New York, June 01, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Pectin Global Market Report 2023" - https://www.reportlinker.com/p06464218/?utm_source=GNW
, Ingredion Incorporated, International Flavors and Fragrances Inc., FMC Corporation, Yantai Andre Pectin Co. Ltd, Tate & Lyle LLC, Danisco A/S, Yantai and Andre Pectin Co. Ltd.
The global pectin market is expected to grow from $1.12 billion in 2022 to $1.20 billion in 2023 at a compound annual growth rate (CAGR) of 7.0%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The pectin market is expected to reach $1.54 billion in 2027 at a CAGR of 6.3%.
The pectin market consists of sales modified pectin, low methoxyl pectin, high methoxyl pectin, and amidated pectin Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
Pectin refers to a soluble fiber that can be extracted from the cell walls of fruits by boiling and then cooling with an acid, such as lemon juice or citric acid. It is commonly used as a gelling agent in food products, particularly in the production of jams, jellies, and other fruit preserves.
Europe was the largest region in the pectin market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in pectin report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of pectin available are high methoxyl pectin and low methoxyl pectin.High-methyl pectin refers to a type of pectin that is widely used in the food industry as a gelling agent, stabilizer, and thickener.
It is widely used as a thickener, stabilizer, gelling agent, fat replacer, and for other functions.It is made up of raw materials such as citrus fruit, apples, and sugar beet, and is available through direct and indirect distribution channels.
It is mostly used in food and beverages, pharmaceuticals, bakery products, dairy products, and others.
The increasing consumption of food and beverages is expected to propel the growth of the pectin market going forward.Food and beverage refer to cooked or processed edible substances that are used for human consumption, and pectin is often included in foods and beverages as it helps to prevent spikes in blood sugar levels and manage digestive health.
Additionally, food and beverage consumption are also increasing due to rising disposable incomes, urbanization, and changing lifestyles. For instance, in 2021, according to the Food and Drink Federation (FDF), a UK-based organization for food and beverage manufacturers, the food and drink industry contributed $37.3 billion (£30 billion) to the UK economy, which is 4.2% higher than the previous year and has a turnover of more than $139.27 billion (£112 billion) and accounts for 20% of total UK manufacturing. Therefore, the increasing consumption of food and beverages will drive the pectin market.
Product innovation is a key trend gaining popularity in the pectin market.Major market players are concentrating their efforts on creating innovative packaging technologies to strengthen their position in the market.
For instance, in October 2021, CP Kelco US Inc., a US-based company in nature-based ingredients announced the launch of a unique product called GENU Pectin YM-SAL 200, an improved stabilizing solution for a long shelf-life. It is a clean-label additive that gives fruit-drinking yogurt some viscosity and acts as a stabilizer with improved stability and shelf life, making it more suitable for certain applications. The unique characteristic of GENU Pectin is that it is sustainably obtained and manufactured from citrus peels, a byproduct of juice processing.
In September 2020, Herbstreith & Fox GmbH, a Germany-based producer of pectin, acquired Givaudan SA for an undisclosed amount.This acquisition will allow Herbstreith & Fox to develop further in its key markets across Europe, and North Africa, and to build a robust network of sites across Germany, Poland, and Switzerland while providing the best levels of service and dependability to its clients.
Givaudan SA is a Switzerland-based producer of pectin.
The countries covered in the pectin market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The pectin market research report is one of a series of new reports that provides pectin market statistics, including pectin industry global market size, regional shares, competitors with a pectin market share, detailed pectin market segments, market trends and opportunities, and any further data you may need to thrive in the pectin industry. This pectin market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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