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Soluble Fibers Global Market Size, Share, Emerging Trends, Growth Drivers, Analysis, Report and Forecast 2024-2033 | The Business Research Company
Soluble Fibers Global Market
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According to The Business Research Company's, The soluble fibers market size has grown rapidly in recent years. It will grow from $5.19 billion in 2023 to $5.79 billion in 2024 at a compound annual growth rate (CAGR) of 11.6%. The growth in the historic period can be attributed to health and wellness trends, rising chronic health conditions, growing beverage industry, regulatory support and health claims, consumer preference for natural ingredients.
The soluble fibers market size is expected to see rapid growth in the next few years. It will grow to $9.18 billion in 2028 at a compound annual growth rate (CAGR) of 12.2%. The growth in the forecast period can be attributed to expansion of food applications, global dietary shifts, increased demand for functional foods, advancements in research and development, clean label and natural ingredients trend. Major trends in the forecast period include integration with funcational drinks, innovative flavors, retail expansion and accessibility, health claims and marketing strategies.
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Market Drivers and Trends:
The increasing demand for vegan and plant-based diets is expected to propel the growth of the soluble fiber market in the coming years. Vegan and plant-based diets are dietary patterns that promote plant-derived foods while avoiding or limiting the intake of animal products. A vegan or plant-based diet may be made more nutritious and promote general health and well-being by consuming a range of soluble fiber-rich foods, such as fruits, vegetables, legumes, and whole grains. For instance, in October 2023, according to the World Animal Foundation, a US-based digital platform that promotes animal rights, responsible pet ownership, and compassionate awareness, being a vegan was practiced by 6% of the American population. Almost one-third of Americans want to consume more vegan meals. Plant-based meal sales increased by 27% in 2021. Therefore, the increasing demand for vegan and plant-based diets is driving the soluble fiber market.
Product innovations are a key trend gaining popularity in the soluble fibers market. Major companies operating in the soluble fibers market are focused on developing new technological solutions to strengthen their position. For instance, in October 2021, Cargill, a US-based food corporation, launched soluble fibers. Cargill's new soluble fibers will enable sugar reduction up to 30% as well as the calorie reduction and fiber enrichment in ice cream, as well as confectionery, bakery goods, fillings, cereals, and dairy, whilst maintaining desired appearance, taste and texture. Cargill is investing USD35m in Europe to add the soluble fibers to its current broad portfolio of starches, sweeteners and texturizers.
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Major Key Players of the Market:
Tate & Lyle PLC, DowDuPont, Nexira Biotech Inc., Ingredion Incorporated, Archer Daniels Midland Company, TIC Gums Inc., Taiyo International, Psyllium Labs LLC, Wacker Chemie AG, Cargill Incorporation, Fiberstar Inc., Marshall Ingredients, PMV Nutrient Products Pvt. Ltd., Fenchem, Tereos S.A., Roquette Freres, Kerry Group Plc, The Green Labs LLC, Lonza Group AG, Cosucra Groupe Warcoing SA, Grain Processing Corporation, Matsutani Chemical Industry Co. Ltd., ADM WILD Europe GmbH & Co. KG, Sensus BV, DSM, Beneo, Incorporated Foodstuffs Pvt. Ltd., Glanbia Plc, Hergestellt GmbH, FiberPro Inc.
Soluble Fibers Market 2024 Key Insights:
• The soluble fibers market size is expected to see rapid growth in the next few years. It will grow to $9.18 billion in 2028 at a compound annual growth rate (CAGR) of 12.2%.
• Digestive Wellness Drive Rising Soluble Fibers Market Tackles Gastrointestinal Disorders
• Innovative Strides Cargill's Breakthrough Soluble Fibers Pave The Way For Enhanced Food Products
• North America was the largest region in the soluble fibers market share in 2023
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