The global carboxymethyl cellulose market size is expected to reach USD 2.23 billion by 2028, exhibiting a CAGR of 4.2% between 2021 and 2028. The rising demand for ready-to-cook food products will create lucrative opportunities for this market in the forthcoming years, states Fortune Business Insights, in a report, titled “Carboxymethyl Cellulose (CMC) Market, 2021-2028.” The market size stood at USD 1.60 billion in 2020.
The restrictions on mobility and other government regulations have boosted the demand for packed and ready-to-cook foods during the outbreak. Concerns about food availability and safety during the pandemic’s start led to a surge in demand for food items such as primary foods, convenience foods, and secondary processed foods. As a consequence, demand for food stabilizers, thickening agents, and other components used in food processing increased, further propelling this market.
The COVID-19 epidemic severely harmed the worldwide economy. The food distribution system is regarded as one of the most important sectors of the economy, and the outbreak has been found to influence the entire operation from field to consumer. The food industry’s production, distribution, and supply activities were significantly affected, which is currently a major cause for concern. Employee restrictions, federal regulations, food trade barriers, changes in consumer desire, and financial strain due to an unexpected halt in production and distribution operations affected the market. Despite the unprecedented demand for food during the epidemic, food chain participants such as farmers, suppliers, distributors, and retailers continue to struggle amid the global pandemic.
Surging Demand for Food Additives to Aid Expansion
Because of the high demand from the food industry, the Carboxymethyl Cellulose market is expected to develop significantly. One of the primary factors driving the market is the rising demand for food additives such as thickening agents, stabilizers, and viscosity modifying agents. CMC powder, for example, is used in the manufacture of ice cream. The use of CMCX removes the need for churners and salt ice mixes, which are commonly employed in the production of ice cream. Furthermore, rising demand for premixes, bread items, instant noodles, meat products, sauces, fast-frozen meals, and other ready-to-cook and ready-to-eat items is driving up demand for carboxymethyl cellulose.
Based on application, the market is classified into food & beverages, oilfield, paper & pulp, detergents, coatings, and others. The increasing demand for detergents due to their exceptional properties of sodium carboxymethyl cellulose will aid the segment’s growth. Furthermore, the adoption of CMC in oil drilling activities as thickening agent for water retention in drilling mud is another segment experiencing growth.
Geographically, the market is classified into North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa.
The market report includes a detailed assessment of various growth drivers and restraints, opportunities, and challenges that the carboxymethyl cellulose market will face during the projected horizon. Additionally, the report provides comprehensive research into the regional developments of the market, affecting its growth during the forecast period. It includes information sourced from the advice of expert professionals from the industry by our research analysts using several methodologies. The competitive landscape offers further detailed insights into strategies such as product launches, partnerships, mergers and acquisitions, and collaborations adopted by the companies to maintain the market stronghold between 2021 and 2028.
High Demand for Convenience Food to Augment Growth in Asia Pacific
The market size in Asia Pacific stood at USD 0.69 billion in 2020 and is expected to expand due to the increasing demand for convenience food products. The presence of huge oil reserves will contribute to the growth of the market in North America. Whereas the heavy demand from paper & pulp sector can spur opportunities for the market in Europe.
Latin America is expected to hold a significant carboxymethyl cellulose market share during the forecast period due to the rising demand from developing countries like Brazil, Colombia, Argentina, and others.
Major Companies to Expand Brand Presence through Strategies
Prominent players in the industry mainly operate based on the product’s pricing and application features. Several large firms are forming strategic partnerships to enhance brand and sales in order to increase their market share and get a competitive edge.
March 2019: Nippon paper declared the construction of a new facility at the Gotsu Mill to produce functional cellulose product i.e. CMC.
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