Food Thickening Agents Market: Applications and Regional Insights During the Forecasted Period 2023 to 2033
By 2033, the food thickening agents market could be worth more than US$ 3.93 billion, compared to US$ 2.70 billion in 2023, according to FMI's estimations. The market is probably going to show a moderate CAGR of 4% over this evaluation period.
The food and beverage industry has been going through an innovation period due to the client demand for nutritious and delectable ingredients. Companies have been driven by the convergence of technology and the food and beverage sector to improve the appeal of their goods. They also intend to offer high-quality solutions that are reasonably priced.
The industry is primarily driven by increased consumer awareness of contemporary culinary products, easy accessibility, and quickly changing lifestyles. Increased consumption of processed foods, growing consumer awareness of a healthy diet, and stricter governmental food regulations are projected to emerge as significant factors driving consumption throughout the projection period.
The food and beverage sectors have been quite supportive of the clean-labeling movement. Businesses are focusing on creating clean-label products for the market as a consequence. Therefore, the demand for food thickening agents derived from organic resources, such as plants and seaweeds, has increased.
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The rising demand for food thickening agents from the obese and diabetic populations is another key reason for their rising popularity. Since people now consider their health to be a primary concern, there has been a discernible movement in consumer preference away from items that include fat.
Given their ability to substitute calories with fat, thickening agents like starches and gums are becoming extremely prevalent as fat alternatives. This has increased consumer appetite for these products and has had an impact on this market in particular.
Food thickening agents were initially used as a crucial component in the bakery sector. There is a strong demand for bread and other bakery items worldwide that mandates the application of thickeners during manufacturing. The market is moving forward as a result of these key aspects.
KEY TAKEAWAYS
- The market in the United Kingdom is anticipated to exhibit a CAGR of 6.3% through 2033.
- The United States dominated the market in 2022 holding a 14.2% share of the global market.
- Registering a CAGR of 31.4% over the forecast period, the market in India is predicted to develop rapidly.
- The market in China is expected to proliferate significantly, registering a CAGR of 5.5% over the forecast period.
- Germany accounted for 5.8% of the global market in 2022.
COMPETITIVE LANDSCAPE
Manufacturers in the market are putting great emphasis on research and development activities to provide novel and sustainable solutions. In order to meet customer expectations for clean label, natural, and plant-based solutions, they are also investing in innovative technologies and formulations. They aim to enhance the functionality and performance of food thickening agents. Manufacturers are also concentrating on delivering personalized solutions for wide-ranging food applications. Additionally, to increase their market presence and adapt to changing customer tastes, they are constantly investigating strategic alliances and collaborations.
RECENT DEVELOPMENTS
· In January 2021, Tate & Lyle added more tapioca-based starches to their lineup. The extension includes the recent thickening starches REZISTA MAX and gelling starches BRIOGEL. This has helped the business grow its line of products.
· In November 2020, Ingredion Incorporated obtained Verdient Foods Inc. With the support of this takeover, the business turns more capable of improving its overall sales, expanding its manufacturing capacity, and collaborating with other companies to fulfill the growing demand for plant-based food thickeners.
Information Source: https://www.futuremarketinsights.com/reports/food-thickening-agents-market
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