Latin America Hydrocolloids Market was worth USD 0.61 billion in 2016 and estimated to be growing at a CAGR of 6.52%, to reach USD 0.84 billion by 2021.
A hydrocolloid is defined as a colloid system where the colloid particles consist of hydrophilic polymers dispersed in water. A hydrocolloid has colloid particles spread throughout water, and depending on the quantity of water available that can take place in different states, it is classified as a gel or sol (liquid).
Hydrocolloids can be classified as either irreversible or reversible depending on the nature of their transformation when in contact with solvents.
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Hydrocolloids have the unique property of forming viscous liquids or gels when they come in contact with water.
The main sources of the same are polymers from animals, microbes, plants and synthetics. They are also extensively used in food and beverages products.
Seaweed and plant exudates are the major commercial sources of hydrocolloids. Some common examples of the category are gelatin, xanthan gum, locust bean gum, Arabic gum, guar gum, AGAR, pectin and carboxymethyl cellulose.
The main driver of the Latin America Hydrocolloids market is the increased interest shown in Research & Development and innovations in hydrocolloids. This combined with the rising demand of natural hydrocolloids, the increase in demand for processed food, the health concerns among increasingly aware consumers and change in customer preference towards low fat food are some the main drivers for the hydrocolloids market.
Hydrocolloids are also finding applications in various beverages leading to a further uptick in demand for the same. As for the restraints, the main put-off for the market is disparities between the supply and demand.
The market is also affected by seasonal changes, which lead to a volatility in the pricing of raw materials leading to an increase in expense for the manufacturers. Overall the market is driven by more factors than it is restrained and is expected to have a huge potential for growth.
The Latin America Hydrocolloids market is broadly classified into Gelatin, Starch, Xanthan Gum, Carrageenan, Alginate, Pectin, Agar, Galactomannans and Others based on type, based on Source into Natural Sources such as Plants, Animals, Microbial, Seaweed and Synthetic Source. On the basis of function, they are classified as Stabilizer, Emulsifier, Jellying Agent, Fat Replacer, Coating Agents and Others and based on application into Dairy & Frozen Products, Bakery, Meat, Poultry & Seafood, Beverages, Confectionary, Oils & Fats and Others.
Based on geography, the Latin America market is analyzed under Argentina, Brazil, Mexico and rest of Latin America. The Latin America region is the second fastest growing region with its CAGR only behind Asia Pacific.
Although the market share of the region is quite low, the very healthy growth rate is promising for the future years and the region will turn out to be one the major global markets in coming years.
Some of the major companies dominating the market, by their products include CP Kelco, Cargill Inc., Ashland Inc., Ingredion, Tic Gums Inc., Darling Ingredients, Kerry Group, Hawkins Watts, DuPont, and Royal DSM
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