Food Thickeners Global Market Report 2024: Navigating the Future Trends and Opportunities

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What is the current market size and projected growth rate of the Food Thickeners Market?

The food thickeners market size has grown strongly in recent years. It will grow from $12.28 billion in 2023 to $13.24 billion in 2024 at a compound annual growth rate CAGR of 7.8%. The growth in the historic period can be attributed to increased demand for processed and convenience foods, growth in aging population with swallowing difficulties dysphagia, need for texture modification in food products, expansion of the food and beverage industry globally, regulatory approval and safe usage of food thickeners, and rise in prevalence of neurological disorders affecting swallowing.

What is the growth forecast for the Food Thickeners Market?

The food thickeners market size is expected to see strong growth in the next few years. It will grow to $17.79 billion in 2028 at a compound annual growth rate CAGR of 7.7%. The growth in the forecast period can be attributed to adoption of plant-based and algae-derived thickeners, emphasis on texture-modified diets in healthcare and geriatric care, research and development in novel thickening agents for specific applications, demand for thickeners in nutritional and functional food products, and expansion of thickener applications in pet food and nutraceuticals.

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What are the key drivers pushing the growth of the Food Thickeners Market?

Extensive use in food and beverages is expected to propel the growth of the food thickeners market going forward. The food and beverage industry refers to the companies that engage in food processing, packaging, and distribution of packaged and freshly prepared dishes, as well as alcoholic and non-alcoholic beverages. Food thickeners help the food and beverages industry by raising the viscosity of a diet or beverage and maintaining its consistency. For instance, according to the Agricultural and Processed Food Products Export Development Authority APEDA, an Indian Apex-export trade promotion active government body, processed food product exports increased from $11,671 million in 2020-21 to $ 13,261 million in 2021-22, signifying the extensive use in food and beverages that is driving the growth of the food thickener market.

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Which leading companies are operating in the Food Thickeners Market?

Major companies operating in the food thickeners market include Cargill Incorporated, Archer Daniels Midland Company, Ingredion Incorporated, Ashland Global Holdings Inc., CP Kelco ApS, DuPont de Nemours Inc., Kerry Group plc, Darling Ingredients Inc., Tate & Lyle PLC, Medline Industries Inc., Guar Resources LLC, Deosen Biochemical Ordos Ltd., GELITA AG, Solvay S.A., VIKAS WSP Ltd., Koninklijke DSM N.V., Jungbunzlauer Suisse AG, DuPont Nutrition & Biosciences ApS, Biorigin SA, Fuerst Day Lawson, FMC Corporation, Naturex, Nexira, Palsgaard A/S, Premium Ingredients International, Taiyo International, TIC Gums Inc., W Hydrocolloids Inc. These industry players are relentlessly innovating and offering new products to maintain their competitive edge in the market.

What are the emerging trends in the Food Thickeners Market?

Product innovations are a key trend gaining popularity in the food thickeners market. Major companies operating in the food thickeners market are innovating new products to sustain their position. For instance, in January 2021, the Tate & Lyle, a UK-based provider of food and beverage solutions and ingredients, launched REZISTA^® MAX thickening starches and BRIOGEL gelling starches. These tapioca starches will assist food makers deliver superior goods due to their improved process tolerance, mouthfeel, fluidity, and texture.

How is the market segmented?

The food thickeners market is segmented as follows:

1 By Type: Starch, Protein, Hydrocolloids
2 By Source: Plant, Microbial, Animal
3 By Application: Bakery, Confectionery, Sauces, Dressings, Marinades, and Gravies, Beverages, Dairy and Frozen Desserts, Convenience and Processed Food.

What is the regional outlook of the Food Thickeners Market?

Europe was the largest region in the food thickeners market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period, covering regions that include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

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