The Latin America, Middle East and Africa Gelatin Substitutes Market would witness market growth of 8.2% CAGR during the forecast period (2022-2028).
The adoption of vegetarian and vegan diets by more people and the expanding usage of these goods in various industries, including food and beverage, cosmetics, pharmaceuticals, and nutraceuticals, are the key factors fueling the market's growth. In addition, some key trends anticipated to drive the market growth include rising demand for pouch packaging, increasing consumption of agar-agar and starches, and growing desire for flavored and powdered gelatin alternatives.
Food products like marshmallows, jellies, custard, glazes, jams, cakes, gummy bears, flan, frosting, fruit syrups, and baking dough are among those that frequently incorporate gelatin substitutes as ingredients. Powder agar, one of the most popular gelatin substitutes, has excellent usability in the commercial food sector. The increasing use of the product in food and beverage applications is therefore anticipated to have a beneficial effect on the industry's growth.
The pharmaceutical industry's growing product penetration is projected to be a key factor in the market's expansion. In addition, the pharmaceutical industry is anticipated to expand as a result of the rising incidence of noncommunicable diseases, the aging population, and chronic disorders. This will lead to higher consumption of gelatin substitutes in treatment applications, which will support market expansion throughout the forecast period.
The Middle East is anticipated to offer opportunities for long-term sustainable expansion of the baking industry as well as expand operations of well-known food service brands there. The need for baking supplies that can be utilized to make specialty, organic, gluten-free, and niche foods will rise as a result of the region's tendency toward bespoke baked goods. Additionally, bakery goods sales expanded due to urbanization, the expanding workforce, the rise in consumption outside of the home, and the growing demand for quick and healthful foods. Hence, the widespread demand for baked goods is propelling the growth of the regional gelatin substitutes market.
The Brazil market dominated the LAMEA Gelatin Substitutes Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $61.3 Million by 2028. The Argentina market is experiencing a CAGR of 8.7% during (2022 - 2028). Additionally, The UAE market would display a CAGR of 7.9% during (2022 - 2028).
Based on Product, the market is segmented into Agar-Agar, Carrageenan, Guar Gum, Xanthan Gum, Pectin, Cornstarch, and Others. Based on Application, the market is segmented into Food & Beverage, Pharmaceutical & Nutraceutical, Personal Care & Cosmetics, and Others. Based on Function, the market is segmented into Thickening & Gelling, Stabilizing, Emulsifying, Binding, and Others. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Worldwide Gelatin Substitutes Market is Projected to reach USD 3.2 Billion by 2028, at a CAGR of 6.3%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include NOW Foods, Inc., Cargill, Incorporated, Gelita AG, B&V S.r.l, Agarmex, S.A. DE C.V., Java Biocolloid (Hakiki Group), Great American Spice Company, Special Ingredients Ltd, Brova Limited, and A.F. Suter and Co. Ltd.
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