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The global market for gelatin is expected to reach US$3.18 billion by 2020, according to a new study by Grand View Research, Inc. Growing consumption in applications such as food and beverage, Nutraceuticals and pharmaceuticals is expected to be critical for market development over the next six years.
In addition, improved demand in novel applications such as photography and cosmetics is also expected to boost sales over the forecast period. However, cultural diversity with regards to the raw materials used for extraction of gelatin, poses a significant challenge to the future prospects of gelatin market.
Pigskin was the largest commercial source of gelatin, accounting for nearly 40% of the global production in 2013. Relatively small production cycle coupled with low production cost is expected to be the key driver factor for this segment of the market. Bovine hides and bones followed pigskin as the most potent sources together producing 215 kilo tons of gelatin in 2013.
Global gelatin market volume was estimated at 373.3 kilo tons in 2013 and is expected to reach 485.6 kilo tons by 2020, growing at a 3.8% from 2014 to 2020.
Europe was the largest regional market, accounting for 147.5 kilo tons of gelatin demand in 2013. High demand from applications such as food and beverage and cosmetics in countries such as Germany, Italy, France and Spain is expected to drive gelatin sales in Europe. Growing demand from the pharmaceutical industry is expected to have a positive impact on Asia Pacific gelatin demand, which is estimated to grow at 4.3% from 2014 to 2020.
Food and beverage was the largest application market, accounting for 28% of global gelatin demand in 2013. Growing preference towards sports drinks coupled with the advantages of gelatin as a protein source is expected to be a primary factor responsible for enhanced penetration in these applications.
Gelatin demand for nutraceutical applications is expected to reach 124.5 kilo tons by 2020, growing at 3.8% from 2014 to 2020.
The global gelatin market is fairly concentrated with top five companies, accounting for over 70% of market share in 2013. The key participants in the market include Rousselot, Gelita AG, Weishardt Group, Sterling Gelatin and PB Gelatin (Tessenderlo).
Source: Digital Journal