Polysaccharides Market Size, Share, Growth Analysis, By Source(Fungi, Algae), By Application(Food Products, Dairy Products) - Industry Forecast 2024-2031

Polysaccharides Market size was valued at USD 14.04 billion in 2021 and is poised to grow from USD 14.72 billion in 2022 to USD 21.41 billion by 2030, growing at a CAGR of 4.8% in the forecast period (2023-2030).

The market for polysaccharide is fairly competitive owing to the increasing demand for bio-based polysaccharides for the utilization majorly in food, pharmaceutical, and other applications. The market comprises of several medium to large scale food companies such as Associated Bristish Foods, Archer-Daniels-Midland, and others which account for more than 15% of the market share. These companies have concentrated majorly the inorganic advances in the market for polysaccharides. 'DuPont', 'Archer Daniels Midland Company', 'Cargill, Inc.', 'Ashland Holdings Inc.', 'CP Kelco', 'Ingredion Incorporated', 'Tate & Lyle PLC', 'Kerry Group plc', 'Dow Chemical Company', 'FMC Corporation', 'BASF SE', 'Koninklijke DSM N.V.', 'Novozymes A/S', 'Lonza Group AG', 'Roquette Frères', 'AkzoNobel NV', 'Croda International Plc', 'Wacker Chemie AG', 'Danisco A/S', 'PPG Industries, Inc.', 'In September 2021, Tate & Lyle announced the expansion of its non-GMO tapioca starch production capacity at its facility in Thailand. This expansion is expected to meet the increasing demand for clean-label and non-GMO food ingredients.', 'In July 2021, DowDuPont announced the launch of a new plant-based ingredient called METHOCEL™ MX, which can be used as a binder, thickener, and stabilizer in a variety of food products..'

The market for polysaccharides is primarily driven by new manufacturing techniques for animal feed and shifting customer demand. The inclination of companies towards plant-based organic feed additives is also a driver for the polysaccharides industry. The rising use of polysaccharides in animal feed for gut health is also a driver for the polysaccharides market due to the nutrients they provide. The market is presented with an opportunity by sustainable developments in the food and beverage sector and rising public awareness of health issues.

Health conscious consumers are inclined more towards clean-label products which have led the manufacturers to utilize both unadulterated and organic products and ingredients. As a result, the polysaccharides manufacturers have been combining animal sources and new plant to need the rising demand.

Asia Pacific region dominated the polysaccharides in 2022 and is expected to maintain its dominance throughout the forecast period. The market is growing as a result of due to changing lifestyles of people and consumption of polysaccharides in this region, there has been an increase in demand for various applications in the food sector. Over the forecast period, it is anticipated that emerging nations like Japan, India, and China will witness a substantial rise in demands for bio-based polysaccharides. This is because consumer spending on food and beverage items is rising, new products are being introduced, older technologies are being updated and transformed, and polysaccharides are becoming more widely used in Asia Pacific.