(Food-Beverage-News.Com, January 01, 2022 ) Food Thickening Agents Market size is forecast to reach $18.9 billion by 2026, growing at a CAGR of 5.8% during the forecast period 2021-2026. Food thickening agents comes with a potential to magnify the viscosity quotient of a liquid without affecting the characteristics of the liquid. Additionally, when used they increase a product’s stability majorly by improving the suspension of other ingredients. All purpose flour is the most popular food thickener, followed by cornstarch and arrowroot or tapioca. Hydrocolloids are also used extensively as thickeners as well as food additives. Over the past, the adoption of food thickeners have increased which can be attributed to the rising number of application areas across food and beverage industry. In the wake of covid-19 pandemic, consumers have become increasingly aware regarding health and wellness, which gave a major boost to the market numbers over the recent past. The major drivers of the market include rigorous innovation across product line-ups, fortifying government food regulations and consumer preferences shifting towards high quality products. Over time, government regulations have become favorable towards the progress of food and beverage market which is expected to augment the demand and enhance the overall market development of the Food Thickening Agents Market for the period 2021-2026.
Food Thickening Agents Market Segment Analysis – By Type
Hydrocolloid accounted for majority of share revenue in 2020, making it the most prominent shareholder of the segment. There are different types of hydrocolloids which are used as food thickeners namely guar gum, pectin, locust bean gum, carrageenan gum, alginate, xanthan gum, and beta-glucan. Hydrocolloids have the ability to maintain stability even under low pH, thereby becoming fibre rich over a certain span of time. This particular property increases its arena of applications across the food and beverage industry.
Hydrocolloids are also used extensively as thickeners as well as food additives. For example, they sugar is often substituted with hydrocolloids in whipped creams. Additionally, they are used as bulking agent in yogurt and ice cream, as well as for starch dispersion in rice.
Starch, on the other hand is expected to witness a CAGR of 6.1% throughout 2021 to 2026. The growth of this segment is mainly fuelled by factors like low cost, high stability and viscosity. To top it all, the increasing awareness regarding gluten-free products is also augmenting the growth of the market.
Food Thickening Agents Market Segment Analysis – By Application
Bakery and Confectionery was the fastest growing sub-category in 2020 and is likely to dominate throughout the forecast period, growing at a CAGR of 6.5%. The key factors driving the growth of this segment includes growing demand for organic and baked goods, and the inclination of consumers towards healthy snacking habits.
Over time, the food and beverage market witnessed a growing predisposition of consumers towards traditional flavours thereby giving birth to more exotic products. This in turn demands utilization of food thickening agents, leading to a growth of the market.
The rich texture and creamy characteristic of food thickening agents is the primarily reason of it being utilized extensively in the making of dips and sauces. With the advent of processed food and to cater to its growing need, sauces and similar dressings observed a rising demand, which is likely to promote the growth of the food thickening agents market.
Food Thickening Agents Market Segment Analysis – By Geography
North America dominated the Food Thickening Agents Market with a major share of 37.1% in 2020. This can be attributed to the well-developed food and beverage industry across the U.S. and Canada. Over the years, North America has seen a rising demand for products like muffins cupcakes and pastries. Therefore, players across the bakery and confectionery industry are trying to innovate products customized to the needs, which involves the frequent usage of food thickeners. This led to the market skyrocketing in this region.
However, Europe is estimated to grow at a higher CAGR during the forecast period 2021-2026 owing to the growing consumer demand for tasty yet healthy food items, specifically revolving around dessert and afters. Additionally, packaged energy drinks are also gaining traction throughout the European region which is likely to increase the demand for food thickeners, thereby bolstering the growth of the market.
Food Thickening Agents Market Drivers
Increasing Prevalence of Ready-to-eat Snacks
Throughout the major economies, the food and beverage industry witnessed a rising demand for ready-to-eat snacks which are primarily protein-rich products and comprises of high nutritional value. This calls for the increased usage of food thickeners throughout the preparation because they act as thickening, stabilizing, and gelling agent for hydrocolloids, starch and proteins. Thus, increasing the growth of the Food Thickening Agents Market during the forecast period 2021-2026.
Rising disposable income
There has been a considerable increase in the disposable income of multiple economies because of the growing rates of urbanization. This has altered the food consumption pattern significantly, leading to an increase in the demand of thickeners by the key players in the market. Thus, increasing the growth of the Food Thickening Agents Market during the forecast period 2021-2026.
Over the recent past, there has been a significant rise in the demand of gelling agents, emulsifiers and texturants, which makes the industry highly competitive when coupled with the magnitude of the food and beverage industry. Hence, the potential market players often face robust competition from local players which are comparatively smaller in terms of size and revenue. This is primarily because they offer cheap products which are specifically tailored to the needs of the market at specific geographic regions. This is likely to hinder the growth of the market during the forecast period 2021-2026.
Food Thickening Agents Market Landscape
Product launches, mergers and acquisitions, joint ventures, and R&D activities are key strategies adopted by players in the Food Thickening Agents Market. In 2020, the Food Thickening Agents Market share is consolidated by the top ten players present in the market. The Food Thickening Agents Market, top 10 companies are Cargill Inc., Archer Daniels Midland Company, Ingredion Inc., Ashland Global Holdings Inc., Dupont, Tate & Lyle PLC, CP Kelco U.S. Inc., Kerry Inc., TIC Gums Inc., and Naturex S.A. among others.
In order to promote healthy lifestyle, governments of all the major economies including their agencies have implemented schemes and policies which involves the use of healthy products to curb obesity, levels of cholesterol as well as diabetes. This move has augmented the growth of the market at a whole different level.
Over time, there has been significant growth in the demand on non-alcoholic beverages which also encompasses energy drinks and fruit juices. To counter this need, the major market competitors worked keeping customization capabilities and formulation blends in mind, in which food thickeners played a pivotal role. This led the growth in the revenue of the market.
Detailed analysis of the Strength, Weakness, and Opportunities of the prominent players operating in the market will be Food Thickening Agents Market report.
Owing to the low concentration of cholesterol and mainly because of lower costs, blood proteins are often used as a substitute for thickening agents, which pose a threat to the market. However, they often tamper with the fluid properties by altering the texture, viscosity and taste, thereby hampering the final solution.
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