| Source: Vantage Market Research
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WASHINGTON, Aug. 30, 2023 (GLOBE NEWSWIRE) — The Global Pectin Market is valued at USD 1.2 Billion in 2022 and is expected to reach USD 1.9 Billion by 2030 at a CAGR of 6.8% over the forecast period of 2023-2030.
The Pectin market is one of the fastest-growing markets economically, and consistent expansion is expected in the forecast period. Regardless of the industry’s difficulties, various factors could influence its growth. This report evaluates current trends and future developments to provide a comprehensive industry view. It also includes information on the major industry players and their expansion initiatives.
The research examines worldwide producers and suppliers in-depth, as well as their recent state and future possibilities. It also discusses the global drivers of demand for Pectins in-depth, such as rising awareness about the health benefits of Pectin, use of Pectin in the pharmaceutical industry, increasing demand for Pectin in the personal care industry.
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Market Overview
According to Vantage Market Research, some of the key factors are anticipated to accelerate the Pectin market growth over the forecast period. One of the vital factors influencing the growth of the Pectin market is the demand for natural and plant-based components. Because Pectin is a natural material obtained from fruits and vegetables, and it is a desired ingredient for consumers looking for healthier, more natural alternatives in their food items. According to the International Food Information Council (IFIC), in June 2022, 64 percent of U.S. consumers prefer food products made with pure ingredients, and 63 percent of adults say that ingredients present in food & beverage products have at least a moderate impact on their purchasing behavior.
We forecast that the food and beverage industry, pharmaceutical industry, and agriculture sector will account for more than 35% of total sales by 2030. Because of its potential to operate as a thickening, stabilizer, and gelling agent in goods such as jams, jellies, and desserts, Pectin is in demand in the food and beverage industries and is used in the pharmaceutical sector as a binder in tablets and in drug delivery devices. Pectin is also important in agriculture because it improves soil structure and promotes healthy plant growth.
Europe dominates the Pectin market in terms of revenue and market share due to the high consumption of jam, jellies, and baked goods in this area. The increasing vegan population in the region also influences the market. For instance, customers in the United Kingdom are reducing their meat consumption and adopting vegan and plant-based diets, thereby increasing the demand for plant-based compounds such as Pectin. A survey conducted by The Vegan Society in May 2022 revealed that one in four Britons had reduced their consumption of animal products since the outbreak of COVID-19. 20% of respondents claimed to have reduced their meat consumption, while 12% claimed to have reduced their dairy and egg intake. As a result, consumers are seeking naturally derived or vegan options, which could contribute to the expansion of the Pectin market.
Top Players in the Global Pectin Market
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Market Dynamics
Rising Demand for Luxury Food and Beverage Goods to Drive the Market
Luxury food and beverage manufacturers are continuously looking for new and unique ingredients to differentiate their goods and appeal to discriminating consumers. Pectin’s distinct features, such as its ability to generate a smooth texture and enhance fruit flavors, make it a desirable ingredient for high-end products. Increased use of Pectin in juice for enhanced mouthfeel, acidified dairy applications for limited jams, oxidized protein drinks, protein stabilization, and increased awareness of Pectin’s multi-functionality among food and beverage manufacturers contribute to rising demand for Pectin.
Increase in Demand from Pharmaceutical Industry to Promote Market Growth
The rising popularity of healthy and active lives has resulted in significant growth in the worldwide Pectin market. Pectin is frequently utilized as a thickening ingredient in the pharma, and in the medical sector to reduce cholesterol, manage blood sugar levels, and aid with intestinal health. As a result, as a growing number of producers focus on developing natural vitamins and medications, increased demand from the pharmaceutical industry has spurred growth in the Pectin market.
Top Trends in the Global Pectin Market
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Top Report Findings
High-Methoxyl Pectin is Increasingly Being Used as a Gelling Agent, Stabilizer, and Thickening in a Variety of Food Items and Beverages
Vantage Market Research analyzed the market for Pectin to understand its current state and potential future growth factors. For better understanding, based on type, the Pectin market is categorized into: High Methoxyl Pectin, Low Methoxyl Pectin, Amide Pectin, and Other Pectins.
We project that by 2030, the market for high-methoxyl Pectin will count for more than 40% of total Pectin-type segment sales. Low-methoxyl Pectin is expected to be the other dominating category in the Pectin industry by 2030. This is because it is increasingly being used as a gelling agent, stabilizer, and thickening in a variety of food items and beverages, such as dairy products, jams, jellies, and bread items. Low-methoxyl Pectin has numerous industrial applications in the pharmaceutical and cosmetic industries. Furthermore, as it is obtained from natural sources and is free of chemical changes, the growing demand for clean labels and natural products is projected to increase demand for low methoxyl Pectin.
High-methoxyl Pectin (HMP), on the other hand, is expected to dominate the Pectin market in 2022, accounting for the bulk of sales. This is due to its application in various food items and beverages, as well as its ability to form gels in conditions that are acidic. Low-methoxyl Pectin (LMP) is another popular alternative, particularly in dairy and pastry products, but it has a smaller market share than HMP.
Browse market data Tables and Figures spread through 150 Pages and in-depth TOC on Pectin Market Forecast Report (2023-2030).
Global Pectin Market Segmentation
By Source
By Type
By Function
By End-User
By Region
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Scope of the Report:
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