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.”
COVID-19 Impacts:
Disruption in Raw Material Supply Leads to the Negative Market Growth Amidst Pandemic
The unexpected COVID-19 pandemic outbreak has had an impact on manufacturing, the economy as a whole, financial growth, and people's consumption habits. The global operations of the food industry were hampered by the widespread lockdown, closure of production facilities, and logistical challenges. These disruptions caused a gap between supply and demand, price increase, and poor logistics that complicated the import and export of raw materials.
Information Source: https://www.fortunebusinessinsights.com/bovine-gelatin-market-107073
Segments:
Food & Beverages Segment to Account for Major Market Share
Based on application, the market is divided into food & beverages, healthcare & pharmaceuticals, cosmetics, and others. Out of all, the food & beverages segment holds the largest share across the global market 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 2020 and is expected to remain dominant in the upcoming years.
Geographically, the market is segregated into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Report Coverage:
The report presents a holistic study of the market along with current trends and future anticipations to establish proximate investment gains. An in-depth analysis of any upcoming opportunities, threats, competitions or driving factors is also mentioned in the report. Step by step, thorough regional analysis is offered.
Drivers and Restraints:
Growing Geriatric Population and Athletes Aids Consumption of Bovine Gelatin-based Products
Population aging is a significant global phenomenon, and practically all cultures are currently experiencing a longevity revolution, with some already at an advanced stage and others still in the early stages. As consumers and businesses grow more knowledge about the nutritional content of various products in the modern period, there is an increasing need for products made of gelatin to meet their unique needs. The increasing number of elderly people who use gelatin-based products to treat their cognitive impairments, physical disabilities, stomach problems, and other conditions has had a substantial impact on this trend.
Regional Insights:
Europe to Dominate Stoked by Growing Demand for Packaged Products
Europe dominated the market in 2021 and had a USD 437.08 million market value. This is mostly a result of the increase in demand from end-use sectors, including cosmetics, pharmaceuticals, food & beverage, and other industries. Furthermore, as packaged goods become more popular in nations, such as Germany and the U.K., there is a corresponding rise in demand for bovine gelatin, which is primarily used to stabilise packaged foods and extend their shelf lives.
According to projections, Asia Pacific will have the second-largest bovine gelatin market share and will continue to expand in the future years.
Due to the growing use of gelatin in 3D photography as well as the treatment of arthritis and aging skin, particularly in Brazil and Argentina, South America is also experiencing an increase in the consumption of products containing bovine gelatin.
Competitive Landscape:
Acquisitions Initiated by Key Companies to Promote Market Growth
The leading players in the market constantly opt for efficient strategies to bolster their brand value as well as promote the global bovine gelatin market growth. One such efficient strategy is acquiring competitive companies and further securing a profit for both the companies.
Key Industry Development:
July 2022: After winning an auction, the American alternative dairy startup Perfect Day announced its plans to purchase Sterling Biotech, one of the biggest gelatin producers in the world. Perfect Day made a bid of around USD 79.8 million to purchase the Indian gelatin company, which will provide the business with many opportunities to grow in the coming years.
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.)
