The North American alginate market witnessed significant growth and is expected to grow at a CAGR of about 3.6% 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.
The food and beverage industry consumes over 40% of the overall demand for alginate. Salad dressings, ice cream, and yogurt are alginate foods and beverages. 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.
Alginate is primarily employed as an emulsifier, a thickening agent, and a gelling agent in the food sector. Alginate has a high demand in the food business because of its rising acceptance and the utilization of naturally occurring raw ingredients in its manufacturing. The product is used to make confectionery, bread goods, and sauces.
In 2020, the U.S. and Canada bakery market was worth USD 33.9 billion; by 2028, it is anticipated to be worth USD 40.7 billion. In Canada, the market for baked goods was estimated to be worth USD 10.6 billion in 2020 and USD 12.8 billion by 2028. In the upcoming years, the baking business is anticipated to benefit from the U.S.'s widespread use of bread as a staple food.
The main source of alginate is seaweed, and the availability of nutrients, water quality, and weather all impact how much is produced. The supply of alginate may change because of this production instability, which may affect alginate product prices.
In addition to the erratic production of seaweed, pectin, and guar gum are two more biopolymers that compete for market share in North America. These biopolymers can be employed in various applications and are frequently less expensive than alginate.
Alginate provides many health advantages, including GERD symptom relief, weight loss, and defense against cardiovascular and neurological conditions. It has immunomodulatory, anti-tumor, antioxidant, anti-microbial, and anti-inflammatory effects. It also provides a considerable amount of dietary fiber. Alginate forms a physical gel barrier that shields the upper part of the stomach, making it more effective than antacids. It also lowers cholesterol levels, which lowers the risk of developing cardiovascular disease.
The largest pharmaceutical market in the world is in the United States. The availability of advanced medical infrastructure, an increase in the general population's disposable income, a rise in health expenditures, and intense research and development have all contributed to the industry's expansion.
Nine hundred twenty-eight thousand seven hundred forty-one deaths from cardiovascular disease were reported in the US in 2020. In the United States, it is the main cause of death.
The ailment known as GERD (gastroesophageal reflux disease) affects 20% of people in the United States. Similarly to this, one in six adults in Canada has GERD.
The North American alginate market is segmented based on Product, Type, Application, and country.
Based on Product, the North American 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 3.2% over the forecasted period.
Based on Type, the North American market is segmented by High M and High G.
High G dominated the market and is expected to register a CAGR of 3.1% over the forecasted period.
Based on Application, the North American market is segmented by Food and Beverages, Pharmaceuticals, Industrial, and Others.
Industrial dominated the market and is expected to register a CAGR of 3.1% over the forecasted period.
The North American alginate market is segmented by country into the U.S. and Canada. The U.S. dominates the country market and is expected to grow at a CAGR of 3.6% during the forecast period.
Due to the COVID-19 epidemic, the economies had little cross-border trade. Hence the alginate market in North America is predicted to increase slowly. In recent years, the region's highly developed food and beverage and pharmaceutical industries have dominated the alginate market.
One of the key factors affecting the U.S. market is the rising per capita healthcare spending, which takes the form of health insurance. Over the forecast period, the market is anticipated to be driven by the region's growing demand for convenience meals. The market also gains from the presence of numerous international food manufacturing and processing firms, which leads to a growth in the demand for alginates.
Alginates have a significant market in the U.S. due to the substantial product penetration in the pharmaceutical application industries. The country's wound care market is comparatively developed and distinguished by significantly using cutting-edge products, such as alginates. Over the forecast period, the market is also expected to be driven using sodium and calcium alginate fibers for wound care.
Over the next eight years, the recovery of the U.S. pharmaceutical industry due to rising healthcare spending is anticipated to affect the alginate market's growth positively. Despite the existence of other options, alginates are mostly used in the pharmaceutical industry for the creation of controlled-release medications.
The growing product consumption in the food and beverage industry is anticipated to fuel the need for alginates in Canada. The market is anticipated to be driven by the demand for the product of flavored drinks, including fruit juices and ready-to-drink beverages. The existence of significant producers like Kraft Foods, Inc., General Mills, Inc., and Anheuser-Busch InBev is also anticipated to be a driving force in the industry. In addition, it is projected that a large percentage of the economy's consumers will adopt the product, driving up demand.
High product prices are expected to impede the economic expansion of High G and High M alginates. However, significant food and beverage producers in the area prioritize product quality, which accounts for a rise in product demand. Over the projection period, the product's better thickening and stabilization are also anticipated to drive the market.
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