DUBLIN, Dec 1, 2016 /PRNewswire/ -- Research and Markets has announced the addition of the "Global Hydrocolloid Market 2016-2020" report to their offering.
The report forecasts the global hydrocolloid market to grow at a CAGR of 10.16% during the period 2016-2020. The report has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market. One of latest trends in the market is increasing demand for functional food. Functional foods and drinks aim at improving health conditions. With higher disposable income and increasing awareness, primarily in the developing and developed regions, the demand for functional food is expected to grow during the forecast period. The use of hydrocolloids in functional food helps in reducing incidences of diabetes, obesity, and several other diseases. Thus, hydrocolloids are used in several functional food and beverages. According to the report, one of the primary drivers in the market is increasing demand for convenience food. Convenience food or processed food is commercially prepared food that requires minimum or no further preparation in order to be consumed. This category includes packaged food or meals, canned food, frozen food, preserved food, and instant products. This category of food is called convenience food because it is easy to consume, portion-packed, time saving, has convenient packaging, and is freeze or thaw stable. With technological advancement in the packaging industry, the range of convenience has also expanded from frozen, chilled, shelf-stable, portion-ability, microwave-ability, prepared-mixes and others. Further, the report states that one major challenge in the market is complexity in raw material sourcing. The major ingredients and raw materials used in hydrocolloids are mostly sourced from third-party suppliers. This increases the risk of contamination due to improper handling as hydrocolloids are mainly used in the food and beverage industry. Hydrocolloids are mostly obtained from plants, animals, and seaweeds. It is a challenging task for the vendors to obtain best-quality and naturally derived raw materials. Also, the process of collecting and processing hydrocolloids, especially from seaweeds is a complex task. As a result, there is scarcity of raw materials in the market, which is expected to increase the price of hydrocolloids, affecting the financial performance of the vendors.