The Middle East and Africa Alginate market size witnessed significant growth in the past and is expected to grow at a CAGR of 4.4% during the forecast period (2023-2031).
Alginate is a polysaccharide that occurs naturally in certain species of brown algae. As a hydrocolloid, alginate is utilized in numerous industries, including the pharmaceutical and agricultural sectors. Alginates are composed of two types of uronic acid, also known as alginic acids. Due to its thickening, casting, and stabilizing properties, alginate is the most compatible and optimal component for numerous industries. Alginate is extensively available in powder and granule form, facilitating its casting and thickening. Other uses for alginates include wound healing and the treatment of various infections. Alginate is employed in various pharmaceutical products, such as capsules, pills, and suppositories. Alginate is used in various medical items, such as contact lenses, surgical implants, and bandages for open wounds.
African nations, which have a large population but a small market, demonstrate tremendous market potential. Africa currently has little influence on pharmaceutical sales because South Africa, Egypt, Algeria, and Nigeria are the only nations in the continent where the pharmaceutical market is valued at more than USD 1 billion. However, with sub-Saharan Africa's economic growth in the years to come, this massive continent will have enormous long-term potential. Alginate will benefit from expanding the pharmaceutical business by having more market opportunities.
The weather in the major seaweed-harvesting economies has a big impact on market products as well. Weather disruptions like El Nino have an impact on the production volume as well. The alginate market is highly dependent on seaweed production, which is projected to limit market growth throughout the forecast period.
Environmental concerns have been raised as a result of an increase in seaweed production from aquaculture and increased seaweed harvesting results from high demand for seaweed among producers of carrageenan, agar-agar, and alginate, which upsets the ecological balance. Seaweed growth is predicted to be limited due to worries about the detrimental effects of unsustainable farming, which is anticipated to increase pressure on the alginate market in the upcoming years.
Due to the increased incidence of cardiovascular disease, obesity, and gastroesophageal reflux disease (GERD), the Middle East and African alginate industry offers substantial prospects. A prospective market in the Middle East and Africa is alginate, a natural polysaccharide from brown seaweed with numerous uses in the food, pharmaceutical, and healthcare sectors.
Cardiovascular disease affects almost 10% of the population in the Middle East and Africa. As a result, the prevalence of GERD and obesity has significantly increased. Sedentary behavior has been connected to the region's high disease prevalence. The alginate market is anticipated to grow due to the prevalence of these disorders in nations like Kuwait and Egypt.
The Middle East and Africa Alginate market is segmented based on Product, Type, Application, and country.
Based on Product, the Middle East and Africa market is further segmented by Sodium Alginate, Calcium Alginate, Potassium Alginate, Propylene Glycol Alginate, and others.
Propylene Glycol Alginate dominated the market and is expected to register a CAGR of 5.1% over the forecasted period.
Based on Type, the Middle East and Africa market is segmented by High M and High G.
High G dominated the market and is expected to register a CAGR of 3.9% over the forecasted period.
Based on Application, the Middle East and Africa market is segmented by Food and Beverages, Pharmaceuticals, Industrial, and Others.
Industrial dominated the market and is expected to register a CAGR of 3.9% over the forecasted period.
The Middle East and Africa market is segmented by country into South Africa, Saudi Arabia, and the Rest of the Middle East and Africa. The rest of the Middle East and Africa dominates the country market and is expected to grow at a CAGR of 4.2% during the forecast period.
The world's largest producer of crude oil is the Middle East and Africa region. A few powerful nations in the area, including Saudi Arabia, Kuwait, Oman, Bahrain, Libya, Iraq, Angola, and Iran, primarily rely on oil exports. But the current drop in oil prices—caused by the COVID-19 pandemic's impact on demand—is anticipated to have a detrimental effect on these nations' economies. During the forecast period, it is anticipated that many end-use markets, including the industrial, textile, personal care, and other industrial application sectors, will have sluggish growth. Furthermore, it is anticipated that restrictions on export and import and the suspension of production of several non-essential commodities will hinder market expansion in the area.
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