Pectin Market, By Product Type (High methoxyl pectin, Low methoxyl pectin, and Others) , By Application (Jams & Jellies, Beverages, Bakery Fillings & Toppings, Dairy Products & Frozen Desserts, Confectionery, Meat & Poultry Products, Dietary Supplements, Functional Food, Pharmaceutical, Personal Care & Cosmetics, and Others (Detergents)), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) is estimated to be valued at US$ 1.05 Bn in 2024 and is expected to exhibit a compound annual growth rate (CAGR) of 6.3% during the forecast period (2024-2031), as highlighted in a new report published by Coherent Market Insights.
Pectin is a naturally occurring substance that is basically present in the cell wall of the plant. It is majorly present in fruits such as oranges and apples. Beverages, functional food, jams & jellies, dairy products & frozen desserts, bakery toppings, meat & poultry products, confectionery, dietary supplements, pharmaceutical, and personal care & cosmetics are some of the key application of the pectin.
Global Pectin Market– Impact of Coronavirus (COVID-19) Pandemic
The ongoing COVID-19 pandemic has had some influence on the worldwide pectin industry. This is due to the implementation of a lockdown and travel ban, which resulted in the seizure of all industrial activity. However, several businesses, such as pharmaceuticals, functional foods, dairy products, and frozen sweets, have seen a rise in demand as necessity foods. Similarly, due to increased consumer awareness of dietary choices, the food industry is predicted to alter in 2021. The market for these products and their constituents is being driven by a desire for sustainable, regenerative, plant-based diets, as well as a demand for foods and beverages containing immunity-boosting substances.
The pandemic has led to an in-depth analysis of its direct and indirect effects on the pectin industry, with the market size, trends, and growth being outlined in the report. Furthermore, there are studies suggesting potential roles of modified pectin in targeting Galectin-3 against the severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2), the virus causing COVID-19. The pandemic has led to an imbalance in demand-supply dynamics, moderately influencing the market for pectin. Additionally, consumers refrained from purchasing non-essential products amid the pandemic, impacting the sales of pectin-based food products. These factors have contributed to changes in the demand for pectin during the COVID-19 pandemic. The COVID-19 pandemic has affected the supply chain for pectin. The pandemic led to lockdowns, import and export restrictions, and labor shortages for many industries, including the pectin industry. The imbalance in demand-supply dynamics has moderately influenced the pectin market, which may impact the supply chain. However, there is no specific information available on how the supply chain for pectin has been affected by the pandemic.
Global Pectin Market: Key Developments
- In 2021, Herbstreith and Fox Corporate Group introduced high-quality pectins of apple and citrus pectin for numerous application areas in Europe. Pectin as a gelling agent in vegan confectionery products, sugar-reduced, OTC-Gummies, plant extract enriched gummies, and sugar-free gummies. Herbstreith and Fox Corporate Group company manufacturing the high-quality pectins for the food and non-food industries for more than 85 years
- In 2020, CP Kelco introduced GENU Pectin YM-FP-2100 which is a clean-label-friendly ingredient. This product offers a medium-to-high viscosity in the fruited drinking yogurt and with simplicity of pumpability at the fruit preparation stage. CP Kelco is a company with approximately 90 years of experience in providing nature-based ingredient solutions for the food, beverage, consumer, and industrial products industries.
Browse 24 Market Data Tables and 28 Figures spread through 150 Pages and in-depth TOC on “Global Pectin Market”- Forecast to 2031, Global Pectin Market, By Product Type (High methoxyl pectin, Low methoxyl pectin, and Others), By Application (Jams & Jellies, Beverages, Bakery Fillings & Toppings, Dairy Products & Frozen Desserts, Confectionery, Meat & Poultry Products, Dietary Supplements, Functional Food, Pharmaceutical, Personal Care & Cosmetics, and Others (Detergents)), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa).
Link: https://www.coherentmarketinsights.com/market-insight/pectin-market-573
Key Takeaways of the Global Pectin Market:
- The Jams and Jellies segment was valued at US$ 336.4 Mn in 2020 and is expected to witness a CAGR of 6.2% over the forecast period
- On the basis of application, Jams & Jellies dominated the global pectin market in 2020 with around 17.6% of market share in terms of revenue, followed by beverages and others respectively, due to its widespread use in the confectionery sector.
