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The global alginates market is expected to grow due to the growing demand for pharmaceutical ingredients in the pharmaceutical industry; The market will reach USD 1222.5 million by the end of 2031 and grow with a CAGR of 4.63% during the period 2022-2031

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The key companies covered in the Alginate market research report are Algaia, International Flavors & Fragrances Inc., Haiyang Zhouji Seaweed Co., Ltd., IRO Alginate Industry Co., Ltd., ZIBO WANGFEI SEAWEED TECH CO., LTD., FMC Corporation, QINGDAO GFURI SEAWEED INDUSTRIAL CO., LTD., SNP, Inc., Ashland Global Holdings Inc., KIMICA Corporation, Shandong Jiejing Group Corp., Marine Biopolymers Ltd., JRS Pharma LP and other key players of the market.

New York, May 09, 2022 (GLOBE NEWSWIRE) — Every year, 41 million people die from non-communicable diseases (NCDs), according to statistics from the World Health Organization (WHO). Moreover, statistics also state that 17.9 million people die every year due to cardiovascular diseases. Rising concerns about different types of chronic diseases around the world have increased the consumption of pharmaceutical drugs. For example, according to statistics from the Centers for Disease Control and Prevention (CDC), the percentage of the population who had at least one prescription medication in the last 30 days in the United States increased from 39.1% during the period 1988-1994 to 45.7% over the period 2015-2018.

Research Nester published a report titled “Global alginate marketwhich is studied for the forecast period, i.e. 2022-2031. The market research report includes the product portfolio analysis of major market players operating in the market and further covers the impact of COVID-19 on the market growth in the coming years. In addition to this, the report also covers detailed analysis of market dynamics, which includes growth factors, recent trends, market opportunities and challenges associated with market growth over the forecast period.

The demand for different types of pharmaceutical drugs is increasing dramatically all over the world. In other CDC statistics, the number of drugs provided or prescribed during a doctor’s visit in the United States in 2018 was recorded at 860.4 million, while the number of drugs administered or prescribed during a visit to the emergency department of a hospital in the same year was recorded at 336 million. With the increasing demand for different types of pharmaceutical drugs, there is an increasing demand from pharmaceutical manufacturers for different types of pharmaceutical ingredients, which is expected to drive the demand for alginates. In the pharmaceutical industry, alginates are used in combination with bicarbonate to inhibit gastroesophageal reflux. Additionally, sodium alginate is used as an impression making material for prosthetics, dentistry, and life casting, among others. Global Alginates Market recorded a revenue of USD 784.6 million in 2021 and is further expected to touch USD 1222.5 million by the end of 2031, growing with a CAGR of 4.63% during of the forecast period.

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The growth of the global alginates market can also be attributed to the increasing population in the world and hence the increasing demand for different types of fruits and vegetables. With the growth in the production of fruit and vegetables which, according to statistics from the Food and Agriculture Organization of the United Nations (FAO), increased from 0.57 billion tonnes to 0.68 billion tonnes in 2000 at 0.88 billion tons and 1.13 billion tons in year 2019, the trade of these products has also experienced massive growth. However, one of the major concerns with transporting these perishable goods is that during the transportation process, a large portion of these goods are contaminated with bacteria and viruses, thus spoiling the food products. Alginates are widely used to coat fruits and vegetables for microbial or viral protection. In addition to this, the chemical compound is also used as a thickener, gelling agent, emulsifier and in stabilizing food products in food factories.

“The final report will cover the impact analysis of COVID-19 on this industry.”

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The global alginates market is segmented by region into North America, Europe, Asia-Pacific, Latin America, Middle East & Africa. Among the market in these countries, the market in North America recorded the largest revenue of USD 303.0 million in 2021 and is further expected to reach USD 479.6 million by the end of 2031. market share in the region can be majorly attributed to the presence of several pharmaceutical manufacturers in the region, rising healthcare expenditures, and growing awareness among individuals to consume healthy fruits and vegetables. According to World Bank statistics, current healthcare expenditure as a percentage of GDP in North America reached 16.322% in 2019 from 15.504% in 2013. The market in the region is further segmented by country in the United States and Canada. Out of the market in these countries, the market in the United States is expected to acquire the highest market share by the end of 2031, while the market in Canada is expected to grow with the highest CAGR of 5.42% in during the forecast period.

On the other hand, Europe alginates market generated the second largest revenue of USD 215.5 million in 2021 and is further expected to touch USD 325.1 million in 2031. The country’s market is further segmented by country into the United Kingdom, Germany, Italy, France, Spain, Russia, the Netherlands and the rest of Europe. Among the market of these countries, the Spanish market is expected to generate the second largest revenue of USD 45.1 million by the end of 2031, from a revenue of USD 29.0 million in 2021. In addition, Germany market is expected to grow with the highest CAGR of 6.21% during the forecast period.

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The study further incorporates YOY ​​growth, demand and supply and forecasts future opportunities in North America (US, Canada), Europe (UK, Germany, France, Italy, Spain, Hungary, Belgium, Netherlands and Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark]Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman]North Africa, South Africa, Rest of the Middle East and Africa).

The global alginates market is segmented by product into food grade, pharmaceutical grade, technical grade and food grade alginates. Among these segments, Pharmaceutical Grade Alginates segment recorded the largest revenue of USD 332.7 million in 2021 and is further expected to touch USD 513.3 million by the end of 2031. In North America , the segment is expected to reach USD 201.1 million by the end of 2031, compared to revenue of USD 129.2 million in 2021. Additionally, in Europe, the segment is expected to reach the highest revenue of 136.1 million USD by the end of 2031, against a turnover of 90.4 million USD. in the year 2021.

The global alginates market is further segmented on the basis of application into food additives, pharmaceutical and medical devices, paper and pulp, personal care and cosmetics, textile, animal feed and others. Among these segments, the pharmaceutical and medical device segment generated the largest revenue of USD 297.9 million in 2021 and is further expected to reach USD 482.3 million by the end of 2031. In North America , the segment is expected to achieve the highest revenue. of $188.5 million by the end of 2031, compared to revenue of $114.4 million in 2021. Additionally, in Europe, the segment is expected to hit the highest revenue of $129.6 million USD by the end of 2031, compared to a turnover of 82.2 million USD in 2021.

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Some of the major industry leaders in the global alginate market that are included in our report are Algaia, International Flavors & Fragrances Inc., Haiyang Zhouji Seaweed Co., Ltd., IRO Alginate Industry Co., Ltd., ZIBO WANGFEI SEAWEED TECH CO. ., LTD., FMC Corporation, QINGDAO GFURI SEAWEED INDUSTRIAL CO., LTD., SNP, Inc., Ashland Global Holdings Inc., KIMICA Corporation, Shandong Jiejing Group Corp., Marine Biopolymers Ltd., JRS Pharma LP and others.

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