials analyst.
“In bakery and confectionery products, hydrocolloids are widely used for improving food texture, moisture retention, and fat replacement.”
Hydrocolloids are used as thickening agents in salad dressings, sauces, and toppings, soups and gravies, whereas in jams, jellies, and restructured foods, these are used as gelling agents.
The food and beverage industry is increasing in both value and volume with the growth in the population.
The other two top markets are pharmaceuticals and oil drilling.