Market Overview
Pectin is a naturally occurring substance which is known as a polyscaccaride and is found in berries, apples and other fruit. Pectin is most commonly used in medicines, dessert fillings, sweets and as a stabilizer in milk drinks & fruit juices. Fruit pectin also acts as a source of dietary fiber in the food products that it is added into. It acts as a solidifying agent in jams and jellies conventionally but it is also used in bakery products. Oranges and apples are found to contain the most pectin, and the pectin from both fruits is used commercially to thicken many diverse types of products. The escalation in food & beverage products consumption in addition to the growing demand for natural thickening, stabilizing, and gelling agents in the developing economies are estimated to be the chief factors for the escalating growth of global fruit pectin market during the forecast period.
Competitive Landscape
The competitors in the market account for the main share in the fruit pectin market globally. The well-known players have been observed following certain strategies to maintain their consumer base to contend with the new players entering in the fruit pectin market. Other noteworthy companies in the market are concentrating on the development of their geographical presence and customer base through improvisation in production capacity. Moreover, the companies are also initiating strategic new product launches to capture and modify their market share. Cargill, Inc. (U.S.), CP Kelco U.S., Inc. (U.S.), Yantai Andre Pectin Co. Ltd. (China), Obipektin AG (Switzerland), Ceamsa (Spanish Company of Algas Marinas SA) (Spain), Pacific Pectin, Inc. (U.S.), DowDuPont, Inc. (U.S.), Silvateam S.p.A (Italy), Herbstreith & Fox (Germany), and Krishna Pectins Pvt Ltd (India)
Market Segmentation
The fruit pectin market globally is segmented on the basis of function, form and application. On the basis of form, the market is segmented into liquid pectin and dry pectin. Among the form segment, the dry fruit pectin segment is estimated to maintain its dominant position all through the forecast period. However, the liquid form of pectin segment is anticipated to register a healthy CAGR of 8.73 percent during the given period owing to the surge in the demand of liquid form in food and beverage industry. The application based segment of the market comprises of personal care & cosmetics, foods & beverages, pharmaceuticals and others. Among the application segment of the fruit pectin market, the foods & beverages segment is accredited for approximately 47 percent of the market share followed by the cosmetics and personal care segment accounting for 28 percent of the fruit pectin market globally. By Function, the segment is segmented into stabilizer, thickener, gelling agent and others. Based on the function, the thickener segment is controlling the market with almost 36.29 percent market share.
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Regional Analysis
The fruit pectin market is segmented into Europe, Asia Pacific, North America, and Rest of the world. Among these segments in the market, the European region is estimated to maintain its dominance through the forecast period due to the strong economic development and growing consumption of fruit pectin. The European region is projected to touch USD 520.44 million in revenue by 2023 while growing at a CAGR of 8.20 percent in the forecast period. This is attributed to the high consumption of fruit pectin in this region. However, the Asia Pacific region comprising of countries such as India, Japan, China, and Southeast Asia is estimated to be the most rapidly growing region with CAGR of 9.42 percent throughout the forecast period from 2018 to 2023.
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