Thickening Agents Market Was Valued at USD 512.7 Million in 2020, Rising Demand for Plant-based Food Thickening Agents

According to the Precision Business Insights, the global thickening agents' market by Type (Gum Based and Starch Based), By Distribution Channel (Hospitals & Retail Pharmacies, Nursing Homes, and Drug Stores & Super Markets), and Geography - The global thickening agents' market is expected to be worth USD 512.7 million in 2020, growing at a significant CAGR over the forecast period (2017-2028) owing to the increase in the demand of thickening agents by therapists, dieticians to reduce the risk of dysphagia. Moreover, investment in the R&D by the key players in the market to launch new product lines that cater to the customer needs is the key strategy being adopted by manufacturers in the thickening agent's market. The rise in the global geriatric population is expected to drive the market for thickening agents. The incidence and the prevalence of dysphagia are higher in elder people compared to others. For instance, as per the world population aging report published by the Department of Economic and Social Affairs of the United Nations the global population aged 60 years or over numbered 962 million in 2017. The number of older persons is expected to double again by 2050 when it is projected to reach nearly 2.1 billion. Globally, the number of persons aged 80 years or over is projected to increase more than threefold between 2017 and 2050, rising from 137 million to 425 million.

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Plant-based Thickening Agents Dominate the Thickening Agents Market
Plant-based Thickening Agents accounted for 45.6% of the market and are expected to grow at a significant CAGR over the forecast years. The large share of the Plant-based Food Thickening Agents due to the growing popularity of vegan foods, the high demand for plant-based food thickeners among customers, particularly in the confectionery, bakery, and packaged food industries, and the easy availability of raw materials for the development of food thickeners derived from plants.

Asia-Pacific Leads Thickening Agents Market
Asia-Pacific holds a market share of 32.8% in the thickening agents' market in the forecast period, and it is projected to grow at a significant CAGR in the coming years. Heavy investments in the production of food thickening agents, growing infant food products, demand rising for sauces & dressings, increasing food and beverage demand due to the growth of supermarkets, easy product accessibility, and the growing prevalence of convenience food will stimulate market growth in this region.

Strategic New Product Launches, Mergers, Acquisitions, and Agreements are the key strategies adopted by market players
The global thickening agents market further reveals that the key players increasingly adopting strategies such as the launch of newer products, frequent product approvals, and long-term alliances to improve market revenue share and gain significant geographic presence across the region. For instance, In December 2021, Cargill announced the acquisition of Croda's bio-based industrial business, expanding nature-derived solutions for customers. In January 2020, ADM acquired Portugal-based Yerbalatina Phytoactives, a natural plant-based extracts and ingredients manufacturer.

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Key players' profiles in the report are Cargill Incorporated, CP Kelco, Ashland, DuPont, The Dow Chemical Company, BASF SE, AKZO Nobel N.V., ACURO ORGANICS LIMITED, Arthur Branwell & Co. Ltd., Naturex, and ADM.

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