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Market Size – USD 13.61 Billion in 2020, Market Growth – at a CAGR of 5.6%, Market Trends – Increasing demand for plant-based thickeners
VANCOUVER, BC, CANADA, May 8, 2022 /EINPresswire.com/ — The global food thickeners market size reached USD 13.61 Billion in 2020 and is expected to register a revenue CAGR of 5.6%, during the forecast period, according to latest analysis by Emergen Research. Some of the major factors driving global food thickeners market revenue growth are increasing changes in food preference among consumers and rising demand for agar thickening agents in bakeries. Increasing demand for plant-based thickeners is also expected to boost revenue growth of the market going ahead.
Food preference changes and increasing demand for agar thickening agents in bakery applications are some key factors driving global food thickeners market revenue growth
Demand for convenience food is rising as customer preferences continue to shift. Increasingly busy lifestyle, rapidly growing retail business, increasing development of new products, increasing demand for ready-to-eat food products, are driving demand for packaged foodstuffs. In addition, as the global population grows, food consumption is also increasing, which has a favorable impact on food production. Market growth is being fueled by a rise in global export and import trade activities associated with packaged foods with the objective of enhancing and maintaining the quality of food and hygiene.
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Lack of preference among vegans for animal and microbe-derived thickeners is driving demand for plant-based food thickeners. The global trend of adopting a flexitarian diet and increase in veganism has changed the targeted demographic pools to plant-based ingredients. Some negative health effects of animal-based food have prompted a switch to vegetarian diets. Demand for plant-based products is being driven by an increase in nutritional beverages and supplements as a result of a increasing health-conscious demographic.
However, volatility in hydrocolloid raw material prices and high research and development costs associated with food thickener manufacturing are expected to hamper growth of the global food thickeners market to some extent over the forecast period.
Demand for convenience food is rising as customer preferences continue to shift. Increasingly busy lifestyle, rapidly growing retail business, increasing development of new products, increasing demand for ready-to-eat food products, are driving demand for packaged foodstuffs. In addition, as the global population grows, food consumption is also increasing, which has a favorable impact on food production. Market growth is being fueled by a rise in global export and import trade activities associated with packaged foods with the objective of enhancing and maintaining the quality of food and hygiene.
Competitive Landscape:
Partnership and Collaboration Allow Key Players to Maintain Market Position
Key players in the market focus on implementing different business development strategies such as mergers, partnerships, alliances, and acquisitions. Also, key players implement innovative strategies to enhance their product portfolio. These strategies allow companies to expand their market reach and gain a competitive advantage in the emerging market.
Companies profiled in the global Food Thickeners market:
Archer Daniels Midland Company, Cargill Inc., DuPont de Nemours, Inc., Kerry Group plc, Tate & Lyle PLC, Medline Industries, Inc., TIC Gums, Inc., CP Kelco U.S., Inc., Fuerst Day Lawson Limited, and Ingredion Incorporated
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Key Highlights from the Report
Hydrocolloids segment revenue is expected to expand at a significantly rapid CAGR during the forecast period as a result of increasing usage of hydrocolloids as food thickeners.
Plant segment is expected to lead in terms of revenue over the forecast period. Food thickeners produced from plants are in high demand among customers, especially in baked products, confectionery, and processed food, due to the rising trend of vegan food culture.
North America is expected to account for a larger revenue share than other regional markets over the forecast period. Food and beverage sectors are well-developed in countries in the region which is expected to drive market revenue growth in North America.
The report also covers the scope of individual applications and types in each region. The report also covers details about production and consumption patterns, technological developments, revenue growth, market size, market share, key trends and demands influencing market growth in the region, and robust presence of key players in the region.
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Emergen Research has segmented the global food thickeners on the basis of type, source, application, and region:
Type Outlook (Revenue, USD Billion; 2018–2028)
Starch
Protein
Hydrocolloids
Agar
Gelatin
Pectin
Xanthan Gum
Others
Source Outlook (Revenue, USD Billion; 2018–2028)
Microbial
Animal
Plant
Application Outlook (Revenue, USD Billion; 2018–2028)
Confectionery
Bakery
Beverages
Sauces
Convenience & Processed Food
Dairy & Frozen Desserts
Others
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Report Coverage:
The report provides factual information and statistical data regarding market development and recent trends in the industry. Furthermore, the impact of COVID-19 pandemic on market growth and development is highlighted in this report. Also, drivers and restraints affecting the market growth are elaborated further in this report. Major key players and their business development strategies are highlighted also in this report.
Regional segmentation comprises of a current and forecast estimation of the market in the key geographical regions such as North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
Regional Analysis Covers:
North America (U.S., Canada)
Europe (U.K., Italy, Germany, France, Rest of EU)
Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
Latin America (Chile, Brazil, Argentina, Rest of Latin America)
Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Key Features of the Food Thickeners Market Report:
The report offers details about key drivers, restraints, opportunities, challenges, growth prospects, limitations, and threats
The report encompasses details about the key companies, product portfolio along with specifications, production valuation, and market shares
Evaluation of key current and emerging market trends and growth prospects
It also offers research-backed estimations for the forecast period of eight years, primarily to estimate the potential market growth
Brief overview of industry with regards to research and development, technological advancements, and product development
In-depth assessment of upstream raw materials, downstream buyers, demands, and current market scenario
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