Food Thickeners Market Predicted to Grow at A CAGR of 5.2% For the Forecast Period Of 2017-2023
Food thickeners market was valued at $10,520 million in 2016, and is estimated to reach $15,150 million by 2023, registering a CAGR of 5.2% from 2017 to 2023. In 2016, the starch segment accounted for more than two-thirds share of the global market.
Food thickeners are used in the food industry to enhance several basic properties of food products such as viscosity, texture, stability, taste, and flavor. Moreover, these substances enhance the appearance of foodstuffs and can replace high fat oils and creams in numerous recipes. These are used in a wide range of application to improve texture, food structure, mouth feel, and shelf-life.
Rise in demand for convenience & processed food and consumer inclination towards dietary meals favor the market growth. Further, rise in health consciousness among individuals is expected to deliver a substantial growth opportunity to the global industry players. However, variation in prices and surging R&D costs associated with the production of food thickeners may impede the market growth.
In 2016, starch was the leading thickener type segment, as it is the most common food thickener used for soup, sauces, stew, and gravies. It is the most common carbohydrate in human diet and is present in large amount in staple foods such as wheat, potatoes, rice, maize, and cassava. Starch when dissolved in warm water forms a wheat-paste that can be used as a thickening, stiffening, or gluing agent.
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In 2016, dairy & frozen desserts segment was the leading segment, and it is anticipated to continue to lead during the forecast period. In frozen food, thickeners produce light foam and add texture to dishes. Functional proteins, starch, and hydrocolloid help to achieve right consistency in drinks & desserts and improve the products shelf life. In 2016, plant-based sources of food thickeners was the leading segment as these thickeners are commercially important and employed in a wide range of applications.
Key Findings of the Food Thickeners Market:
- In 2016, Europe dominated the global market, with more than one-third share, in terms of revenue.
- In 2016, Germany dominated the European market, with nearly one-third share, in terms of revenue.
- The hydrocolloid food thickener segment is estimated to grow at a highest CAGR of 9.2% from 2017 to 2023, in terms of revenue.
- The microbial food thickener segment is estimated to grow at a highest CAGR of 8.9%, in terms of revenue.
- The beverages application segment is estimated to grow at the highest CAGR of 8.3%, in terms of revenue.
- In 2016, the dairy & frozen desserts segment was the leading application segment, accounting for one-fourth share of the total revenue.
In 2016, Europe dominated the global market, owing to the efforts of food & beverages manufactures to provide suitable products considering consumers health concerns. Moreover, increase in consumer demand for healthy and low-fat food boosts growth of this market. North America is the second leading region, which is expected to register a CAGR of 10.1%, in terms of revenue.
The key companies profiled in the report are Archer Daniels Midland Company, Cargill, Inc., E. I. DuPont de Nemours and Company, Ingredion Incorporated, Kerry Group Plc., CP Kelco, Darling Ingredients, Tate & Lyle PLC., Ashland Specialty Ingredients, and TIC Gums.
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