Remarkable expansion of the processed food sector has propelled the utilization of ingredients such as food thickening agents. Projecting the market growth at a steady CAGR of 7% during 2019 - 2028, a new market study by Fact.MR provides an inclusive analysis of the food thickening agents market.
Unavailability of alternate food components and growing consumer inclination towards clean labeled products augur well for the market growth, says the report.
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Food Thickening Agents Market - Key Takeaways
- Plant and seaweed-based thickening agents remain sought-after, with a collective share of 50% in market value.
- Applications in bakery & confectionery are projected to grow 1.6X over the forecast period.
- Leading manufacturers are investing heavily on increasing production capacities.
- North America and Europe to remain regional leaders in the food thickening agents market with a collective share of 60% in the global market.
- Asia Pacific region to exhibit tremendous growth and is projected to double its market share during the forecast period.
- Significant investments in the production of thickening agents such as guar complex in India is expected to further boost the market.
Food Thickening Agents Market - Key Driving Factors
- The surge in production of bakery & confectionery items, sausages, dressings, and soups, coupled with lack of substitutes is escalating the demand for food thickening agents to cater to the growing urban consumption.
- Attributed by their trait to lower swallowing difficulties (dysphagia), food thickening agents have gained traction from processed food manufacturers, thereby boosting demand.
- Manufacturers - in the path of exploring new herbs to extract agents from - are introducing vegan and gluten-free products, further bolstering the market.
Inorganic Strategies to Keep Market Growth on Track
Tier 1 players account for ~30% of revenue share in the food thickening agents market. Key companies in food thickening agent market are CARGILL, Ingredion Inc., CP Kelco, Darling Ingredients, Archer Daniels Midland Company (ADM).
These companies are primarily concentrated in regions such as North America, Europe, and Australia.
Various strategy implementations like mergers, acquisitions, and joint ventures by top-tier players has increased their market share and global presence in the food thickening agents market. On the back of these factors, the market is expected to move towards consolidation.
- In January 2020, ADM acquired Portugal-based Yerbalatina Phytoactives, a natural plant-based extracts and ingredients manufacturer.
- In March 2019, ADM acquired Germany based citrus-ingredient supplier Erich Ziegler which provides compounds in the flavor, food, and beverage industries
- In March 2019, Ingredion Inc. acquired potato starch manufacturer USA-based Western Polymer. Western polymer is the largest cationic potato starch supplier.
- In March 2019, Cargill Acquired Smet, a Belgium Chocolate and Sweets Decorations Supplier. This acquisition is expected to increase investments of the company in food thickening agents.
- In July 2018, ADM entered into a joint venture with Aston Foods Inc. to establish the presence of the company in Russia.
Food thickening Agents Market: Segmentation
Fact.MR's study has done the segmentation of food thickening agents market on the basis of application, source, and region.
- By Application :
- Bakery & Confectionery
- Meat & Poultry
- Sauces & Dressings
- Dairy Products
- By Source :
- Guar Gum
- Gum Arabic
- Locust Bean Gum
- Gellan Gum
- Xanthum Gum
- Animal (Gelatin)
- Carboxy Methyl Cellulose (CMC)
- Methyl Cellulose
- By Region :
- North America
- Latin America
- Western Europe
- Eastern Europe
- Middle East & Africa
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Original Source of the original story >> Food Thickening Agents Soar Steadily in Line with Upsurge in Demand from Confectionary Industry: Fact.MR Study