Smoked Dextrose Market Forecast and CAGR
The global sales/shipment of smoked dextrose is expected to grow at a steady pace of 6% CAGR. Smoked dextrose is a common food ingredient that has several applications in the food industry, including bakery and confectionery items, cooked meats, sausages, soups, spreads, salads, and processed meals. It also provides a number of health benefits, which is why it is employed in the pharmaceutical and healthcare industries. Smoked dextrose's diverse applications are projected to drive its demand globally.
Increasing Demand for Vegan Food Additives
Plant-based foods and ingredients have taken the global food market by storm in the last decade. With a significant portion of the population identifying as vegan, market leaders have had to adapt fast to the evolving preferences of consumers. McDonald's announced its meat-free McPlant menu line with plant-based burger patty in 2020, paving the path for other well-known mainstream food chains. As more people become aware of a vegan diet and its benefits, smoked dextrose, derived from corn is expected to witness a surge in demand from the foodservice segment.
Further, several vegan food products, ranging from bakery and confectionery goods to pizza, have been introduced in the market. Smoked dextrose is expected to appeal to people who prefer authentic plant-based additives in their meals. It also improves the flavour of processed foods, which is expected to contribute to the growth of the smoked dextrose market.
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Diverse Functional Properties of Smoked Dextrose a Significant Driver
Smoked dextrose has various functional characteristics that make it a common food additive in processed food items, including bulking agent, moisture conditioner, sweetener, stabilising agent, crystallisation inhibitor, a fermentation substrate, and texturizing ingredient. It is used in the production of a broad variety of meals, including sausages, barbeque meats, sauces, spreads, breakfast cereal, baked goods, beverages, jams and jellies, ice cream, condiments, and canned fruit among others.
Additionally, it is utilised in the pharmaceutical industry to make pills that treat dehydration and low blood sugar. These pills dissolve easily on the tongue, allowing dextrose to enter the bloodstream more efficiently. Bodybuilders frequently utilise smoked dextrose in the form of health supplements that increase glycogen levels in the body. The aforementioned factors are expected to have an impact on the increasing demand for smoked dextrose as a functional ingredient in the food, pharmaceutical, and health supplement industries.
The US and Canada Demand Outlook for Smoked Dextrose Market
Due to the region's steady growth in the processed food industry, the North America smoked dextrose market is likely to hold a considerable share during the forecast period. Smoked dextrose is a prominent ingredient in a variety of processed and packaged foods. The key factors for increasing demand are consumers' perceptions of processed food in terms of convenience, price, and enjoyment, as well as rising income in the region.
Furthermore, consumption of bread and bakery goods in the region has been steadily increasing in recent years, and this trend is likely to continue in the following decade. Smoked Dextrose, being one of the major additives in baked goods and confectionary, will benefit from the growth of the Bakery sector in North America.
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Europe Smoked Dextrose Market outlook
The Europe market for smoked dextrose is expected to witness a surge during the forecasted period. The market in the region is propelled by factors such as increasing demand for processed foods with extended shelf life.
Increased sales will be aided by the region's growing demand for vegan foods. For instance, Tesco PLC began selling vegan meals in its UK stores in early 2018, and by May 2018, the company had sold 2.5 million meals. Furthermore, research reveal that interest in vegan food additives has increased in Europe over the last five years, which is projected to increase demand for smoked dextrose during the forecast period.
Smoked Dextrose: Key players
Some of the key manufacturers in the smoked dextrose market include
- Henning Gesellschaft für Nahrungsmitteltechnik mbH
- Cargill Inc.
- Unique Ingredients Limited
- Archer Daniels Midland Company
- The Red Spoon Company
- Tate and Lyle PLC
- The Red Spoon Company
An Adaptive Approach to Modern-day Research Needs
Smoked Dextrose Market Report Highlights:
- Detailed overview of the parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint
Smoked Dextrose: Market Segmentation
Based on Source, the global smoked dextrose market is segmented as:
Based on End-use Industry, the global smoked dextrose market is segmented as:
- Food & Beverages
- Bakery and Confectionery
- Dairy and Frozen food
- Infant Formula
- Restaurants and Foodservice
- Processed food
- Pharmaceuticals and Health Supplements
- Pet Food
- Cosmetic Industry
- Food & Beverages
Based on Distribution Channel, the global smoked dextrose market is segmented as:
- B2B (Direct sales)
- B2C (Indirect Sales)
- Convenience stores
- Specialty retail stores
- Online retail
Based on Region, the global smoked dextrose market is segmented as:
- North America
- Latin America
- Asia Pacific
- Middle East and Africa
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