The global fibers & specialty carbohydrates market is expected to reach USD 9.84 billion by 2024, according to a new report by Grand View Research, Inc. Increasing awareness towards improving gut health among individuals in the U.S., Germany and China is expected to upscale the requirement of fibers over the next eight years. Furthermore, rising concerns over obesity and gastrointestinal disorders are projected to promote the use of nutritionally enriched foods with reduced cholesterol level, which, in turn, will drive the market growth over the forecast period.
Fibers & specialty carbohydrates market revenue in functional food was USD 1.42 billion in 2014. Rising consumption of food items containing a high level of nutrition content including breakfast cereals and fortified bread on account of their increasing use as a meal diet are expected to have a substantial impact on the market. Furthermore, increasing awareness towards nutritional advantage associated with fibers in food & beverage industry is expected to expand the market size over the next eight years.
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Further key findings from the report suggest:
Dietary supplements are anticipated to foresee volume growth at a CAGR of 8.4% from 2016 to 2024. Increasing awareness towards sustaining optimum nutrition levels among middle-aged consumers in the primary markets including the U.S., Germany, and Canada is expected to promote the use of dietary supplements with increased fiber content over the next eight years.
Europe fibers & specialty carbohydrates demand was 348.7 kilo tons in 2015 and is expected to witness growth in light of increasing use of diary-based derivatives in UK and France amid new product launches.
Asia Pacific is projected to foresee revenue growth at a CAGR of 9.2% from 2016 to 2024. The emergence of Southeast Asian countries including Thailand, Laos, Indonesia, Malaysia, and Vietnam as major markets for functional foods in light of increasing number of hyper markets along with new product launches is expected to promote the application of fibers & specialty carbohydrates over the forecast period.
The global market for fibers & specialty carbohydrates is dominated by food ingredient suppliers including ADM, DuPont, Cargill, and DSM. The companies mentioned above have a strong foothold in the industry giving them an advantage over other competitors. Rising awareness towards e-commerce portals on account of providing benefits such as cash-on-delivery and discounts is expected to force fiber manufacturers to distribute their products through web portals.
Grand View Research has segmented the global fibers & specialty carbohydrates market by application and region:
Application Outlook (Volume, Kilo Tons; Revenue, USD Million, 2013-2024)
Regional Outlook (Volume, Kilo Tons; Revenue, USD Million, 2013-2024)
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