Carboxymethyl Cellulose (CMC) Industry Insights, SWOT Analysis by 2028
The global carboxymethyl cellulose market size is expected to reach USD 2.23 billion by 2028, exhibiting a CAGR of 4.2% between 2021 and 2028. The rising demand for ready-to-cook food products will create lucrative opportunities for this market in the forthcoming years, states Fortune Business Insights, in a report, titled “Carboxymethyl Cellulose (CMC) Market, 2021-2028.” The market size stood at USD 1.60 billion in 2020.
The restrictions on mobility and other government regulations have boosted the demand for packed and ready-to-cook foods during the outbreak. Concerns about food availability and safety during the pandemic’s start led to a surge in demand for food items such as primary foods, convenience foods, and secondary processed foods. As a consequence, demand for food stabilizers, thickening agents, and other components used in food processing increased, further propelling this market.
Source:
https://www.fortunebusinessinsights.com/carboxymethyl-cellulose-market-102166
COVID-19 Impact:
The COVID-19 epidemic severely harmed the worldwide economy. The food distribution system is regarded as one of the most important sectors of the economy, and the outbreak has been found to influence the entire operation from field to consumer. The food industry’s production, distribution, and supply activities were significantly affected, which is currently a major cause for concern. Employee restrictions, federal regulations, food trade barriers, changes in consumer desire, and financial strain due to an unexpected halt in production and distribution operations affected the market. Despite the unprecedented demand for food during the epidemic, food chain participants such as farmers, suppliers, distributors, and retailers continue to struggle amid the global pandemic.
Driving Factor:
Surging Demand for Food Additives to Aid Expansion
Because of the high demand from the food industry, the Carboxymethyl Cellulose market is expected to develop significantly. One of the primary factors driving the market is the rising demand for food additives such as thickening agents, stabilizers, and viscosity modifying agents. CMC powder, for example, is used in the manufacture of ice cream.
Market Segments:
Based on application, the market is classified into food & beverages, oilfield, paper & pulp, detergents, coatings, and others. The increasing demand for detergents due to their exceptional properties of sodium carboxymethyl cellulose will aid the segment’s growth. Furthermore, the adoption of CMC in oil drilling activities as thickening agent for water retention in drilling mud is another segment experiencing growth.
