According to a report published by Grand View Research, Inc.; the food thickeners market is expected to reach a valuation of around USD 18.98 billion by 2025.
Increasing demand for processed and convenience food among the consumers due to rise in disposable income and changing lifestyle can propel the market during the forecast period (2014 to 2025).
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Rising demand for these products in the production of flavored beverages and carbonated drinks are expected to increase the product demand in the coming years. These thickeners are being extensively used in several beverages such as juices, fruit pulps, and energy drinks in order to improve viscosity and texture of the product without affecting its national value. These benefits are expected to drive the market growth.
Worldwide food thickeners market can be segmented on the basis of product, application, and region. As per product, the market can be classified into starch, hydrocolloids, and proteins.
In 2016, The starch segment estimated for over 42% of total market share due to its high-self-life, low cost, and easy availability. The segment is expected to grow swiftly with an estimated CAGR of 6.7% on account of high demand from end-use applications due to its superior properties like high stability, viscosity, and low cost.
The protein segment is anticipated to show high growth in the coming years. Various products in this segment such as collagen, gelatin, and egg whites provide better stability, emulsification, and gelling to desired food product. Proteins are water soluble and not require reactive agents for conversion, which is the key driving factor for the segment.
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Based on application, the market can be categorized into bakery, dairy, beverages, confectionery, and others. The beverages segment is expected to grow at an estimated CAGR of 7.5% over the forecast period due to increasing demand for energy drinks, juices, soft drinks, and flavored beverages. In 2016, the bakery segment accounted for 27% of total market share. Increasing demand for gluten-free products and ingredients due to rise in awareness regarding its negative health effects is expected to drive the segment during the forecast period.
Geographically, the market can be divided into North America, Europe, Asia Pacific, Central & South America, and The Middle East & Africa.
Asia Pacific is expected to show significant growth during the forecast period. China is likely to expand at CAGR of 7.7% during the forecast period due to growing population along with increasing demand for sauces, dairy products, and baby food products in the country. India is expected to grow at a CAGR of 7.1% during the projected period. This growth can be associated with factors such as growing food and beverages industry, improving economic condition, and changing eating preferences of consumers. Increasing demand for bakery and confectionery products in this region is also expected to support the market growth.
Central & South Africa is expected to grow on account of rapidly growing food and beverages sector in countries including Peru, Venezuela, Argentina, Brazil. Factors such as rapid urbanization, changing eating preference, and growing disposable income in this region is expected to drive the end-use application sector, thereby boost the product demand.
Europe is projected to grow at CAGR of 6.0% during the forecast period on account of prosperous food and beverages sector and chaining cooking patterns in the region.
In 2016, The U.S. estimated for major market shar of total North American market size due to presence of major market participants and increasing demand for comfort food in the country.
Prominent players operating in the market include Cargill Inc.; Kerry Group PLC.; Tate & Lyle PLC; Archer Daniels Midland Company; and Fuerst Day Lawson.
Volatile price of raw material is the major challenge for the companies. Major participants are making high investments for product innovation and expanding their production capabilities to sustain in the market. The new participants in the market are required to introduce innovative product with better price to survive in the competition.
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