Chinese food & beverage industry has been growing with an average yearly growth rate of 30% between 2009 to 2014. With a turnover of more than USD 440 billion in 2015, it is the second-fastest growing food & beverage industry in the Asia Pacific region and the largest food service industry in the world. This large food & beverage industry and fast growth rate is likely to transform the country into a key Nanocellulose Market across the globe.
The high growth in the Asia Pacific food & beverage industry can be attributed to increasing income levels, changing lifestyle trends, and rising popularity of processed and easy-to-eat food products among the region’s population. The Asia Pacific food & beverage industry recorded a turnover of more than USD 3 trillion in 2016 with an expected year-on-year growth of around 11% in the coming years. This high growth is likely to increase nanocellulose demand in the region as a non-toxic, eco-friendly, and low-cost substitute to other petrochemical based packaging materials.
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Nanocrystalline cellulose is an important product segment with a revenue exceeding USD 30 billion in 2016. The growth of this segment’s market will be augmented by its eco-friendly and renewable nature. The high chemical reactivity of the surface of nanocrystalline cellulose makes it ideal for various applications. Their high heat stability also allows its usage in high temperature applications. Bacterial nanocellulose segment is likely to witness the highest CAGR of more than 40% during the forecast timeframe and its market will be close to USD 30 million in 2024.
Proliferation of the Asia Pacific food & beverage industry will be a major growth enabler for the nanocellulose market as the product has been witnessing increased usage as a food packaging material. Nanocellulose is also used as suspension stabilizer, flavor carrier, and as a thickener in processed food items.
Some of the major players in the nanocellulose market include:
- Melodea Ltd.
- Nippon Paper Group
- Daicel FineChem
- American Process Inc.
- Asahi Kasei Corporation
- Stora Enso
- CelluComp Ltd.
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India, with a food & beverage service market of more than USD 30 billion in 2016, will also be an important nanocellulose market. Other Asia Pacific countries such as Japan, South Korea, Indonesia, etc. has also been witnessing steady gains in their food & beverage sectors and is likely to drive demand for nanocellulose materials in coming years.
Paper processing, personal care, composites, paints & coatings, oil & gas, and food & beverages are the major application segments in the global nanocellulose market. Among these food & beverage is a key application segment which will generate revenues close to USD 100 million in 2024. Increasing demand for environment friendly and sustainable packaging materials from the fast-evolving food & beverage industry along with the products usage as a stabilizer, thickener, and flavor carrier in processed food items will lead to a fast growth rate for this application segment during the forecast period.
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