According to a new report, published by KBV research, The Global Alginate Casings Market size is expected to reach $1.1 billion by 2030, rising at a market growth of 10.4% CAGR during the forecast period.
The Flavored segment dominated the Global Alginate Casings Market by Type in 2022; thereby, achieving a market value of $500.3 Million by 2030. Consumer preferences are increasingly leaning towards diverse and unique flavors. In the food industry, this demand for variety has led to innovations in flavoring not only the food products themselves but also the casings used in food processing. Flavoring alginate casings can be a strategy to enhance the overall taste experience of the final food product, attracting consumers who appreciate novel and exciting flavors. Thus, these aspects can boost the demand in the segment.
The Pet Food Industry segment is showing a CAGR of 11.5% during (2023 - 2030). The number of pet animals is increasing rapidly in various nations. For example, as per the Government of Canada, in the country, there were 27.5 million pets in 2016; by 2020, there were 27.9 million. The number of pets is expected to grow from 28,1 million in 2021 to 28,5 million in 2025. Pets, like humans, can have preferences for certain textures, and alginate casings may provide an alternative that appeals to these preferences. Hence, owing to these factors, there will be enhanced demand in the segment.
The Halal segment is leading the Global Alginate Casings Market by Usage in 2022, thereby, achieving a market value of $614 Million by 2030. The sources and processing techniques of the food they eat are becoming more and more noticeable to consumers. Alginate casings, derived from seaweed and a natural source, may appeal to consumers seeking halal options with transparent and traceable ingredient origins. Therefore, these aspects can fuel the demand in the segment.
The Vegan segment is registering a CAGR of 10.9% during (2023 - 2030). Vegans and consumers who follow plant-based diets look for items that meet their ethical and dietary requirements, making it possible to manufacture and use alginate casings suitable for vegans. Alginate, a compound derived from seaweed, aligns well with plant-based and vegan requirements. Therefore, these aspects will help in the growth of the segment.
Full Report: https://www.kbvresearch.com/alginate-casings-market/
The North America region dominated the Global Alginate Casings Market by Region in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $394.7 Million by 2030. The Europe region is expected to witness a CAGR of 10.3% during (2023 - 2030). Additionally, The Asia Pacific region would exhibit a CAGR of 11% during (2023 - 2030).
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