Global Alginates Market to Grow on Account of Increasing Demand for Pharmaceutical Ingredients in the Pharmaceutical Industry; Market to Touch USD 1222.5 Million by the end of 2031 and Grow with a CAGR of 4.63% During 2022-2031

Key Companies Covered in the Alginates Market Research Report Are Algaia, International Flavors & Fragrances Inc., Haiyang Zhouji Seaweed Co., Ltd., IRO Alginate Industry Co., Ltd., ZIBO WANGFEI SEAWEED TECH CO., LTD., FMC Corporation, QINGDAO GFURI SEAWEED INDUSTRIAL CO., LTD., SNP, Inc., Ashland Global Holdings Inc., KIMICA Corporation, Shandong Jiejing Group Corp., Marine Biopolymers Ltd., JRS Pharma LP, and other key market players.

New York, May 09, 2022 (GLOBE NEWSWIRE) — Every year 41 Million people are known to die due to non-communicable diseases (NCDs), according to the statistics by the World Health Organization (WHO). Moreover, the statistics also stated that 17.9 Million people are known to die annually as a result of cardiovascular diseases. The surge in concern for different types of chronic diseases worldwide has raised the consumption of pharmaceutical drugs. For instance, according to the statistics by the Centers for Disease Control and Prevention (CDC), the percentage of the population who had at least one prescription drug in the past 30 days in the United States grew from 39.1% during the period 1988-1994 to 45.7% during the period 2015-2018.

Research Nester has released a report titled “Global Alginates Market” which is studied for the forecast period, i.e., 2022-2031. The market research report includes the product portfolio analysis of the key market players operating in the market, and further covers the impact of COVID-19 on the market growth in the coming years. In addition to this, the report also covers a detailed analysis of the market dynamics, which includes the growth factors, recent trends, market opportunities, and the challenges that are associated with the growth of the market during the forecast period.

The demand for different types of pharmaceutical drugs is increasing significantly around the globe. In the other statistics by the CDC, the number of drugs provided or prescribed during a physician visit in the United States in the year 2018 was recorded to be 860.4 Million, while the number of drugs given or prescribed during a hospital emergency department visit in the same year was recorded to be 336 Million. With the rising demand for different types of pharmaceutical drugs, there is a growing need amongst the pharmaceutical manufacturers for different types of pharmaceutical ingredients, which is expected to drive the demand for alginates. In the pharmaceutical industry, alginates are used in combination with bicarbonate to inhibit gastroesophageal reflux. Moreover, sodium alginate is used as an impression-making material for prosthetics, dentistry, and lifecasting among others. The global alginates market registered a revenue of USD 784.6 Million in the year 2021 and is further expected to touch USD 1222.5 Million by the end of 2031, by growing with a CAGR of 4.63% during the forecast period.

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The growth of the global alginates market can also be attributed to the growing population around the globe and therefore the rising demand for different types of fruits and vegetables. With the growing production of fruits and vegetables, which according to the statistics by the Food and Agriculture Organization of the United Nations (FAO) grew from 0.57 Billion Tonnes and 0.68 Billion Tonnes in the year 2000 to 0.88 Billion Tonnes and 1.13 Billion Tonnes in the year 2019, the trade of these products has also witnessed massive growth. However, one of the major concerns that lie with the transportation of these perishable goods is that during the transportation process, a major chunk of these goods is contaminated by bacteria and viruses, thereby spoiling the food products. Alginates are used widely to coat fruits and vegetables for microbial or viral protection. Besides this, the chemical compound is also used as a thickening, gelling, emulsifying agent and in stabilizing food products in food factories.

“The Final Report will cover the impact analysis of COVID-19 on this industry.”

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The global alginates market is segmented by region into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Amongst the market in these countries, the market in North America registered the largest revenue of USD 303.0 Million in the year 2021 and is further projected to touch USD 479.6 Million by the end of 2031. The growth of the market in the region can majorly be attributed to the presence of several pharmaceutical manufacturers in the region, increasing expenditure on health, and the rising awareness amongst individuals for the consumption of healthy fruits and vegetables. According to the statistics by the World Bank, the current health expenditure as a share of GDP in North America touched 16.322% in the year 2019, up from 15.504% in the year 2013. The market in the region is further segmented by country into the United States and Canada. Out of the market in these countries, the market in the United States is projected to garner the highest market share by the end of 2031, while the market in Canada is anticipated to grow with the highest CAGR of 5.42% during the forecast period.

On the other hand, the alginates market in Europe generated the second-largest revenue of USD 215.5 Million in the year 2021 and is further projected to touch USD 325.1 Million in the year 2031. The market in the nation is further segmented by country into the United Kingdom, Germany, Italy, France, Spain, Russia, Netherlands, and the Rest of Europe. Amongst the market in these countries, the market in Spain is projected to garner the second-largest revenue of USD 45.1 Million by the end of 2031, up from a revenue of USD 29.0 Million in the year 2021. Additionally, the market in Germany is projected to grow with the highest CAGR of 6.21% during the forecast period.

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The study further incorporates Y-O-Y Growth, demand & supply and forecast future opportunity in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).

The global alginates market is segmented by product into food grade, pharmaceutical grade, technical grade, and feed grade alginates. Amongst these segments, the pharmaceutical grade alginate segment registered the largest revenue of USD 332.7 Million in the year 2021 and is further projected to touch USD 513.3 Million by the end of 2031. In North America, the segment is projected to touch USD 201.1 Million by the end of 2031, up from a revenue of USD 129.2 Million in the year 2021. Additionally, in Europe, the segment is projected to reach the largest revenue of USD 136.1 Million by the end of 2031, up from a revenue of USD 90.4 Million in the year 2021.

The global alginates market is further segmented on the basis of application into food additives, pharmaceutical & medical devices, paper & pulp, personal care & cosmetics, textile, animal feeds, and others. Amongst these segments, the pharmaceutical & medical devices segment generated the largest revenue of USD 297.9 Million in the year 2021 and is further expected to reach USD 482.3 Million by the end of 2031. In North America, the segment is projected to reach the largest revenue of USD 188.5 Million by the end of 2031, up from a revenue of USD 114.4 Million in the year 2021. Additionally, in Europe, the segment is anticipated to touch the largest revenue of USD 129.6 Million by the end of 2031, up from a revenue of USD 82.2 Million in the year 2021.

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Some of the prominent industry leaders in the global alginates market that are included in our report are Algaia, International Flavors & Fragrances Inc., Haiyang Zhouji Seaweed Co., Ltd., IRO Alginate Industry Co., Ltd., ZIBO WANGFEI SEAWEED TECH CO., LTD., FMC Corporation, QINGDAO GFURI SEAWEED INDUSTRIAL CO., LTD., SNP, Inc., Ashland Global Holdings Inc., KIMICA Corporation, Shandong Jiejing Group Corp., Marine Biopolymers Ltd., JRS Pharma LP, and others.

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