Food Thickener Market Analysis, Innovation Trends and Current Business Trends by 2024
The global food thickener market size is mainly driven by the increasing demand for packaged and convenience foods. Growing awareness towards healthy diet foods and various advantages offered by the product will positively influence the global food thickener market share over the forecast timespan.
Drifting consumer food preferences towards western food culture of packaged and processed food globally is one major factor positively influencing the food & beverage industry. Increasing number of working professionals and their preferences of beverages shifting towards bottled juices and energy drinks is driving the food & beverage industry globally. Thus, booming food & beverage industry will subsequently boost the food thickener market size over the forecast period.
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Moreover, the demand for the product by diet-conscious consumers due to its low-calorie content and by patients due to the inconvenience in swallowing solid food is exponentially increasing, which proves to be a good sign for food thickeners market size in the coming years. Furthermore, the product is also in demand for babies who cannot digest mother milk directly and thickened milk, which is likely to increase the food thickeners market in the forecast timespan.
Based on the type of product, food thickener market is classified into starch, polysaccharide based, protein based, vegetable gum and pectin. In 2016, starch was largest segment by product type in the food thickeners market share. The easy availability, optimum functionality, relatively low prices compared to other products along with abundant supply across the globe are the main reasons for the popularity and sales of starch based product. These are also preferred since it does not affect organoleptic food properties negatively.
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Based on the type of raw material, food thickener market size is segmented into natural and synthetic food thickeners. The naturally sourced is further divided into coconut oil, xanthum gum and oat fibers which are mostly derived from plants. Alginic acid and alginate acid are some of the prominent synthetic based product. Natural segment is leading the food thickeners market size due to its cost effectiveness, acceptance by both vegan and non-vegan consumers and equal nutritional value compared to other sources.
The prominent industries where food thickeners have vital applications are food & beverage, confectionary and bakery. Other applications of the product include convenience & processed foods, sauces, dairy & frozen desserts and marinades & gravies. Among these, dairy & frozen desserts is the largest application segment of the food thickener market. This can be attributed to wide usage of the product as starch and protein for thickening and improving other functional properties such as texture and flavor in products. Additional benefits of the product such as water binding, fat replacement, texturizing and emulsifying make it highly desirable in beverage industry.
North America was a major contributor of food thickeners market share in 2016, while Asia Pacific is the fastest growing region in the industry. The reason for North America being the biggest consumer of product is due to heavy consumption of starch, protein and polysaccharide based derivatives in a wide range of foods & beverages. The rising product demand in Asia Pacific can be attributed to the rising disposable income and enhanced spending pattern which has resulted in growing consuming a wide variety of foods and beverages product. Thus, manufacturers in Asia Pacific are focusing on health aspects, product innovation and improving the overall characteristics of product such as flavor, texture and other organoleptic properties. Thus, Asia Pacific is likely to be the fastest growing region over the forecast timespan.
The prominent players operating in the food thickeners market share are Sigma-Aldrich Company LLC, Cargill, Archer Daniels Midland Company, Ingredion Incorporated, Kerry Group PLC, Tate & Lyle PLC, TIC Gums and Ashland Specialty Ingredients. Other companies include Simply Thick LLC, Walgreen Company and Hormel Foods Corporation. The key food thickeners market share contributors are primarily focusing on tapping the enormous market potential of developing countries. These players are establishing huge production facilities to fulfil the rapidly increasing local product demand in these developing regions including Asia Pacific and Latin America.
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