The global gelatin market size was valued at USD 2.65 billion in 2021. The market is projected to grow from USD 2.86 billion in 2022 to USD 4.42 billion by 2029, exhibiting a CAGR of 6.43% during the forecast period.
This information is provided by Fortune Business Insights, in its report titled, “Gelatin Market, 2022-2029.”
Supply Chain Challenge in the Wake of Pandemic’s Negative Effects on Market Growth
Due to the rapid fall in product demand and sales brought on by the global COVID-19 pandemic, disruptions of trade activities caused by the closing of domestic and foreign borders hampered the expansion of the sector. The shutdown of slaughterhouses and the blocking of international and domestic borders made it difficult to transport cattle, which were the main causes of this decline in beef export. However, due to the escalating demand from the pharmaceutical industry, the need for hard and softgel capsules increased throughout the pandemic.
Porcine Gelatin to Hold Largest Share Owing to its Higher Nutrient Content
Based on source, the market is segmented by porcine, bovine, and others.
Porcine segment witnessed strong sales performance over other sources since they are less expensive. Besides, the issue of possible fraud and mislabeling has become a concern among consumers.
Growing Use of the Product in Food & Beverages Propels Gelatin Market Growth
The application segment includes food & beverages, healthcare & pharmaceutical, cosmetics, and others. The food and beverage segment holds a larger share owing to the growing usage of the product in food production to prepare snacks, candies, gummy bears, desserts, and other products.
The market is categorized into North America, Europe, Asia Pacific, South America, and the Middle East & Africa in terms of geography.
The report presents a systematic study of the segments and thorough analysis of the market overview. A thoughtful evaluation of the current market trends as well as the future opportunities is offered in the report. Moreover, it presents an exhaustive analysis of the regional insights and how they help to form the market growth. The COVID-19 impacts have been discussed in the report to assist investors and business owners with a better understanding of the possible threats present in the market. The report further discusses the key players and their prominent strategies to stay in the dominating position.
Expanding Use of Gelatin in Healthcare and Pharmaceutical Industries Will Fuel Market Expansion
The rise in chronic and lifestyle-related disorders, the growing elderly population, and the rise in health consciousness have all contributed to the increase in usage of product in the pharmaceutical business. The market is expanding as a result of increased attention being paid to healthcare due to rising healthcare costs. Additionally, using the product is frequently linked to weight loss and the treatment of brittle bones, rheumatoid arthritis, and osteoarthritis.
Europe to Dominate Backed by Increasing Prevalence of Bone-Related Diseases
The largest revenue for gelatin market share, which was valued at USD 1.08 billion in 2021, was contributed by Europe. The expansion of the European market is anticipated to be fueled by the rising prevalence of bone-related illnesses.
Due to the movement in consumer desire from traditional items to more health-oriented products, the food and beverage industry dominates the North American market.
Asia Pacific is anticipated to have the market’s fastest growth rate. The region’s market is expanding as a result of increased chronic disease occurrences and an aging population.
Partnerships among Companies to Secure their Brand Values in the Global Market
Prominent players in the market are constantly opting for effective strategies to promote their products and establish their positions in the market. One such strategy is to launch new products by partnering with other companies to extend their reach to end-users.
Key Industry Development
January 2022: According to a report from Darling Ingredients Inc., the Terasaki Institute for Biomedical Innovation (TIBI), a regenerative medicine research Centre with Californian base, has teamed with the company’s global brand, Rousselot Health. With this agreement, the businesses are concentrating on developing gelatin-based medicines that will eventually find use in clinical settings.
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