The global hollow fiber membranes market may receive much of its impending popularity from the beverage industry, due to the product’s excessive use in water purification and water treatment processes for manufacturing some of the world’s renowned beverages. Water is an immensely important commodity for the beverage industry as it is needed for various operations such as heating, cooling, cleaning, and sanitation.
U.S. Hollow Fiber Membranes market, by application, 2014 - 2025 (USD Million)
Another factor that comes into play is recycled water, which helps manufacturers reduce cost and decreases the burgeoning water demand from the industry, thereby aiding the conservation of this depreciating resource. The wastewater treatment sector thus, is also likely to crop up as an important end-use area for hollow fiber membranes industry. Having said that, it is quite evident that the development and emergence of new trends in the beverage industry will support the global hollow fiber membranes market share.
Here’s a look at the top 5 trends in the beverage industry that would likely drive the hollow fiber membranes market share in the future.
1) Development in emerging markets
The rapid population growth and the increasing purchasing power across several emerging nations such as India, China, and Brazil are promoting the consumption of both alcoholic and non-alcoholic beverages. These factors are prompting beverage industry behemoths to expand their geographic presence & customer base across emerging economies.
Case in point, beverage major PepsiCo India, along with bottling partner Varun Beverages is reportedly planning a $70 million investment to establish a food manufacturing plant in Uttar Pradesh, India. Setting up of food plants by major industry players will augment the profit graph for the hollow fiber membranes market in the imminent future.
2) New launches
For better or for worse, consumer demands keep changing from time to time, driving manufacturers to innovate and meet the growing requirement across regions and demographics. In addition, advancements in food science and technology are further amplifying the opportunities to experiment and innovate new products to please consumers changing tastes.
Recently, an increase in coffee consumption across developed markets drove Danone to launch a new range of coffee-infused mineral water with fruit flavors. Meanwhile, in the land of alcoholic beverages, Scotland’s Caorunn Gin marked its 10-year anniversary through the addition of a raspberry flavored gin to its range. The launch of innovative products that meet consumer demands would further contribute to increasing global hollow fiber membranes market share over the coming years.
3)High preference for non-alcoholic beers
Of late, there has been a surge in the presence of non-alcoholic drinks in retail aisles. Lots of millennials are pursuing a fit & healthy lifestyle and thereby decreasing alcohol intake. To capitalize on the latest trend, companies are adding more alcohol-free options to their portfolios, while more sober bars are mushrooming across cities in developed regions.
For instance, Nirvana, BrewDog, Infinite Session, and Big Drop are some of the recently launched breweries solely dedicated to producing beers with low alcohol content. This trend presents a major opportunity for the non-alcoholic beer market, and would eventually contribute to the expansion of the hollow fiber membranes industry share.
4) The boom in the cannabis industry
The cannabis industry is growing at an unprecedented pace, due to recent legalizations across 10 states in the U.S., Central America, Canada, and some parts of Europe. The increasing popularity of cannabis-infused edibles is being highly leveraged by food and beverage companies, which are exploiting the untapped growth potential of this market. Last year, major players like Coca-Cola and PepsiCo were said to be eyeing opportunities in the fast-growing cannabis market.
A more recent instance involves a $5 million seed funding raised by cannabis-infused drinks producer K-Zen, to invest in product innovation and build more brands addressing consumer needs. CBD-infused drinks is thus a major food and beverage category that holds immense potential. In consequence, this trend is likely to help augment hollow fiber membranes industry share over the ensuing years.
5) Increasing adoption of dairy-free milk
Today, consumers have access to a plethora of plant-based or dairy-free milk extracted from a variety of sources including cereals, grains, nuts, and seeds. The growing popularity of these options is attributable to the rising adoption of vegan lifestyles as well as due to conditions like allergies or lactose intolerance. Also, leading dairy-processors are manufacturing alternatives alongside conventional milk in a bid to make the most of this trend.
Dairy-free milk is basically extracted from a mixture of disintegrated plant materials and water, which indicates that purification would be an important aspect of the manufacturing process. Quite overtly translates into a rewarding opportunity for the hollow fiber membranes industry.
Referring to the abovementioned trends, it would be safe to assume that the global hollow fiber membranes industry has positioned itself in a tremendously lucrative stance. Moreover, a research report by Global Market Insights, Inc,. estimates hollow fiber membranes market share to hit more than $6,144 million by 2025.