A notable surge in urban consumption has led to heightened demand for processed food. Consequently, this has propelled the utilization of allied ingredients such as food thickening agents. In the absence of close substitutes for food thickening agents, per ton increase in production of bakery and confectionery items, sausages, dressings, and soups are directly augmenting the demand for food thickening agents. Alongside, processed food manufacturers are focusing on making their products more functional. Food thickening agents possessing attributes to address dysphagia, have garnered attention of processed food manufacturers, which has boosted its demand in the past half-decade. On the back of these dynamic consumption and production trends, demand for food thickening agents is expected to register a steady CAGR of 4%.
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Key Trends of Global Food Thickening Agents Market
- The demand for plant-based and seaweed-based food thickening agents is projected to capture more than 50% market share and is anticipated to show a steady growth curve in food thickening agents market during forecasted period.
- Bakery & confectionery application is forecasted to grow 1.6X over the forecast period.
- North America and Europe together hold around 60% of market share in food thickening agents market, whereas, Asia Pacific are projected to present high growth rate.
- Countries like Canada, Mexico and Poland are forecasted to show prominent growth rate in food thickening agents market.
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.
- Bakery & Confectionery
- Meat & Poultry
- Sauces & Dressings
- Dairy Products
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- Guar Gum
- Gum Arabic
- Locust Bean Gum
- Gellan Gum
- Xanthum Gum
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Penetration into Newer Markets to Shape Competitive Landscape
With established regions reaching maturity in terms of demand for food thickening agents, market leaders have been penetrating newer regions to generate revenue streams. Archer Daniels Midland is one of the prominent companies, which has been highly active in acquisitions and partnerships. Other companies like Tate & Lyle PLC have invested heavily in order to increase production capacities of food thickening agents. These regional capacity expansions and investments by food thickening manufacturers has been done to establish their presence and gain foothold in newer regions.
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