In terms of volume, beverages segment is expected to increase 1.5X over the forecast period
In 2016, the beverages segment was estimated to be valued a little more than US$ 80 Mn, which is expected to increase at a CAGR of 4.8% over the forecast period to reach more than US$ 100 Mn by the end of 2021. The segment is expected to be valued a little over US$ 130 Mn by the end of 2026. The beverages segment is anticipated to record absolute $ opportunity of US$ 3.6 Mn in 2017 over 2016 and incremental $ opportunity of US$ 53.6 Mn between 2015 and 2026.
Increasing health awareness among consumers likely to drive the demand for low-fat food and beverages
As a functional food ingredient, gum hydrocolloids such as pectin, xanthan gum, guar gum, gellan gum, gelatin, etc. are added to provide stability and increase the viscosity of edible and drinkable products. The adhesive properties of hydrocolloids enable food products to naturally congeal the constituent ingredients. Growing consumption of processed food products is also expected to fuel demand for gum hydrocolloids, which will simultaneously drive demand for pectin in the beverages segment of the global pectin market.
Increasing consumer inclination towards maintaining a healthy lifestyle has led to higher consumption of food and food ingredients with potential health benefits. Of late, consumers have become more conscious about their diet. For instance, a large number of the adult population across the globe is showing greater awareness of the quality, effectiveness and safety of sports drinks, low-fat food and beverages, functional food, and dietary supplements leading to increased consumption. This in turn is anticipated to boost overall growth of the beverages segment in the global pectin market to a certain extent over the forecast period. Food manufacturers are focussed on developing novel ingredients that have the capacity to reduce and control obesity, thus resulting in consumers making healthier choices with regard to food and beverages products without affecting flavour and taste, which is creating robust development in the beverages segment of the global pectin segment.
Increasing demand for packaged and convenience food and beverages is driving the growth of the beverages segment in the global pectin market to a significant extent. Pectin is used as an ingredient in various processed and convenience beverage products such as non-alcoholic drinks and ready-to-drink products. Demand for such beverages is increasing owing to busy lifestyle and changing eating patterns among consumers in the global market. The impact of these factors is high currently and is expected to remain high for the next few years.
Beverages segment in the MEA pectin market is projected to witness robust growth during the forecast period
Expansion of the beverages industry in North America is expected to contribute significantly to the increasing demand for pectin in the North America pectin market. Being a stabiliser, pectin has found wide usage in enhancing the pulp stability in juice based drinks. The beverages segment is expected to account for a revenue share of more than 10% in 2026 in the North America pectin market, registering a CAGR of 3.9% during the forecast period. Pectin is a high-value functional ingredient used as a gelling agent and stabiliser in beverages. Demand for pectin by beverage manufacturers for the stabilisation of low-pH dairy drinks, fermented beverages, fruit juices etc. is expected to gain significant traction over the forecast period in the North America pectin market. The beverages segment in the APEJ pectin market was estimated to be valued at more than US$ 10 Mn by 2016 end and is expected to expand at a value CAGR of 5.3% over the forecast period.
The MEA region has witnessed a strong transition from consumers switching towards healthier beverage options to support a healthy lifestyle. As a result, beverage manufacturers in the region are increasingly focussing on developing healthful drinks, while ensuring that all primary virtues of naturalness and hydration of beverages are maintained. This is anticipated to boost the demand for and consumption of pectin in the beverages industry in the MEA pectin market. The beverages segment in the MEA pectin market is anticipated to be valued at more than US$ 15 Mn by 2026 end, registering a CAGR of 6.5% in terms of value.
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