Northbrook, IL 60062 -- (SBWire) -- 09/07/2023 --The gelatin market is poised for rapid growth in the coming years, with its value expected to surge from $3.7 billion in 2023 to a substantial $5.1 billion by 2028, representing a notable compound annual growth rate (CAGR) of 6.6% from 2023 to 2028. This remarkable expansion can be attributed to the worldwide increase in the aging population, which in turn is driving the demand for medicines due to the rising incidence of chronic disorders.
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Plant Sources Take the Lead
Among the various sources of gelatin, plant sources are expected to capture the fastest-growing market share. Gelatin derived from plant sources is projected to exhibit an impressive CAGR of 7.9% during the forecast period. The surge in the vegan population has prompted several market players to introduce plant-based gelatin and derivative products, responding to the growing demand for non-mammalian gelatin, particularly in the food industry.
Type A Gelatin Dominates
Gelatin production involves either acidic or alkaline treatment of raw materials, such as bovine hide and skin, pork skin, and fish & poultry skin, resulting in two types of gelatins: Type A and Type B. In 2023, Type A gelatin is anticipated to dominate the market due to its extensive use in the food and beverages industry.
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Europe Leads the Way
In 2023, Europe held a substantial market share of USD 1.3 billion, with a projected CAGR of 6.1% during the forecast period (2023-2028) in the gelatin market. The European Commission reported that the food processing industry accounted for a significant portion of the region's manufacturing sector in 2021, representing about 14.2% of the total turnover. Notably, exports of wine and pork from Europe reached USD 11.4 billion in 2020. The European market benefits from a strong presence of food and beverage companies, ample availability of raw materials, and a high reliance of the European population on these sources, all of which contribute to the market's growth in the region.
Key Players in the Gelatin Market
Prominent players in the gelatin market include Darling Ingredients (US), Tessenderlo Group (Belgium), Nitta Gelatin, Inc. (Japan), Gelita AG (Germany), Weishardt (France), Lapi Gelatine Spa (Italy), India Gelatine & Chemicals Ltd. (India), Trobas Gelatine B.V. (Netherlands), Sterling (India), Roxlor (US), Suheung (South Korea), and Ewald Gelatin GmbH (Germany). These companies play a crucial role in shaping the dynamic landscape of the gelatin industry.
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Global Gelatin Market Set to Expand Significantly, Fueled by Rising Demand and Diverse Sources
Gelatin Market by Source (Plants, Animals), Application (Food & Beverages, Pharmaceuticals, Health & Nutrition, Cosmetics & Personal Care), Type (Type A, Type B), Function (Thickener, Stabilizer, Gelling Agent) and Region - Global Forecast to 2028