Functional food & beverages sector is profoundly one of significant spheres where soluble fibers market penetration has been incredible. Based on revenue, the sector will likely generate around USD 565 million by 2024. Growing popularity of soluble fiber-based edibles and supplements in developing economies and this will positively influence the demand for the functional food & beverages applications.
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Based on product, the industry is categorized into resistant starch, polydextrose, inulin, oligosaccharides, resistant maltodextrin, beta-glucan, and others. Collectively, oligosaccharides and beta-glucan will hold around 45% of the entire market share by the end of the forecast span. This is due to the increasing demand in pharma & functional food industry and several health benefits offered by the product such as beta-glucan decreases the saturated fat level in the human body. Considering revenue, oligosaccharides product is likely to be valued over USD 1.5 billion throughout the forecast span.
North America will be a key soluble fibers market and will likely gain over 16.8% CAGR in forecast spell. Increasing health concerns coupled with up-surging rate of digestive issues among the population in the U.S. will drive the regional soluble fibers market demand in coming years. In terms of revenue, Asia Pacific will generate over USD 1.2 billion by 2024 due to the significant growth of pharma sector in the developing countries.
Soluble fibers market has been bifurcated on the basis of raw materials, product and application. The raw material segment is further divided into cereals and grains, non-plant sources, fruits & vegetables and other plant parts. Procuring over 48% of the overall segment share by 2024, other plant parts segment including bark, wood, roots, nuts, seeds, etc. will hold sway the raw material landscape throughout the forecast spell. This is all due to the extensive usage of plant leaves, chicory roots, seeds and Jerusalem artichoke for extraction of the product.
The key manufacturers in the market include Tate & Lyle, DuPont Nutrition & Health, Nexira, Archer Daniels Midland Company, and INGREDION. Other manufacturers include TIC Gums, Inc., Taiyo International, Psyllium Labs LLC, Wacker Chemie AG, Roquette, Cargill, Fiberstar, Inc., Marshall Ingredients, PMV Nutrient Products Pvt Ltd., and Fenchem.
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Soluble fibers market demand will be mainly driven by the increasing awareness regarding the health benefits offered by the product among the U.S and European population, coupled with a significant growth in the functional food & beverages sector. The product is widely used in the edible and conventional food items as it controls the sugar level, blood pressure, prevent digestion and high cholesterol issues in the body. Development in the medical & pharma industry, especially in the Asia Pacific due to technological upgradation, will spur the soluble fibers market growth throughout the forecast timeframe. The product finds extensive use at the time of medicinal drug production.
Harmful effects related to the excess consumption of the product, less awareness in developing countries of Latin America and Middle East & Africa are the key restraining factors for the soluble fiber market growth in coming years. Majority of the people in these regions are not highly educated and they are not able to understand the profitability of the product. This in turn, led to the less awareness for the soluble fibers benefits will restrict the industry development in future.
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