Market Synopsis:
Fruit pectin has gained quick mileage in the food & beverage industry. According to Market Research Future (MRFR)’s assessment, the global fruit pectin market is expected to value at over USD 4300 Mn by 2030. The market is anticipated to register a CAGR of 7.23% across the assessment period 2022 to 2030. The growth of the food & beverage sector is poised to accelerate revenue creation for the market players in the forthcoming years.
The product has also paved its way across other booming industries such as pharmaceuticals and personal care & cosmetics. The growing demand from these industries is projected to catalyze the expansion of the fruit pectin market over the next couple of years.
The increasing consumption of convenience food is likely to have a favorable influence on the growth of the fruit pectin market in the years to come. In addition, the flavor innovation drive introduced by the market participants to gain an edge over its competitors is forecasted to catapult the fruit pectin market on upward trajectory.
Market Segmentation:
On the basis of form, the global fruit pectin market has been bifurcated into dry pectin and liquid pectin. The dry pectin segment accounts for more than 70% of the market share at present. It is likely to retain its dominant share over the next couple of years. It is also projected to emerge as the fastest growing segment striking a CAGR of 7.23% across the review period.
On the basis of function, the fruit pectin market has been segmented into stabilizer, gelling agent, thickener, and others. Among these, the gelling agent segment is likely to exhibit the fastest growth and hold the lion’s share of the market in the years to come. The growth can be ascribed to the rising demand for gelling agent in jellies, jam, and other marmalade products.
On the basis of application, the global fruit pectin market has been segmented into personal care & cosmetics, food & beverages, pharmaceuticals, and others. Among these, the food & beverage segment is prognosticated to lead the growth of the market owing to its extensive use in jellies, beverages, etc. Also, the personal care & cosmetics segment is projected to expand at a relatively higher CAGR of 9.02% during the review period. The pharmaceutical segment is also poised to exhibit moderate growth over the next couple of years.
Regional Analysis:
The global fruit pectin market, by region, has been segmented into Europe, Asia Pacific, North America, the Middle East & Africa (MEA), and Latin America. Europe is currently the largest market for fruit pectin. It is projected to continue leading the market growth in the foreseeable future. The value of the regional segment is expected to reach USD 520.44 Mn by 2023. Asia Pacific is expected to thrive at a CAGR of 9.42% through the projection period, thus, becoming the fastest growing regional segment.
Who are the top players in the global fruit pectin market?
The key fruit pectin market players are CP Kelco U.S., Inc. (U.S.), Yantai Andre Pectin Co. Ltd. (China), Cargill, Inc. (U.S.), DowDuPont, Inc. (U.S.), Ceamsa (Spanish Company of Algas Marinas SA) (Spain), Obipektin AG (Switzerland), Pacific Pectin, Inc. (U.S.), Herbstreith & Fox (Germany), Silvateam S.p.A (Italy), and Krishna Pectins Pvt Ltd (India).
Industry News:
In April 2019, an Indian couple announced the launch of vegan probiotic lassi in Vancouver. The product is the first of its kind, and it consists of fruit pectin, cane sugar, oats, cashews, etc.
In November 2018, CP Kelco, the leading global producer of gellan gum, has announced the expansion of its pectin production capacity in Denmark plant.