Growth in demand for convenience foods, consumer awareness toward a healthy diet, and multiple functionalities and advantages associated with the use of food thickeners are the factors driving the food thickeners market. The food thickeners market is projected to reach USD 15.80 billion by 2022, at a CAGR of 5.95% from 2016 to 2022.
On the basis of type, the market for starch in the food thickeners market is projected to grow at the fastest rate from 2016 to 2022. The easy availability and abundant supply of starch across regions, availability at relatively lower prices than other food thickeners, and optimum functionality of starches are driving the market for starch as food thickeners. Moreover, they are also preferred over other thickeners as they do not to have any negative impact on the organoleptic properties of food.
On the basis of source, plant-sourced food thickeners is projected to be the fastest-growing segment during the forecast period mainly due to four factors—cost effectiveness of plant source, abundant supply & ready availability with a large number of suppliers, nutritional value at par with other sources, and greater level of acceptance by both, vegan and non-vegan populations.
By application, the market for food thickeners in beverages is projected to be the fastest growing. A number of innovations in the beverage sector, coupled with additional properties of food thickeners such as fat replacement, water binding, emulsifying, and texturizing properties, are driving their use in various beverage applications.
Asia-Pacific is projected to be the fastest-growing region in the food thickeners market from 2016 to 2022. This growth is attributed to the growing volume consumption of various types of food thickeners in Asia-Pacific, as food & beverage manufacturers focus on product innovation, health aspects, and improving functional characteristics such as texture, flavor, and other organoleptic properties of their products.
Both, mature and developing markets are demanding innovative products due to which the consumption of food thickeners is growing in various food & beverage applications. Furthermore, shifting base of food manufacturing companies from developed countries to countries in Asia-Pacific is another factor driving the growth of the food thickeners market in Asia-Pacific. This is largely due to growing consumer demand, cheaper raw materials, abundant raw material supply, low manufacturing & operations costs, and proximity to subsequent consumers. Thus, key industry players are establishing their bases in developing countries such as China and India through strategies such as expansions & investments, acquisitions, and joint ventures & agreements.
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