Yahoo Finance Global Food Thickeners Market Is Expected to Reach $22.33 Billion by 2031: Allied Market Research
Surge in demand for convenience food, rise in disposable income, and the advantages & various functions associated with the use of food thickeners drive the growth of the global food thickeners market. However, the outbreak of the COVID-19 pandemic led to have a negative impact on the food & beverage sector, owing to manufacturing disruptions, distorted supply chain, market closure, sourcing issues, and others. This in turn, hampered the growth of the global food thickeners market.
Portland, OR, June 06, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global food thickeners market generated $13.08 billion in 2021, and is projected to reach $22.33 billion by 2031, witnessing a CAGR of 5.6% from 2022 to 2031. The report provides a detailed analysis of changing market dynamics, top segments, value chain, key investment pockets, regional scenario, and competitive landscape.
Surge in demand for convenience food, rise in disposable income, and the advantages & various functions associated with the use of food thickeners drive the growth of the global food thickeners market. However, fluctuation in prices of food thickeners and high R&D cost associated with their production may restrain the growth of food thickeners market. Contrarily, rise in health consciousness among consumers presents new opportunities in the upcoming years.
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COVID-19 scenario:
The outbreak of the COVID-19 pandemic led to have a negative impact on the food & beverage sector, owing to manufacturing disruptions, distorted supply chain, market closure, sourcing issues, and others. This in turn, hampered the growth of the global food thickeners market.
In addition, due to the implementation of global lockdown, all hotels and restaurants were closed, especially in the initial period, which affected the market growth.
However, the market is expected to get back on track post-pandemic.
The report offers detailed segmentation of the global food thickeners market based on type, source, application, and region.
Based on type, the starch segment held the highest market share in 2021, holding more than two-fifths of the total market share, and is expected to continue its leadership status during the forecast period. However, the hydrocolloid segment is estimated to register the highest CAGR of 6.0% from 2022 to 2031.
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Based on source, the plant segment held the largest market share in 2021, holding more than half of the total market share, and is expected to continue its leadership status during the forecast period. Moreover, the same segment is projected to register the highest CAGR of 5.9% from 2022 to 2031. The report also analyzes the segments including animal and microbial.
Based on region, Europe contributed to the highest share in terms of revenue in 2021, holding more than one-third of the total market share, and is estimated to continue its dominant share by 2031. However, Asia-Pacific is projected to manifest the fastest CAGR of 6.6% during the forecast period.
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Leading players of the global food thickeners market analyzed in the research include Archer Daniels Midland Company, Cargill, Inc., E. I. DuPont de Nemours and Company, Ingredion Incorporated, Kerry Group Plc., CP Kelco, Darling Ingredients, Tate & Lyle PLC., Ashland Specialty Ingredients, and TIC Gums.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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