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.
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The market is expected to earn revenues worth USD 1,581.89 million while developing at an 8.56 percent CAGR in the duration of the forecast period from 2018 to 2023. The fruit pectin market is observing tremendous growth owing to rising demand for gelling agents in food products such as jellies and jams. Additionally, enhancements in the manufacturing capacity of fruit pectin by major key players are supporting the food & beverages industry’s growth. Apart from that, growing consumer inclination towards the plant-derived natural products is anticipated to fuel the sales of fruit pectin at the global level. The inclination of the younger generation towards functional drinks due to increased importance being placed on fitness may positively drive the market growth in the future. Many manufacturers in the personal care & cosmetics are also considering to launch organic products as an alternative to synthetic cosmetics & personal care products, this has created a lucrative opportunity for the fruit pectin market. Increasing demand for low-calorie and low-fat food products from consumers has uplifted the consumption of pectin from food manufacturers. Also, pectin is considered an essential food preservative due to which the market is likely to witness a considerable surge. Furthermore, the growing demand for fruit pectin in pharmaceutical products owing to its film-forming and water-binding properties is likely to uplift the global fruit pectin market over the review period.
Mounting health mindfulness among consumers for functional foods is anticipated to be one of the key factors motivating the demand for fruit pectin over the forecast period. In addition, multi-functionality of fruit pectin in diverse dairy and functional foods is expected to grow their applications in the food industry, thus promoting the growth of fruit pectin market.
Segmental Analysis
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.
Detailed 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.
Competitive Analysis
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).
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