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-labelling has received a lot of impetus in the food and beverages sector. Owing to this, Companies are focusing on manufacturing clean-label products in food thickening agents market. This has led to 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 steady growth of 4% between 2019 and 2028.
Asia Pacific Market Resurgent as Demand for Food Thickening Agents Heightens
Food thickening agents market in 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 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.
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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 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 has 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. 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.
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Food thickening agents market is anticipated to witness a notable upsurge during the forecast period 2019 to 2028, conferring to a new Fact.MR study. The study promotes crucial trends that are presently determining the growth of food thickening agents market. This newly published and perceptive report sheds light on vital dynamics, which are likely to convert the future of food thickening agents market, in turn generating worthwhile opportunities for key companies as well as evolving players who are interested in the manufacturing of food thickening agents.
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Food Thickening Agents Market: Report Summary and Scope
Study offers a comprehensive overview on diverse features that are inducing demand, revenue generation and sales in food thickening agents market across the globe.
A comprehensive estimate on food thickening agents market has also been made accessible by the experts, who have considered the market estimates on the basis of a likely scenario, an optimistic scenario, and a conservative scenario regarding sales of food thickening agents during the forecast period. Analysis and estimation of price point comparison by region and by product with the global average price has been included in this study.
Food thickening Agents Market: Segmentation
Fact.MR’s study has done the segmentation of food thickening agents market on the basis of application, source, and region.
Food Thickening Agents Market: Analysis on Market Size Evaluation
Predictions of food thickening agents market, encompassing current as well as forthcoming projected values estimates and analysis on region-wise demand trends and price index have been assimilated in the report.
Market estimates at the regional and global scale for food thickening agents are available in terms of “US$ Mn.” A Y-o-Y growth contrast on prominent food thickening agents market segments, along with the market attractiveness valuation computes understandings brought in the report. Metrics mentioned above are also followed based on food thickening agents applications where food thickening agents witness a steady demand.
Food Thickening Agents Market: Scrutinized Assessment on Regional Segments
Weighted sections have been elaborated in the report on food thickening agents market, which delivers projection on the regional markets. These chapters brighten the regional macros (political economic, and business environment outlook), which are expected to have a significant impact on the growth of food thickening agents market during period of forecast.
Country-specific valuation on demand for food thickening agents has been offered for each regional market, along with the market scope estimate and forecast, price index, price point assessment, and impact analysis of dynamics of prominent regions and countries. For all regional markets Y-o-Y growth estimates have also been incorporated in the report.
Food Thickening Agents Market: In-depth Analysis on Competitive Landscape
The report ends with a section on the competition scenario of food thickening agents market, along with the profiles of major companies contributing to the market expansion. Essential and up-to-date data as well as information correlated to the market performers, who principally engage in the production and supply of food thickening agents, has been brought with the help of a detailed dashboard view. Market share analysis and comparison of prominent players provided in the report permits the report readers to plan preemptive steps to advance their businesses.
Company profiles have been shared with report, which exerts essentials such as product portfolio, along with an all-inclusive SWOT analysis on each player recognized along with the company policies identification and analysis. The company presence mapped and presented through the matrix for all the prominent players of the market functioning in food thickening agents market offers readers with actionable intellect, which helps in thoughtfully presenting the market status, and making decisive predictions on the competition levels in food thickening agents market. Major companies operating in global food thickening agents market, include Cargill Inc., Archer Daniels Midland Company, Ingredion Inc., Tate & Lyle PLC, Ashland Inc., CP Kelco Inc., Kerry Group PLC and others.
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