Alginic Acid Market Size, Share, Growth Report 2032

Alginic Acid Market Size & Industry Analysis:

The global alginic acid market size was worth around USD 768.5 million in 2021 and is predicted to grow to around USD 1117.8 million by 2028 with a compound annual growth rate (CAGR) of roughly 5.5% between 2022 and 2028. The report analyzes the global alginic acid market’s drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the alginic acid market.

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Alginic Acid Market: Overview

Alginic acid sometimes referred to as algin or alginate, is a naturally occurring carbohydrate that is produced by both certain bacteria and marine brown algae. It has several applications. Alginate, in particular, has demonstrated promising potential in the fields of tissue engineering, drug delivery, in vitro cell culture, and wound healing, qualifying it as a promising biomaterial or a fundamental building block of other biomaterials.

The development of alginate hydrogels and alginate derivatives with improved properties is made possible by the distinctive properties of alginic acid, including its biocompatibility, the mild conditions needed for gelation, the low toxicity, the relatively low cost, and the simplicity of modifications.

Key Insights

• As per the analysis shared by our research analyst, the global alginic acid market is estimated to grow annually at a CAGR of around 5.5% over the forecast period (2022-2028).
• In terms of revenue, the global alginic acid market size was valued at around USD 768.5 million in 2021 and is projected to reach USD 1117.8 million, by 2028.
• The global alginic acid market is projected to grow owing to the increasing demand for alginic acids in the pharmaceutical and food & beverage industries.
• Based on the type, the high G segment held the largest market share in 2021.
• By product, the propylene segment dominates the market during the forecast period.
• Based on application, the industrial segment accounted for the largest market share in 2021.
• By region, Asia Pacific is projected to dominate the market during the forecast period.

Alginic Acid Market: Growth Drivers

Increasing demand for alginic acid from food industries to drive the market growth

Alginic acid is primarily employed as an emulsifier, a thickening agent, and a gelling agent in the food industry. Alginic acid or alginate has a high demand in the food business because of its rising acceptance and the availability of naturally occurring raw ingredients for its preparation. The product is used in the making of confectionery, bakery products, and sauces.

The growth of the food and beverage industries in the BRICS and the Middle East is predicted to be a key driver for the transition given the rise in domestic demand. For instance, According to the Dubai Chamber of Commerce and Industry, online F&B sales in the UAE would increase by 255% in 2020 to $412 million, with an 8.5% CAGR to $619 million by 2025. According to the same report, F&B trade in the UAE has consistently climbed to more than $20 billion in the first nine months of 2021. Thus, the aforementioned facts drive the growth of the market during the forecast period.

Alginic Acid Market: Restraints

Volatile production of seaweed might be hampering the market growth

Due to unsustainable production methods, the harvesting of seaweed has a considerable negative impact on the environment and the economy. The harvest of seaweed, mostly from natural populations, is impacted by climatic changes and overfishing. For instance, it has been discovered that using unsustainable harvesting methods in regions that are crucial for conservation disturbs the wildlife in Northern Ireland, one of the major seaweed harvesters. The amount of seaweed produced decreased as a result of the rise in demand for sustained harvesting methods. The growing worries about environmental imbalance brought on by over-harvesting are expected to have an impact on the Chinese market as well. Therefore, the volatile production of seaweed might be hampering the growth of the global alginic acid market.

Alginic Acid Market: Opportunities

Growing demand from the pharmaceutical industry creates a new opportunity for the market expansion

In the pharmaceutical industry, alginic acid or alginate is employed as an emulsion stabilizer, thickening agent, disintegrant, and film-forming agent for tablets. Throughout the projected period, product demand is anticipated to be driven by the increased need for alginic acid or alginate in the coating of tablets. Sodium alginate serves as a stabilizing, suspending, emulsifying, gel-forming, and viscosity-increasing ingredient as well as a capsule disintegrant in compounded medications. The product is a natural polymer that has received FDA approval and is becoming increasingly important in the production of pharmaceuticals due to its low or nontoxic nature, biocompatibility, and biodegradability. Thus, the growing demand for pharmaceuticals creates a new opportunity for market expansion.

Alginic Acid Market: Segmentation

The global alginic acid market is segmented based on the type, product, application, and region

Based on the type, the global market is bifurcated into high M and high G. The high G segment accounted for the largest market share in 2021 and is expected to show its dominance during the forecast period. High G has a lot of guluronic acid blocks, which have a wide range of uses in the cosmetics, food, and pharmaceutical industries.

The increased demand for these products in food applications is due to their superior gelling performance. Moreover, in high G products, the G block concentration is higher, which results in greater stability and thickness. Compared to the high M, they show buckled chain structure and slower gel formation. The pharmaceutical industry's demand for high G types is fueled by the greater product flexibility they provide.

On the other hand, the high M segment is growing at a significant rate during the forecast period. These products form gel more quickly than high G products, increasing their use in the food and cosmetic industries. The segment is anticipated to rise as consumers use high M type products like beer, ice cream, and yoghurt more frequently. Thus, driving segmental growth.

Based on product, the global alginic acid market is segmented into sodium, calcium, potassium, propylene glycol, and others. The propylene glycol segment is expected to dominate the market over the forecast period. It is an ester of alginic acid that is used in the pharmaceutical, food, personal care, and cosmetics sectors as a stabilizer, thickener, and emulsifier.

The FDA's endorsement of these products as food additives contributes to the rise in demand. Besides, the sodium segment is growing at a significant rate during the analysis period. It is a white-yellowish powder that is obtained from the cell walls of brown algae and is frequently used in the food industry as a thickening and gelling agent. It is primarily employed in the preparation of dressings, jellies, whipped cream, and sauces. Additionally, compared to dairy products, it offers greater stability, increasing demand.

Based on application, the global alginic acid market is bifurcated into food & beverages, pharmaceutical, industrial, and others. The industrial segment accounted for the largest market share in 2021 and is expected to show its dominance during the forecast period. Alginates are employed as a thickening agent in textile printing, an industrial application where they mix cellulose in fibers.

In place of starches, which react with reactive dyes and result in a decreased color yield, they are used. They are also employed for surface resizing in the production of paper. When combined with starches, the product produces a smooth, continuous film with less paper fluffing. Wax papers contain alginate, which aids in keeping wax on the paper's surface. Additionally, it serves as a film former and makes the paper easier to print on.

Recent Developments:

• In November 2020, KIMIA completed the expansion of its alginate production facility in Japan, expanding the building and packaging capacity for the products alginic acid and its derivatives, as well as propylene glycol alginate. The plant is currently capable of producing 2000kg per hour.
• In November 2020, Algaia began investigating biostimulants based on seaweed. The product was created specifically for leeks and is expected to replace chemical fungicides.

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Alginic Acid Market Report Scope:

Alginic Acid Market: Regional Analysis

The Asia Pacific region is expected to dominate the market during the forecast period

The Asia Pacific region accounted to hold the largest revenue share of more than 35% in 2021 in the global alginic acid and is expected to show its dominance during the forecast period. The Asia Pacific alginates market is dominated by many producers. Producers in China and Japan account for a sizeable portion of the alginates produced in the region. The region has a sizable population base, which supports a flourishing pharmaceutical and healthcare industry. Alginate's growing range of applications across numerous end-use sectors and the rapid industrialization of Asian countries like China, India, and Thailand are expected to drive the market over the coming ten years. Due to the product's widespread use in paper sizing applications and the existence of numerous paper factories in the region, the market is also anticipated to be driven by these factors.

Alginic Acid Market: Competitive Analysis

The global alginic acid market is dominated by players like SNAP Natural & Alginate Products, KIMICA Corporation, IRO Alginate, Cargill Incorporated, Qingdao Rongde Seaweed Co. Ltd., Qingdao Allforlong Biotech Co. Ltd, and Qingdao Bright Moon Seaweed Group Co. Ltd., Qingdao Gather Great Ocean Algae Industry Group Co. Ltd., Lianyungang Huanyu Seaweed Co. Ltd, Qingdao Fengrun Seaweed Co. Ltd., Protan AS, among others.

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The global alginic acid market is segmented as follows:

By Type

• High M
• High G

By Product

• Sodium
• Calcium
• Potassium
• Propylene Glycol
• Others

By Application

• Food & Beverages
• Pharmaceutical
• Industrial
• Others

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa