Category: food and beverage
What Are the Potential Risks for the Algal Pigments Market in Reaching $669.8 Million by 2030?
By Mayu14, 2024-08-09
The Algal Pigments Market is on track to reach $669.8 million by 2030, growing at a compound annual growth rate (CAGR) of 7.2% from 2023 to 2030. The market's expansion is primarily fueled by the increasing demand for natural colorants, the growing adoption of algal pigments for therapeutic and nutritional purposes, and a rising preference for clean-label products. Consumers are increasingly wary of synthetic colors, driving a shift towards more natural alternatives. However, challenges such as the high cost of natural colors, the complexity of algae production, and contamination risks may limit market growth to some extent.
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Surging Demand for Natural Colorants
The global shift towards natural food colors is driven by heightened consumer awareness about the potential health risks associated with synthetic colors. As artificial production methods have proliferated, so too have concerns about their impact on health. This has led to a growing demand for naturally derived food products. Consumers are increasingly health-conscious and environmentally aware, preferring products that align with these values. Consequently, food manufacturers are turning to natural food colors to enhance the appeal of their products post-processing.
Natural food dyes are derived from various sources, including algae, plants, animals, fruits, and minerals, making them safe and non-toxic. Their use is also on the rise in therapeutic applications due to their minimal side effects. Governments worldwide are encouraging the use of natural colors as they are biodegradable and environmentally friendly. Regulatory bodies have implemented stringent guidelines to limit the use of synthetic food colors, further bolstering the market for natural alternatives. For example, India's Food Safety and Standards Authority (FSSAI) has approved natural colors like beta-carotene, chlorophyll, and saffron while banning certain artificial colors under the Food Safety and Standards Act of 2006 due to health concerns.
The European Union has also taken significant steps, banning titanium dioxide (E171) as a food additive in 2022. Similarly, Australia's organic market, valued at USD 2.3 billion in 2021, has seen substantial growth, with organic food sales accounting for a significant share of the market. This trend reflects a broader consumer perception that organic and naturally colored foods are safer and healthier. The expansion of the food and beverage industry has further boosted the demand for natural food colorants, contributing to the growth of the algal pigments market.
Key Insights from the Algal Pigments Market
Phycocyanin Segment Leads Growth
Among the various types of algal pigments, the phycocyanin segment is expected to register the highest CAGR during the forecast period. This growth is driven by its increasing use in nutraceutical and nutritional applications, the rising demand for natural blue colorants, and the reluctance to use synthetic alternatives. The segment also benefits from significant investments in phycocyanin production and its potential in pharmaceutical applications, coupled with growing consumer awareness of clean-label products.
Microalgae Segment Dominates in 2023
In terms of source, the microalgae segment, which includes spirulina, haematococcus pluvialis, and chlorella, is expected to hold the largest market share in 2023. This dominance is attributed to the increasing preference for products derived from microalgae, driven by health and wellness trends, the growing dietary supplements industry, and the rising demand for natural food colors.
Food & Beverages Segment at the Forefront
When it comes to applications, the food and beverages segment is poised to dominate the algal pigments market in 2023. This can be attributed to the rising demand for plant-derived alternatives, strict regulations against synthetic colors in food products, and the favorable properties of algal pigments, such as their high nutritional value, eco-friendliness, and non-toxic nature.
Europe: The Leading Regional Market
Europe is expected to account for the largest share of the algal pigments market in 2023. The region's significant food and beverage industry, stringent regulations against synthetic colors, and strong health and wellness trends contribute to this dominance. Additionally, Europe is home to numerous algal pigment manufacturers and has seen a growing government focus on the algae industry. Meanwhile, the Asia-Pacific region is projected to experience the highest CAGR during the forecast period, driven by local and regional players, increasing demand for natural food ingredients, and supportive government initiatives.
Competitive Landscape
The algal pigments market is highly competitive, with key players such as Bluetec Naturals Co., Ltd (China), E.I.D. - Parry (India) Limited, Cyanotech Corporation (U.S.), AstaReal Group (Japan), and Algatechologies Ltd. (Israel) leading the charge. These companies are at the forefront of strategic developments, driving innovation and growth in the industry.
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Meticulous Research® estimates the gelatin market will exceed $7.46 billion by 2031, with a CAGR of 7% from 2024 to 2031. The market's expansion is driven by rising gelatin usage in pharmaceuticals, growing demand for functional and convenience foods, increased preference for clean-label products, and gelatin’s benefits for athletes. However, the market faces obstacles such as safety concerns and cultural restrictions. Opportunities lie in fortified confectionery and sports nutrition, though challenges remain due to limited technology for gelatin extraction and processing. Current trends highlight a focus on health and wellness and innovative medical and biomedical applications.
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Key Players
Leading companies in the gelatin market include Rousselot (Netherlands), Weishardt (France), GELITA AG (Germany), Nitta Gelatin Inc. (Japan), ITALGEL S.p.A. (Italy), Lapi Gelatine S.p.a. (Italy), Tessenderlo Group NV (Belgium), Trobas Gelatine B.V. (Netherlands), Ewald-Gelatine GmbH (Germany), Juncà Gelatines SL (Spain), Gelnex (Brazil), Shanghai Al-amin Biotech Co., Ltd (China), India Gelatin & Chemicals Ltd. (India), C.J. Gelatine Products Limited (India), and Luohe Wulong Gelatin Co. Ltd. (China).
Market Segmentation
By Type: The Type A segment is projected to dominate with over 54.5% of the market share in 2024, driven by its extensive application in the food industry and superior nutritional profile. The segment is expected to grow at a rate of 7.4%, benefiting from excellent gelling properties and stability.
By Source: Animal-sourced gelatin is anticipated to account for over 91.2% of the market share in 2024, attributed to its widespread use, cost-effectiveness, and availability. Meanwhile, the plant-based segment is expected to grow at a rate of 7.6%, fueled by vegan trends and increased health and environmental consciousness.
By Function: Stabilizers are projected to hold a market share of over 40.6% in 2024 due to their role in enhancing the texture, consistency, and shelf life of food products. The thickeners segment is expected to experience the highest growth rate of 7.8%, driven by its ability to improve liquid viscosity without altering inherent characteristics.
By Application: The food & beverages segment is forecasted to dominate with over 51.3% of the market share in 2024, thanks to gelatin's crucial role in achieving desired texture and consistency in various products. The nutraceuticals segment is set to grow at the highest rate of 8.2%, driven by increasing demand for dietary supplements.
By Geography: Europe is expected to lead with over 39.2% of the market share in 2024, driven by health awareness, an aging population, and a demand for packaged products. The Asia-Pacific region is anticipated to grow at the highest rate of 8.5%, supported by industrialization, rising health awareness, and a burgeoning food processing industry.
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Meticulous Research® was founded in 2010 and incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a private limited company under the Companies Act, 1956. Since its incorporation, the company has become the leading provider of premium market intelligence in North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
The name of our company defines our services, strengths, and values. Since the inception, we have only thrived to research, analyze, and present the critical market data with great attention to details. With the meticulous primary and secondary research techniques, we have built strong capabilities in data collection, interpretation, and analysis of data including qualitative and quantitative research with the finest team of analysts. We design our meticulously analyzed intelligent and value-driven syndicate market research reports, custom studies, quick turnaround research, and consulting solutions to address business challenges of sustainable growth.
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How Will the High-Intensity Sweeteners Market Adapt to Regulatory and Policy Changes?
By Mayu14, 2024-08-08
According to Meticulous Research®, the global high-intensity sweeteners market is on track to reach $5.37 billion by 2034. This growth, which reflects a 5% CAGR during the 2024–2034 period, is expected to be accompanied by a volume increase to 113,049.6 tons, growing at a CAGR of 3.1%. Several factors are propelling this growth, including the rising demand for functional foods, increasing rates of diabetes and obesity, and a shift towards natural high-intensity sweeteners. Additionally, taxes on sugary beverages and the expansion of sweeteners in the beverage industry are contributing to this upward trend.
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Despite these positive factors, the market faces challenges such as stringent government regulations, health concerns related to sugar substitutes, and raw material price fluctuations. Yet, emerging economies and advancements in R&D for sugar-free products present significant opportunities. However, challenges related to product labeling and claims persist. The increasing demand for clean-label products and healthier lifestyles are notable trends in the high-intensity sweeteners market.
Key Market Players:
Prominent players include Tate & Lyle PLC (U.K.), Archer-Daniels-Midland Company (U.S.), Cargill, Incorporated (U.S.), and Ingredion Incorporated (U.S.), among others. These companies are crucial in shaping market dynamics across various regions.
Market Segmentation:
- By Product: Sucralose is expected to dominate the market due to its high shelf-life and minimal quantity requirements to achieve desired sweetness.
- By Source: Natural high-intensity sweeteners are projected to grow faster, driven by consumer preference for natural ingredients and clean-label products.
- By Form: The solid segment will continue to lead due to benefits such as ease of handling and longer shelf-life.
- By Application: The beverage sector will remain the largest application segment, fueled by health benefits and rising demand for sugar-free options.
- By Geography: North America is expected to hold the largest share, supported by a significant diabetic and obese population, health concerns, and a robust food and beverage industry.
Conclusion:
As the high-intensity sweeteners market evolves, stakeholders must navigate regulatory challenges and capitalize on emerging opportunities in natural sweeteners and clean-label trends. The market's future looks promising, driven by ongoing health trends and technological advancements.
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About Meticulous Research®
Meticulous Research® was founded in 2010 and incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a private limited company under the Companies Act, 1956. Since its incorporation, the company has become the leading provider of premium market intelligence in North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
The name of our company defines our services, strengths, and values. Since the inception, we have only thrived to research, analyze, and present the critical market data with great attention to details. With the meticulous primary and secondary research techniques, we have built strong capabilities in data collection, interpretation, and analysis of data including qualitative and quantitative research with the finest team of analysts. We design our meticulously analyzed intelligent and value-driven syndicate market research reports, custom studies, quick turnaround research, and consulting solutions to address business challenges of sustainable growth.
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What Role Do Pet Products Play in the Market to be Worth $287.96 Billion by 2031?
By Mayu14, 2024-08-07
The pet care market is projected to reach $287.96 billion by 2031, with a CAGR of 5.9% from 2024 to 2031. This growth is driven by rising expenditures on pet health and insurance, increasing pet adoption rates, and growing disposable incomes in developing countries. Additionally, the market will benefit from the introduction of new pet product categories and a shift towards premium pet products.
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Pet Care Market Growth Drivers
Rising Expenditures on Pet Health & Insurance : Pets are increasingly seen as family members, leading to higher investments in their health and well-being. This trend benefits various segments, including pet food, grooming products, and veterinary care. The humanization of pets has led to a demand for high-quality products and services, prompting companies to innovate. The American Pet Products Association estimates that U.S. pet expenditure will rise from $147.0 billion in 2023 to $150.6 billion in 2024, encompassing food, veterinary care, grooming, training, pet sitting, and walking.
Pet Care Market Trends
Pet Humanization : Many pet owners consider their pets as family members. Companies, from small startups to major retailers, are leveraging this trend to introduce innovative pet care products. During the COVID-19 pandemic, 23 million U.S. households adopted new pets, significantly increasing pet spending. According to the American Pet Products Association, expenditures rose from $90 billion in 2018 to $123 billion in 2021.
Emergence of Organic Pet Food : Organic pet food is gaining popularity due to increased pet humanization and higher spending on pet products. Owners are more aware of the impact of diet on pet health, and organic food offers preservative-free, high-quality nutrition tailored to pets' needs. This shift towards organic pet food is expected to drive market growth.
Pet Care Market Opportunity
Shift Towards Premium Pet Products : Pet owners are seeking innovative ways to provide nutritious, vitamin-rich foods for their pets. Manufacturers are using premium ingredients to produce high-quality pet foods. Similarly, grooming products are now formulated with natural ingredients, free from chemicals like parabens and sulfates. This preference for premium products is expected to create significant market growth opportunities.
Major Market Players
The competitive landscape of the pet care market features major players such as: Mars, Incorporated (U.S.), Hill`s Pet Nutrition, Inc. (U.S.), Blue Buffalo Company, Ltd. (U.S.), Ancol Pet Products Limited (U.K.), Saturn Petcare GmbH (Germany), Nestlé S.A. (Switzerland), Doskocil Manufacturing Company, Inc (U.S.), The Hartz Mountain Corporation (U.S.), Tail Blazers (Canada), J.M. Smucker Company (U.S.), Petco Animal Supplies, Inc. (U.S.), A Place for Rover, Inc. (U.S.), American Pet Resort, LLC (U.S.), Wag Labs, Inc. (U.S.), Pooch Dog SPA (Italy), AirPets International (U.S.), Groomer’s Choice (U.S.), Coastal Pet Products Inc. (U.S.), World 4 Pets Pty Ltd (Australia), SynergyLabs (U.S.), and 4-Legger, LLC (U.S.)
About Meticulous Research®
Meticulous Research® was founded in 2010 and incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a private limited company under the Companies Act, 1956. Since its incorporation, the company has become the leading provider of premium market intelligence in North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
The name of our company defines our services, strengths, and values. Since the inception, we have only thrived to research, analyze, and present the critical market data with great attention to details. With the meticulous primary and secondary research techniques, we have built strong capabilities in data collection, interpretation, and analysis of data including qualitative and quantitative research with the finest team of analysts. We design our meticulously analyzed intelligent and value-driven syndicate market research reports, custom studies, quick turnaround research, and consulting solutions to address business challenges of sustainable growth.
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