Demand for Food Thickening Agents Market to Soar on Back of Novel Variants
The recent past has witnessed significant investments in research and development of food thickening agents. Manufacturers have been exploring new herb variants to create new specifications in order to differentiate their product portfolio. Konjac, an East Asia tuber has gained prominence among food thickening agents. Owing to its high viscosity, Konjac flour is finding application in soups, sauces, gravies, puddings and pie fillings. Companies like CP Kelco, Clara Foods, AgTech, and Forbidden Foods Group have introduced vegan or gluten-free products in the market. Owing to these advancements, the industry is projected to witness an absolute dollar opportunity of US$ 1 Bn between 2019 and 2028.
Plant-based and Seaweed-based Food Thickening Agents Exhibit High Growth
The trend of clean-labeling has received a lot of impetus in the food and beverage sector. Owing to this, Companies are focusing on manufacturing clean-label products in the food thickening agents market. This has led to an increase in the demand for food thickening agents which are produced from natural sources like plants and seaweeds. Plant-based and seaweed-based food thickening agents currently account for more than half of the market share, with the steady growth of 4% between 2019 and 2028.
Asia Pacific Market Resurgent as Demand for Food Thickening Agents Heightens
Food thickening agents market in the Asia Pacific is forecasted to grow at an impressive CAGR of nearly 7%. Companies in this region are increasingly penetrating ASEAN countries and Japan to address the demands of the rapidly proliferating food processing industry. Heavy investments in the production of food thickening agents like guar complex in India is anticipated to supplement the food thickening agent market. Asia Pacific market for food thickening agents will show an upward trend during the forecast period and is projected to grow 2X during the forecast period.
Source : FactMR
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 the 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 have 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. The 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.
Source : FactMR
For More information
Download the complete report Here
Source: FactMR