Food Thickeners Market Size is Poised to Achieve a $21.2 Billion Milestone by 2030, Driven by a 5.8% CAGR
The demand for food thickeners has grown due to the changing consumer preferences for high-quality products, ongoing product innovation, and stringent government regulations related to food. Europe is expected to grow the fastest during the forecast period, owing to the increasing demand for the bakery and confectionary industry in the region.
Newark, Oct. 18, 2023 (GLOBE NEWSWIRE) — Brainy Insights estimates that the USD 12.8 billion in 2021 global food thickeners market will reach USD 21.2 billion in 2030. Due to shifting consumer tastes for high-quality goods, continued product innovation, and strict regulatory restrictions on food, the market for food thickeners has increased. Governmental food laws. The demand for food thickeners is expected to rise over the forecasted period due to favourable government regulations linked to the expansion of the food and beverage sector. The market for food thickeners is expanding due to rising demand for protein-rich goods, ready-to-eat snacks, and nutrient-dense foods. Over the projected period, the market is anticipated to experience expansion due to the rising demand for non-alcoholic beverages, including fruit juices and energy drinks.
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Key Insight of the Global Food thickeners Market
North America will dominate the market during the forecast period.
Because of the high criteria for food safety set by the regulatory bodies in North American nations, North America presently leads the market for food thickeners. A major factor in expanding the local market is the proper application of these food rules. A further factor driving market expansion in the region is makers of food products’ growing awareness of the significance of food thickeners. The North American region is also experiencing increased demand for goods like muffins, pastries, and cupcakes, which fuels market expansion.
In 2021, the hydrocolloids segment dominated the market with the largest market share of 41% and market revenue of 5.2 billion.
The type segment is divided into protein, starch, and hydrocolloids. In 2021, the hydrocolloids segment dominated the market with the largest market share of 41% and market revenue of 5.2 billion.
Over the forecast period, the plant segment is expected to grow at the fastest CAGR of 6.3%.
The source segment is divided into animal, plant, and microbial. Over the forecast period, the plant segment is expected to grow at the fastest CAGR of 6.3%.
In 2021, the bakery segment dominated the market with the largest market share of 20.8% and market revenue of 2.6 billion.
The application segment is divided into bakery, confectionery, sauces & dips, beverages, convenience & processed food, and others. In 2021, the bakery segment dominated the market with the largest market share of 20.8% and market revenue of 2.6 billion.
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Advancement in market
Numerous studies have demonstrated a link between post-meal blood glucose levels and metabolic and cardiac problems. However, certain items, like the condiment vinegar, are said to help lower these levels when consumed with a meal. Dietary fibres are another food product that has a comparable result. Additionally, these fibres boost fat metabolism, increase insulin sensitivity, and have favourable effects on the gut microbiota. One such soluble fibre, xanthan gum, is used in various meals, including fluid thickeners, to stop individuals who have trouble swallowing from aspirating (choking).
Driver: The increasing demand for packaged foods and beverages.
The contemporary world is associated with busy lifestyles and hectic work schedules. Individuals depend highly on packaged foods and beverages in Convenience stores or supermarkets. The increasing disposable income contributed positively to the increasing demand for these goods. The growth of several businesses offering new and a wide variety of products will also bode well for the market. The increasing presence of supermarkets and hypermarkets offering goods from multiple brands will also augment the market’s growth.
Restraints: Volatile raw material Prices.
The fluctuating raw material prices impede the market’s growth as it impacts the supply and, therefore, the overall. Market prices for these goods. The geopolitical tensions, trade wars, supply chain bottlenecks, and raw material supply add to the fluctuations and restrict the market’s growth.
Opportunities: Product Innovations.
The growing demand for food thickeners has facilitated innovation driven by the incentive to gain market share. The market players are developing better production, processing techniques, enhanced packaging and improved product properties to gain new market share. Introducing new products and innovations will propel the market’s growth during the forecast period.
Challenges: The increasing demand for fresh foods.
The increasing incidence of chronic disease and rising awareness about the negative consequences of eating packaged foods and beverages over the long term have encouraged the population to invest time, money, and effort into fresh foods. Therefore, the increasing demand for fresh foods will limit the market’s growth.
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Some of the major players operating in the global food thickeners market are:
• Archer Daniels Midland Company
• DuPont De Nemours, Inc.
• Ingredion Incorporated
• Medline Industries, Inc.
• Darling Ingredients Inc.
• TIC Gums, Inc.
• Tate & Lyle PLC
• Cargill, Inc.
• Kerry Inc.
Key Segments covered in the market:
• Sauces & Dips
• Convenience & Processed Food
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the UK, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter’s five forces model, attractiveness analysis, Product analysis, supply and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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