The Asia Pacific Alginates Market was worth $64.22 million in 2022 and estimated to be growing at a CAGR of 3.71%, to reach $77.05 million by 2028. The market is showcasing moderate potential in the mentioned forecasting period. The market continues to gain momentum due to the growing demand for improving food textures. Diverse uses of alginate such as in textile printing, immobilizing biocatalysts, pharmaceutical products, welding rods coatings, paper manufacturing and binders for fish feeds and releasing agents is likely to push growth of alginate market over the forecast period. Moreover, increase in consumption of processed convenience food products is likely to be the reason for growth of Asia-Pacific alginate market over the given forecast period.
The industrial textile sector is dominating the demand for alginate over the years. In the industrial textile sector, alginates are mostly used as thickeners for dye. In food and beverage industry, alginate is mostly used in ice-creams and sauces, acting in the form of a stabilizing and thickening agent. Also, it is being used as a separating agent in oil water emulsions and as a softening agent for bakery items. In terms of application, food and beverage industry is witnessing substantial growth in the alginate market.
Market drivers which are majorly influencing the demand of alginate is coming from the food and beverage manufacturers for its thickening, gelling, stabilizing and emulsifying properties. Reason for its rising demand in F&B industry is pertaining to its extraction from natural seaweeds, as it is considered to be the safest food additive in food industry and also certified by FAO and WHO. In addition, there is also an increased demand from textile industry for its use in designing, printing and dyeing on cotton and jute fabrics.
The Asia Pacific market for Alginates is broadly categorized by Type (Calcium Alginate, Sodium Alginate, Potassium Alginate, PGA, Others) and by Application (Industrial, Food & Beverage, Pharmaceuticals, Others). Sodium alginate has lots of application in food and textile printing industry and it is expected that it fuels the market growth of alginate over the forecast period. Also, Primary demand of alginate in Asia-Pacific market accounts from food and paper, beverage and textile industry. In food and beverage industry, demand of alginate is increasing due its higher demand in preparing products such as jellies, salads, ice cream, alcoholic drinks, lactic drinks etc.
Geographically the Asia Pacific Alginates Market is segmented into India, Japan, China, Australia, Singapore, Malaysia, South Korea, New Zealand, and Southeast Asia. As per the alginate production, major producing region is China and it contributes majority of market share in Asia-Pacific level market. In terms of value, it is expected that China and India account for major share in terms of value and also as a lucrative market in near future.
Key Players in the Market:
Major key Players in the APAC Alginates Market are
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