Sellbyville, DE -- (SBWIRE) -- 12/13/2018 -- High growth in the global functional food & beverages industry will be the major growth enabler for the soluble fibers market. Functional foods provide benefits beyond basic nutrition such as improving digestion, burning excess fat, etc. Soluble Fibers Market will surpass USD 5.5 billion by 2024; according to a new research report by Global Market Insights, Inc. Proliferating demand for the nutrient-rich functional foods made from soluble fibers in the developed countries over conventional food products is a result of growing awareness in these regions. The global functional foods industry generated revenues above USD 250 billion in 2016 and is likely to surpass USD 400 billion by 2024, driven by a high demand in the developed parts of Western Europe and the U.S. owing to higher income levels and ability to spend on health & nutrition products. A rapidly ageing population in European countries will also increase demand for soluble fiber based functional food products in coming years as they provide benefits such as better digestion & bowel movement, and blood pressure as well as cholesterol regulation.
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Lower level of awareness in the emerging economies of Asia Pacific, Middle East & Africa, and Latin America may be a key hindrance for the soluble fibers market development. A high number of people living in these developing countries are characterized by a medium-high level of education and a prevalence of low average income. This factor has led to lower awareness about the advantages of soluble fibers and a lack of ability to spend on nutritional products which will hinder the market development during forecast years.
According to raw materials, the market has been categorized into soluble fibers derived from cereals & grains, fruits & vegetables, other plant parts, and various non-food sources. Fruits & vegetables are an important source of soluble fibers and will likely account for more than USD 400 million by 2024. Bananas, garlic, leeks, onions, etc. are widely used for extraction of product types such as inulin, oligosaccharides, pectin, etc.
Among the product types, inulin is the largest segment which is likely to hold over 30% of the global share by 2024. Inulin is extensively used in fortified foods and pharmaceutical products and their lower costs will aid the market segment growth in coming years. Resistant maltodextrins are widely used in capsules for drug stabilization. This segment is likely to generate a revenue of more than to USD 60 million by the end of the forecast years.
Based on application, the soluble fibers industry is divided into animal feed, pharmaceuticals, and functional foods & beverages. Pharmaceuticals will be an important application segment for the soluble fibers market and is likely to advance by a notable rate till 2024. Soluble fiber based supplements are becoming increasing popular in recent years. Asia Pacific and Europe will be the key regions that will drive the product demand for pharmaceutical applications.
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Europe will be a major soluble fibers market which is likely to gain by more than 16.6% CAGR during forecast years. A high density of ageing population coupled with increased demand for nutritional food products will propel the regional industry development. Asia Pacific will witness the most significant growth rate among other regions owing to a higher market development potential in emerging countries.
Major soluble fiber manufacturers include Archer Daniels Midland Company, DuPont Nutrition & Health, Tate & Lyle, Nexira, INGREDION, Taiyo International, TIC Gums, Psyllium Labs, Wacker Chemie, Cargill, Roquette, Marshall Ingredients, Fiberstar, Fenchem, and PMV Nutrient Products.