The global food thickening agents market size was estimated at US$ 2,268.9 Mn in 2018, growing at a CAGR of 3.8% during 2018-2028, the market valuation is likely to exceed US$ 3.2 Bn, as per a recent market analysis by Future Market Insights. Used across various applications including bakery and confectionery, meat and poultry, sauces and dressings, beverages, and dairy products, food thickening agents have found increased adoption among consumers with changing dietary preferences and growing consumer spending on processed and convenience food products are predominant factors shaping the global food thickening agents market.
Health Benefits Pushing Adoption of Food Thickening Agents Food thickening agents are commonly used for texture and consistency enhancement, without compromising on taste or savory. Moreover, health benefits associated with food thickening agents is also driving the overall sales. Thickens agents such as gums and starches are used a fat replacers, fibre bearing ingredients gums naturally resist digestion whereas starches act as primary energy sources, and the ability to replace high-carb ingredients by reducing the overall calorie content of the food are some key reasons behind enhanced consumption of food thickening agents. Consumer inclination towards plant-based food thickening agents is estimated to grow, especially among vegans, in the coming years. Economically priced starch offering high stability and viscosity will make it the fastest growing product segment through 2028.
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Application in bakery and confectionary coupled with rising demand for gluten-free bakery products is projected to dominate the global consumption of food thickening agents. The ability of thickening agents to increase the viscosity without altering other taste aspects of the food and beverages and providing an improved mouth feel has made it immensely popular among food manufacturers.
Multiple Functionalities of Food Thickening Agents to Provide Product Innovation Opportunities for Manufacturers
Incidences of medical conditions such as difficulty in swallowing or dysphagia, has led to a greater adoption of food thickening agents as it helps in slowing down the transit of fluids and food, providing more coordination time for the swallowing process. Additionally, cases of dysphagia in infants has created opportunities for food thickening agents manufacturers to come up with innovative baby food, addressing the concern pertaining to rising back of food in the oesophagus, among infants. Since, food thickening agents are also used as stabilizers, providing a longer shelf life to processed food, manufacturers of pet food see this an opportunity to come up with canned food for dogs and cats. Listed in Annex of the Council Directive of Europe, Cassia Gum is considered safe for canned pet foods.
APEJ Fastest Growing Regional Market for Food Thickening Agents; North America to Remain Dominant
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North America is projected to hold the largest market share and will retain its dominant position over the forecast period, attributable to the presence of key companies such as Archer Daniels Midland Company, Cargill Inc., CP Kelco, E. I. du Pont de Nemours and Company, and Tate & Lyle PLC. APEJ is expected to witness highest growth through 2028, owing to changing dietary preferences. Top players in the food thickening agents market held close to 32% of the total market share value by 2017 end. Manufacturers are expected to expand their share in the global food thickening agents market through new product development and enhanced production techniques. Market consolidation through acquisitions and strategic alliances to expand production capacity will remain a key strategy among smaller manufacturers of food thickening agents.