The global Pectin market was valued at US$ 776.6 million in 2020, according to Pectin Market Report, by Product Type (High methoxyl pectin, Low methoxyl pectin) by Application (Jams & Jellies, Beverages, Bakery Fillings & Toppings, Dairy Products & Frozen Desserts, Confectionery, Meat & Poultry Products, Dietary Supplements, Functional Food, Pharmaceutical, Personal Care & Cosmetics, Others (Detergents)), and by Region (North America, Latin America, Europe, Asia-Pacific, Middle East & Africa), published by Coherent Market Insights.
The global pectin market was valued at US$ 776.6 billion in terms of revenue in 2020 and is predicted to grow at a CAGR of 4.6% during the forecast period (2021 to 2027). Pectin is a naturally occurring substance that is basically present in the cell wall of the plant. It is majorly present in fruits such as oranges and apples. Beverages, functional food, jams & jellies, dairy products & frozen desserts, bakery toppings, meat & poultry products, confectionery, dietary supplements, pharmaceutical, and personal care & cosmetics are some of the key application of the pectin.
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Browse 50 market data tables* and 45 figures* on "Pectin Market” - Global Forecast to 2027.
Key Trends and Analysis of the Pectin Market:
- The growing use of pectin and modified starch ingredients as a gelling, stabilizing, and emulsifying agent in food products is one of the emerging trends. For instance, certain dairy product manufacturers such as Stonyfield Farm, Inc. and Sunnyside Dairy Farms Ltd. are using pectin as a gelling and emulsifying agent in the manufacturing of juice drinks, yogurts, and stabilization of acid dairy products. Thus, increasing demand for dairy product is projected to foster market growth.
- Increasing production capacity by key players in order to cater to growing demand is one of the emerging trends. This growing trend will favor the market growth in the near future. For instance, in September 2019, CP Kelco, a provider of nature-based ingredient solutions, announced the expansion of pectin production capacity by about 15 percent at its Lille Skensved, Denmark, and facility in response to the continued global demand for the product. Thus, the increasing focus of the manufacturer on expanding the production capacity of the pectin is expected to favor the market growth.
- The growing demand for personal care products is creating lucrative opportunities for the pectin market. Pectin is widely used in the manufacturing of various skin care products owing to its antioxidant properties. The growing population coupled with rising hygiene awareness is significantly increasing the sale of personal care products. Revenue sales of personal care products and ingredients are estimated to increase substantially in emerging countries such as India, Southeast Asia, China, and Japan in the near future
- The processing technique for deriving pectin from plants is relatively complex. Processing of pectin undergoes several stages before finally reaching the packaging process. This factor is expected to hinder the market growth of the pectin over the forecast period
- On the basis of application type, Jams & Jellies dominated the global Pectin market in 2020 with around 17.6% of market share in terms of revenue, followed by Beverages and others respectively. due to its widespread use in the confectionery sector.
- Key players are operating in the global Pectin market are CP Kelco, Cargill, Incorporated, DuPont | Danisco, Herbstreith & Fox, Yantai Andre Pectin Co., Ltd, Naturex group, Silvateam Food Ingredients, CEAMSA and Lucid Colloids Ltd.
- These players are constantly engaged in mergers and acquisitions to gain competitive advantage over other players. For instance, In September 2019, CP Kelco, a provider of nature-based ingredient solutions, announced the expansion of pectin production capacity by about 15 percent at its Lille Skensved, Denmark, and facility in response to the continued global demand for the product.
Global Pectin Market - Impact of Coronavirus (Covid-19) Pandemic
- The ongoing COVID-19 epidemic has had some influence on the worldwide pectin industry. This is due to the implementation of a lockdown and travel ban, which resulted in the seizure of all industrial activity. However, several businesses, such as pharmaceuticals, functional foods, dairy products, and frozen sweets, have seen a rise in demand as necessity foods. Similarly, due to increased consumer awareness of dietary choices, the food industry is predicted to alter in 2021. The market for these products and their constituents is being driven by a desire for sustainable, regenerative, plant-based diets, as well as a demand for foods and beverages containing immunity-boosting substances.