The global food thickeners market is projected to amass a value of US$ 24,469.6 million by 2032, with sales growing at a moderate CAGR of 5.5% from 2022 to 2032. Valued at US$ 14,324.2 million in 2022, the market will present steady growth during the forecast period. Increasing demand for convenience foods along with rising awareness of healthy eating will propel the food thickeners market forward over the forecast period. The growing popularity of healthy lifestyles and increasing knowledge of the benefits associated with the use of food thickeners will further aid the growth of the food thickeners market.
The addition of food thickeners to beverages results in the absorption of the fluid by thickeners and beverage plumps. When the thickener decomposes, the setting action reverses, and nearly all of the water in the beverage is available as a fluid that the body can absorb. It is used in food and beverage products to absorb fluid and thicken it. Food thickeners are used in the food and beverage sector to enhance the viscosity of products such as puddings and sauces, in conjunction with other ingredients like gelatin, eggs, and starches like flour, rice flour, cornstarch, and arrowroot. Thus, extensive use of food thickeners in the food sector and the expansion of the food and beverage industry will facilitate the growth of the food thickeners market.
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Rapid urbanization has resulted in shifts in consumer lifestyle and preferences which, in turn, is expected to have a positive impact on the sales of the food thickeners market. This is owing to surging demand for convenience food which encourages greater application of food thickeners. Increasing spending on ready-to-eat snacks, protein-rich items, and nutritional food products will also spur the demand for food thickeners. Other factors like rising disposable income, a wider consumer base, and increasing demand for non-alcoholic beverages like fruit juice and energy drinks will escalate the expansion of the food thickeners market size. The market will also face certain challenges like an expensive manufacturing process and alterations in raw materials. Though the food thickeners market has a bright future, these aforementioned factors will hamper the growth of the market.
Key Takeaways:
- The presence of a well-established food and beverage industry in the US and Canada will drive the growth of the food thickeners market in North America, resulting in the ownership of 26.4% of the market share.
- In 2022, Europe’s food thickeners market held about 22.4% of the overall market share.
- Increasing consumption of different types of food thickeners will drive the market in Asia Pacific.
- By application, the bakery category will remain popular with a share of 25% in 2020.
- Based on type, animal-based food thickeners will grow at 6% CAGR during the assessment period.
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Competitive Landscape
Tate & Lyle, Bioriginal, Cargill, CP Kelco, and Nestle Health Science, among others, are a few of the significant participants in the food thickeners market profiled in the full version of the report.
In a competitive environment, dominant market players are concentrating on product development and innovation so as to launch novel products. These businesses also engage in expansion strategies, partnerships, collaborations, acquisitions, and mergers to increase sales and market position. For instance, Tate & Lyle expanded their line of tapioca-based starches in January 2021.
More Insights Into Food Thickeners Market
FMI offers an unbiased analysis of the global food thickeners market, providing historical data from 20 to 202 and forecast statistics for 2022 to 2032. In its latest report, FMI offers a complete breakdown of a ten-year sales prospect, market drivers, restraints, opportunities, and trends. For a better understanding of the global market potential, growth, and scope, the market is segmented on the basis of type, source, application, form, and region.
According to the report, based on segmentation, animal-based food thickeners like gelatin and collagen will remain a popular choice, particularly in the bakery sector. This segment will grow at a CAGR of 6%. In terms of application, the bakery segment will dominate the global marketplace. Based on region, the food thickeners market in North America will present impressive growth. The presence of several multinational food fabrication and processing companies and the highly-developed food and beverage industry will drive the growth of the thickeners market in North America. Europe and Asia Pacific will also contribute to the global growth of the food thickeners market.
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Key Segments Profiled in the Food Thickeners Market Report
Food Thickeners Market by Type:
- Hydrocolloids-based Food Thickeners
- Protein-based Food Thickeners
- Starch-based Food Thickeners
Food Thickeners Market by Source:
- Plant-based Food Thickeners
- Animal-based Food Thickeners
- Microbial-based Food Thickeners
Food Thickeners Market by Form:
- Food Thickeners Gel Type
- Food Thickener Powder
Food Thickeners Market by Application:
- Food Thickeners for Bakery Items
- Food Thickeners for Confectionery
- Food Thickeners for Sauces
- Food Thickeners for Dressings
- Food Thickeners for Gravies
- Food Thickeners for Beverages
- Food Thickeners for Dairy & Frozen Products
- Food Thickeners for Convenience & Processed Foods
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