The global bovine gelatin market size was USD 1.13 billion in 2021. The market is projected to grow from USD 1.21 billion in 2022 to USD 1.88 billion by 2029, exhibiting a CAGR of 6.46% during the 2022-2029 period.
This information is provided by Fortune Business Insights, in its report titled, “Bovine Gelatin Market, 2022-2029.”
Disruption in Raw Material Supply Leads to Negative Growth Amidst Pandemic
The unexpected COVID-19 pandemic has had an impact on many aspects of the economy, including manufacturing, financial growth, and consumer behavior. The global food industry’s overall business was hindered by the widespread lockdown, the shutdown of production facilities, and logistical challenges. Due to the demand-supply imbalance, price increase, and poor logistics, these disruptions made it difficult to import and export raw materials.
Food & Beverages Segment to Account for the Major Market Share in the Industry
Based on application, the market is divided into food & beverages, healthcare & pharmaceuticals, cosmetics, and others. Out of all, the food & beverages segment, hold the largest market share due to rising consumer preferences for natural ingredients, which can be consumed on a daily basis.
Capsule & Tablets to Exhibit Solid Growth Owing to Rising Demand for Convenience
On the basis of form, the market is segmented into powder, capsule & tablets, and others. The capsule & tablets segment held the maximum revenue share in the year 2020 and is expected to remain dominant in the coming years.
Geographically, the market is segregated into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Drivers and Restraints:
Consistent Focus on Research & Development Contributes to Market Growth
Due to growing consumer demand for numerous beneficial foods and beverages, the market is expanding. In recent years, customers have found gelatin-based items increasingly alluring for satisfying their unique whims and cravings. People are choosing gelatin-fortified goods to develop and sustain a healthy lifestyle, and they are looking for products and brands that can meet their daily needs.
Europe to Dominate Stoked by Growing Demand for Packaged Products
With a market value of USD 437.08 million in 2021, Europe dominated the global market. This is mainly attributed to the fact that end-use sectors, including cosmetics, pharmaceuticals, food & beverage, and others are seeing increased demand. Additionally, as gelatin is primarily used as a stabilizer in packaged meals as well as utilized to improve the shelf life, the growing demand for packaged goods in nations such as Germany and the U.K. also drives the need for bovine gelatin.
Asia Pacific is anticipated to have the second-largest bovine gelatin market share and is anticipated to continue to expand in the future.
Due to the growing use of gelatin in 3D photography and the treatment of arthritis, particularly in countries such as Brazil and Argentina, the use of products containing bovine gelatin is also increasing in South America.
Key Players Invest Heftily in Numerous Companies to Gain Impetus
The market observes trends such as investments by crucial players. Heavy investments assist companies to gain lucrative prospects and elevated revenue. Other tactical strategies involve collaborations, mergers, product launches, and so on.
Key Industry Development:
December 2021: A Turkish company called Halavet Foods invested about USD 25 million in the introduction of a new halal gelatin plant throughout Turkey. The company wants to double the amount of gelatin it exports to the North American market in order to increase production capacity.
List of Key Players Mentioned in the Report:
NITTA GELATIN, INC. (Japan)
Lapi Gelatin S.p.A. (Italy)
Jellice Pioneer Europe B.V. (Netherlands)
Darling Ingredients Inc. (U.S.)
Gelita AG (Germany)
Merck KGaA (Germany)
Lonza Group (Switzerland)
Bernard Jansen Products Inc. (U.S.)
Luoyang Leston Import and Export Trade Co., Ltd. (China)
Nutra Food Ingredients, LLC (U.S.)