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2 ALGINATES & DERIVATIVES MARKET BY TYPE (SODIUM ALGINATE, CALCIUM ALGINATE, POTASSIUM ALGINATE, PGA, OTHERS), APPLICATION (FOOD & BEVERAGE, INDUSTRIAL, PHARMACEUTICALS, OTHERS), & BY REGION GLOBAL TRENDS & FORECAST TO 2019 It s all about markets MARKETSANDMARKETS sales@marketsandmarkets.com

3 MarketsandMarkets is a global market research and consulting company based in the U.S. We publish strategically analyzed market research reports and serve as a business intelligence partner to Fortune 500 companies across the world. MarketsandMarkets also provides multi-client reports, company profiles, databases, and custom research services. MarketsandMarkets covers fourteen industry verticals, including aerospace and defence, advanced materials, automotives and transportation, biotechnology, chemicals, consumer goods, energy and power, food and beverages, industrial automation, medical devices, pharmaceuticals, semiconductor and electronics, and telecommunications and IT. Copyright 2015 MarketsandMarkets All Rights Reserved. This document contains highly confidential information and is the sole property of MarketsandMarkets. No part of it may be circulated, copied, quoted, or otherwise reproduced without the approval of MarketsandMarkets. 1

4 1 EXECUTIVE SUMMARY The global alginates market accounted for a market value of $ million in 2013 and is expected to grow at a CAGR of % from 2014 to Sodium alginate is the most widely used alginate derivative in foods. The food and pharmaceutical industries have increased their total alginate consumption considerably in the past few years and are expected to grow at CAGRs of % and % respectively from 2014 to 2019, globally, with the increasing demand for food-grade alginates. The growing food & beverage industry in developing economies such as China, Japan, and India has spurred the growth of the alginates industry. The segmentation considered for this report on the global alginates & its derivatives market is based on the types, applications, and regions that constitute the key markets. The derivatives of alginates include sodium alginates, calcium alginates, potassium alginates, propylene glycol alginate (PGA), and others (ammonium alginates, alginic acids, and value-added alginates). The market has further been segmented on the basis of applications in several industries such as food & beverage, industrial, pharmaceutical, and other non-industrial applications (personal care, cosmetics, castings, water treatment, and ceramics). By region, the alginates market has been segmented into North America, Europe, Asia-Pacific, and the Rest of the World (RoW). The global alginates market is dominated by various players, depending on their core competencies. The key manufacturers of products in this market are Cargill Inc. (U.S.), KIMICA Corporation (Japan), FMC Corporation (U.S.), E.I. DuPont de Nemours and Company (U.S.), and The Dow Chemical Company (U.K.). 1.1 ALGINATES MARKET Alginates can be classified based on their grades, namely, low, medium, and high. Alginate grades are decided based on the source, location and species, as described in the table below. Low-grade alginates are used for industrial applications such as textile, paper, and pulp whereas high-grade alginates are used in the food and pharmaceutical industries. Different species of alginates can be found in different regions of the world, of which the most commonly harvested species for instance, high-grade Laminara hyperborean are found in the European region, whereas medium-grade Laminara japonica is found in the Asian continent. Medium to high-grade Lessonia negrescens are found in Latin America. TABLE 1 CLASSIFICATION OF ALGINATE SPECIES & HARVEST DETAILS Species Grade Prominent Harvest Location Total Harvest (%) Laminaria hyperborea High France, Ireland, U.K., Norway Lessonia negrescens Medium High Chile, Peru Laminaria japonica Medium China, Japan Macrocystis Low U.S., Mexico, Chile Durvillaea Antartica Low Australia Flavicans High Chile, Peru Ecklonia maxima Medium South Africa Ascophyllum nodosum Low France, Iceland, Ireland, Norway, U.K. Source: BixlerPorse Publications, FAO Ddata, and MarketsandMarkets Analysis 2

5 FIGURE 1 ALGINATES MARKET SNAPSHOT (2014 VS. 2019): SODIUM ALGINATE SEGMENT TO REMAIN THE LEADER TILL 2019 Sodium Algiante Calcium Alginate Propylene Glycol Alginate Potassium Alginate 2019-p 2014-e *Others Market Size ($Million) *Others include ammonium alginate, magnesium alginate, alginic acid, triethanolamine alginate, and several value-added alginates The sodium alginate segment accounted for the largest share % of the alginates market in The PGA segment is poised to grow at a CAGR of % from 2014 to The market is projected to grow due to the following factors: Growing consumer preference for bakery, confectionery, and dairy products Increasing production and extraction of alginates Demand for new food variants and ingredients Increased import of alginates and ease of availability Increasing demand from pharmaceutical and medical industries 3

6 FIGURE 2 ALGINATES MARKET SHARE (VOLUME), GEOGRAPHICAL OVERVIEW, 2013 Market Share = CAGR = Market Share = CAGR = Market Share = CAGR = North America Europe Asia-Pacific Market Share = CAGR = RoW Source: Research Journals, Company Publications, Company Websites, Food Magazines, Expert Interviews, and MarketsandMarkets Analysis The North American market accounted for the highest alginate consumption, and stood at a volume of tons in Factors such as large population and the growing demand for alginate-based foods, increasing popularity of baked and confectionery foods; medicinal uses of alginates are driving the European alginates market. The Asia-Pacific market is projected to grow at the highest CAGR of % from 2014 to This growth is driven by the growing extraction and demand for alginates such as sodium alginates, calcium alginates, and PGA, among others, consumer preference for healthier foods, increasing number of global F&B players, increasing disposable income, and emerging middle-class economies. As compared to developed markets, developing markets in Latin America, the Middle-East, and Africa are estimated to grow at a moderate CAGR of % during the review period. 4

7 2 PREMIUM INSIGHTS 2.1 ATTRACTIVE OPPORTUNITIES IN ALGINATES MARKET FIGURE 3 EMERGING ECONOMIES OFFER ATTRACTIVE OPPORTUNITIES IN THE ALGINATES MARKET ATTRACTIVE MARKET OPPORTUNITY The size of the global alginates market is estimated to be $ Million in 2014 The market is projected to grow at a CAGR of % from 2014 to 2019 Emerging economies such as China, India, Japan, and Latin American countries offer several opportunities for market expansion Lucrative strategic initiatives in emerging markets offer opportunities for building strong market positions in these regions Market growth is projected to increase with the rising demand for sodium alginate in the food and pharmaceutical industries, particularly in emerging economies of Asia-Pacific and RoW p - Projected Source: Industry Journals, Company Websites, Company Publications, Secondary Literature, Expert Interviews, and MarketsandMarkets Analysis 5

8 Market Size ($Million) ALGINATES & DERIVATIVES MARKET - GLOBAL TRENDS & FORECAST TO ALGINATES MARKET, BY APPLICATION FIGURE 4 FOOD & BEVERAGES APPLICATION TO GROW AT THE HIGHEST RATE CAGR% ( ) e 2015-p 2016-p 2017-p 2018-p 2019-p Pharmaceuticals Industrial Food & Beverages *Others e Estimated; p Projected Note: Others include non-industrial applications of alginates such as personal care, fertilizers, cosmetics, and spa treatments Source: Industry Journals, Company Websites, Company Publications, Secondary Literature, Expert Interviews, and MarketsandMarkets Analysis 6

9 2.3 ALGINATES MARKET: LIFE CYCLE ANALYSIS, BY REGION The alginates market, in this report, is divided into four main regions, namely, North America, Europe, Asia- Pacific, and Rest of the World (RoW). The Asia-Pacific region is estimated to register the highest growth rate of % from 2014 to 2019, due to the growth in emerging economies such as China, Japan, and India. The North American region commanded a share of % of the total alginates market, followed by Europe, with a % market share, in FIGURE 5 ALGINATES MARKET IN ASIA-PACIFIC EXPERIENCING HIGH GROWTH Source: Industry Journals, Company Websites, Company Publications, Secondary Literature, Expert Interviews, and MarketsandMarkets Analysis 7

10 3 MARKET OVERVIEW 3.1 INTRODUCTION Alginates are marine hydrocolloids derived from brown seaweed. They are polysaccharides, like starch and cellulose. Alginates possess many properties such as gelling, thickening, suspending, and stabilizing. They are used in the food & beverage, textile printing, welding rods, animal feed, pharmaceuticals, cosmetics & personal care, and paper industries. The global alginates & derivatives market is growing due to its multi-functionality in a wide range of applications and increased health consciousness among consumers about healthy foods. However, imbalanced demand & supply and lack of transparency & market information have been restraining the market growth. The major manufacturers of alginates & derivatives include FMC Corporation (U.S.), Cargill Inc. (U.S.), E.I. DuPont de Nemours and Company (U.S.), The Dow Chemical Company (U.S.), and KIMICA Corporation (Japan). 3.2 EVOLUTION OF ALGINATES & DERIVATIVES Alginates were discovered in the 1880s by a British pharmacist, E.C.C. Stanford. Being extracted from brown seaweed, alginates are available in both, acid and salt form. In 1926, some research groups working independently discovered that uronic acid was a constituent of alginic acid. The nature of uronic acid present in alginates was investigated shortly after. Industrial production of alginates first began in California, in Large-scale extraction and production of alginates began in the European region in countries such as Norway, Ireland, the U.K., Iceland, and France with the increasing demand for alginates and their versatile application in the pharmaceutical, food, textile, paper & pulp, medical, and food & beverage industries towards the end of the 20 th century. 3.3 MARKET SEGMENTATION ALGINATES & DERIVATIVES MARKET, BY TYPE On the basis of type, the alginates & derivatives market is segmented into sodium, calcium, potassium, propylene glycol, and others. Alginates & derivatives are extensively used in textile printing and other industrial applications. Sodium Alginate - It is widely used as a stabilizer or as an emulsifier, or both, and has become very popular in the textile printing industry over the years. Calcium Alginate - It is a water-insoluble, gelatinous, cream-colored substance that can be created through the addition of aqueous calcium chloride to aqueous sodium alginate. Adding artificial flavors and colors creates a more palatable edible slime. Calcium alginate is also used for entrapment of enzymes and for forming artificial seeds in plant tissue culture. Potassium Alginate - It finds varied application in the food industry as a stabilizer, thickening agent, and as an emulsifier. It also finds application in the pharmaceutical industry as an excipient and its uses are currently limited to experimental hydrogel systems. However, the viscosity, adhesiveness, elasticity, stiffness, and cohesiveness of potassium alginate hydrogels are at par with values from a range of other non-alginate hydrogel-forming materials. 8

11 Propylene glycol alginate - It is an ester widely used as thickener in the food & beverage industry. As a strong thickening agent, it can be used in a wide variety of industries such as food production, beverage, and various other industries. FIGURE 6 ALGINATES & DERIVATIVES MARKET, BY TYPE ALGINATES & DERIVATIVES MARKET, BY TYPE Sodium Alginate Calcium Alginate Potassium Alginate Propylene Glycol Alginate *Others *Others include ammonium alginate, magnesium alginate, zinc alginate, triethanolamine alginate, and value-added alginates Source: Secondary Data, Expert Interviews, Industry Magazines, FAO publications, and MarketsandMarkets Analysis ALGINATES & DERIVATIVES MARKET, BY APPLI CATION On the basis of application, the market is segmented as food & beverage, industrial, pharmaceuticals, and others. FIGURE 7 ALGINATES & DERIVATIVES MARKET, BY APPLICATION ALGINATES & DERIVATIVES MARKET, BY APPLICATION FOOD & BEVERAGE INDUSTRIAL PHARMACEUTICALS *OTHERS Note: *Others include cosmetics, fertilizers, personal care, and spa treatments Source: Secondary Literature, Expert Interviews, Industry Magazines, and MarketsandMarkets Analysis 9

12 4 ALGINATES & DERIVATIVES MARKET, BY TYPE 4.1 ALGINATES & DERIVATIVES MARKET, BY TYPE SODIUM ALGINATE Sodium alginate is the sodium salt of alginic acid. It is a flavorless gum and is used in the food industry to increase viscosity of food and as an emulsifier. It is also used in indigestion tablets and the preparation of dental impressions. It is especially used in the production of gel-like foods. Clinical trials have proven that sodium alginate successfully promotes regeneration of the mucous membrane in the stomach, suppresses inflammation, eradicates colonies of helicobacter pylori in the mucous membrane in 4 to 15yearold children. It also promotes restoration of the intestinal biocenosis. Sodium alginate is often used as a powder, either pure or mixed with other drugs, on septic wounds. The polysaccharide base in sodium alginate stimulates the reparative processesand prepares the wound for scarring, and also has protective and coating effects, shielding mucous membranes and damaged skin against irritation from unfavorable environments. TABLE 2 SODIUM ALGINATE MARKET SIZE, BY REGION, ($MILLION) Region e 2019-p CAGR% ( ) North America Europe Asia-Pacific RoW Total e - Estimated; p Projected Source: Related Research Publications, Government Publications, Company Press Releases, Company Annual Reports, Company Websites, Company Publications, MarketsandMarkets Analysis The sodium alginate market is dominated by North America which was valued at $ million in 2013 and is projected to reach $ million by Sodium alginate finds wide application in the textile and paper industries and is also being used in the food & beverage industry due to its thickening, stabilizing, gelling, and emulsifing properties.the European market stood at $ million and is projected to grow at % during the period from 2014 to 2019 to reach $ million by The European region is the the largest producer of high grade alginates used in the food industry maintaing a decent growth rate of alginates in this region. 10

13 Market Size (Tons) ALGINATES & DERIVATIVES MARKET - GLOBAL TRENDS & FORECAST TO ALGINATES & DERIVATIVES MARKET, BY APPLICATION 5.1 INTRODUCTION FOOD & BEVERAGES Alginates are used as food additives to improve, modify, and stabilize the texture of foods. Properties such as viscosity enhancement, gel-formation, stabilization of aqueous mixtures, dispersion, and emulsion of alginates makes them versatile for use in the food & beverage industry. In the food industry, alginates are used to manufacture a multitude of dairy, bakery, meat, and other products, which take advantage of their thickening, gelling, and stabilizing properties. There are also abundant uses of alginates in liquid foods where properties such as viscosity enhancement, and stabilization of aqueous mixtures are required. The thickening property of alginates is useful in sauces and in syrups and toppings for ice cream. The unique properties of alginates are utilized in ice cream, jellies, lactic drinks, dressings, instant noodles, and beer. Propylene glycol alginate (PGA) is used in beers and salad dressings due to its higher solubility at low ph levels. Alginates are also widely used in juices, dressings, ice creams, spreads, flans, bakery creams, meat & fish coatings, confectionery, and several health foods. FIGURE 1 ALGINATES & DERIVATIVES IN FOOD & BEVERAGES MARKET SIZE, BY REGION, 2014 VS e 2019-p North America Europe Asia-Pacific RoW e - Estimated; p Projected *Others include personal care, cosmetics, fertilizers, can sealing, and ceramics Source: Related Research Publication, Government Publication, Company Press Release, Company Annual Report, Company Website, Company Publication, MarketsandMarkets Analysis 11

14 TABLE 3 ALGINATES IN FOOD & BEVERAGES MARKET SIZE, BY REGION, ($MILLION) Region e 2019-p CAGR% ( ) North America Europe Asia-Pacific RoW Total e - Estimated; p Projected Source: Related Research Publication, Government Publication, Company Press Release, Company Annual Report, Company Website, Company Publication, MarketsandMarkets Analysis The market for alginates used in food & beverage applications was dominated by the North American region, which accounted for % in The markets in the Asia-Pacific region and Europe accounted for % and %, respectively, in The market in the Asia-Pacific region is projected to grow at the highest CAGR of % from 2014 to With the lifestyles here becoming increasingly hectic, the consumption of natural alginate-based products is growing. 12

15 6 ALGINATES & DERIVATIVES MARKET, BY REGION 6.1 NORTH AMERICA U.S. TABLE 4 U.S.: ALGINATES & DERIVATIVES MARKET, BY TYPE, ($MILLION) Type e 2019-p CAGR% ( ) Sodium Alginate Calcium Alginate Potassium Alginate PGA *Others Total e - Estimated; p Projected *Others include ammonium alginate, magnesium alginate, zinc alginate, alginic acid, triethanolamine alginate, and value-added alginates Source: Related Research Publications, Government Publications, Company Press Releases, Company Annual Reports, Company Websites, Company Publications, and MarketsandMarkets Analysis Sodium alginate accounted for a market share of % of the total U,S, alginates market.the market in the U.S., by type, is dominated by the sodium alginate segment, which is projected to grow at a CAGR of % between 2014 and 2019, followed by calcium alginate, at a CAGR of %. The potassium alginate segment is projected to grow at a CAGR of % and is projected to reach $ million by

16 6.1.2 CANADA TABLE 5 CANADA: ALGINATES & DERIVATIVES MARKET SIZE, BY TYPE, ($MILLION) Type e 2019-p CAGR% ( ) Sodium Alginate Calcium Alginate Potassium Alginate PGA *Others Total e - Estimated; p Projected *Others include ammonium alginate, magnesium alginate, zinc alginate, alginic acid, triethanolamine alginate, and value-added alginates Source: Related Research Publications, Government Publications, Company Press Releases, Company Annual Reports, Company Websites, Company Publications, and MarketsandMarkets Analysis The Canadian alginates market is projected to grow at a CAGR of % from 2014, to reach $ million by The sodium alginate segment accounted for the largest share of % in the Canadian alginate market in The calcium alginate segment is projected to grow at the highest CAGR of % during the review period. 14

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