Latin America Alginates Market was worth $18.22 million in 2022 and estimated to be growing at a CAGR of 3.67%, to reach $21.81 million by 2028.
The market continues to gain a steady momentum owing to the demand for improving food textures. Additionally, uses of alginate such as in textile printing, immobilizing biocatalysts, pharmaceutical products, welding rods coatings, releasing agents, paper manufacturing and binders for fish feeds is likely to fuel the growth of alginate market over the forecast period. Also, increase in consumption of processed convenience food products is expected to push growth of Latin America alginate market over the forecast period.
The industrial textile has been the dominating sector for the demand of alginate over the last few years. Alginates are generally used as thickeners for the paste containing dye, in the industrial textile sector. In food and beverage industry, mostly the use of alginates comes in sauces and ice-creams, acting in the form of a thickening and stabilizing agent. Also, it is used as a separating agent in water oil emulsions and as a softening agent for bakery applications. Applications wise, food and beverage industry is expected to witness substantial growth in the alginate market.
Some Latin America Alginates Market drivers which are inducing the demand of alginate is coming from the food and beverage manufacturers for its thickening, gelling, stabilizing and emulsifying properties. Reason behind its rising demand in F&B industry is pertaining to its natural source: seaweeds, which is generally considered to be the safest food additive in food industry and also certified by FAO and WHO. Additionally, there is also an increased demand from textile industry primarily for its use in designing, printing, and dyeing on cotton and jute fabrics.
The Latin America Alginates Market is categorized by Type (Potassium Alginate, PGA, Sodium Alginate, Calcium Alginate, Others) and by Application (Industrial, Pharmaceuticals, Food & Beverage, Others). Sodium alginate has many applications in food and textile printing industry and due to which it is expected that it will fuel the market growth of alginate over the given period. Moreover, the demand of alginate in Latin America market is primarily accounted from paper, textile and food and beverage industry. In food and beverage industry, demand of alginate is increasing as it has high demand in preparing products such as jellies, salads, ice cream, alcoholic drinks, lactic drinks etc.
Geographically the Latin America Alginates Market is segmented into Brazil, Mexico, Argentina, Chile and Rest of Latin America. As per the alginate production, major producing regions is Mexico and contributes majority of market share in Latin America market. In terms of value, it is expected that Mexico and Brazil account for major share in terms of value and also as lucrative markets in near future.
Key Players in the Market:
Major Key Players in the Latin America Alginates Market are
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