The global food thickeners market size was estimated at USD 11.05 billion in 2016, growing at a CAGR of 6.2% over the forecast period. Changing lifestyle, increasing disposal income and the resultant growing consumer spending on processed & convenience food products is expected to positively drive the market growth over the forecast period.
The industry is characterized with the presence of numerous food thickener manufacturers across the globe. Major players in the market have adopted various strategies such as joint ventures, acquisitions, collaborations, and agreements, in order to gain a competitive edge. These major players are also actively investing in regional expansion strategies and new product launches.
The U.S. accounted for the highest market share in the North American region in 2016. The high market share of the country is attributed to the rising demand for comfort food coupled with the presence of major players such as CP Kelco, Archer Daniels Midland Company, Cargill Inc., Tate & Lyle PLC, E. I. du Pont de Nemours and Company, and TIC Guns.
Food thickeners are being increasingly utilized in various beverages such as fruit pulps, juices, and energy drinks, as they help to achieve the desired viscosity as well as enhance the texture of foodstuff without deteriorating their nutritional value. The rising demand for such beverages owing to their advantageous properties is expected to propel the market growth.
Major players in the industry are focusing on increasing their brand value and product portfolio to gain a competitive edge in the market. Manufacturers in the industry have signed contracts with end-users, which has further escalated the competitive rivalry amongst the existing players. Such high competitive rivalry is expected to pose as a challenge to new entrants over the forecast period.
Starch is anticipated to be the fastest growing product segment, progressing at an estimated CAGR of 6.7%. The high growth rate of the segment is attributed to its superior properties such as low cost, high stability and viscosity. These properties make starch the preferred choice for employment in end-use applications.
Proteins such as egg whites, gelatin, and collagen, offer beneficial properties to the desired foodstuff such as stability, gelling, and emulsification. Proteins do not need reactive agents for conversion and are water soluble, which gives the segment a competitive edge over its counterparts.
Beverages is anticipated to emerge as the fastest growing application segment over the forecast period, ascending at an estimated CAGR of 7.5%. Rising consumer disposable income, changing dietary preferences, and the resultant high demand for energy drinks, flavored beverages, juices and soft drinks is expected to drive the demand over the forecast period.
Bakery application segment accounted for 27% of the total market share in 2016. The rising demand for gluten-free bakery products & ingredients, owing to the increasing awareness among consumers pertaining to the risks associated with the consumption of gluten, is thus anticipated to further drive the market growth over the forecast period.
The Indian market for the product is anticipated to ascend at a CAGR of 7.1% over the forecast period. The high growth rate of the country is attributed to growing food & beverages industry, increasing disposable income and changing consumer eating preferences. This factor is thus anticipated to drive the demand for bakery and confectionery products, and thereby food thickeners industry.
The rapid expansion of food & beverages industry in Venezuela, Peru, Brazil, and Argentina, is expected to propel the growth of food thickeners in Central & South Africa. Changing eating patterns, rapid urbanization, and increasing disposable income of citizens in the region is anticipated to boost the growth of end-use application sector, which is thus expected to propel the demand for the product.
The industry is characterized by high competitive rivalry, with buyers and manufacturers entering into strategic partnerships. The industry is highly fragmented owing to the presence of numerous manufacturers and their broad product portfolio. The high competitive rivalry couple with high initial investment is thus expected to lower the threat of new entrants in the industry.
Major participants in the industry are also focusing on increasing their production capacities, in order to cater to the rising demand. For instance, in 2016, Cargill Inc., inaugurated an innovation facility in China, in order to cater to the changing consumer demands, by manufacturing innovative food thickeners in varied flavors. Such initiatives are anticipated to drive the industry growth.
This report forecasts revenue growth at global, regional & country levels and provides an analysis on the industry trends in each of the sub-segments from 2014 to 2025. For the purpose of this study, Grand View Research has segmented the global food thickeners market on the basis of product, application, and region.
Product Outlook (Revenue, USD Million; 2014 - 2025)
Application Outlook (Revenue, USD Million; 2014 - 2025)
Regional Outlook (Revenue, USD Million; 2014 - 2025)
Central & South America
The Middle East & Africa
Avail customized purchase options to meet your exact research needs:
Get your queries resolved from an industry expert.
Design an exclusive study to serve your research needs.
A testimonial for service in the form of BBB "A" Accreditation.
Your personal and confidential information is safe and secure.
"The quality of research they have done for us has been excellent..."