The positive attributes of dietary fiber propel their use as specialty ingredients in end-use industries such as food and pharmaceuticals, says Reportlinker.com.
According to its report entitled Dietary Fiber Market by Product Type (Conventional/ Novel & Soluble/ Insoluble) and Application (Food & Pharmaceutical) – Global Trends & Forecasts up to 2019, the dietary fiber market is classified on the basis of type, such as conventional, novel, soluble and insoluble.
It states functional foods, bakery and confectionery, dairy, beverage, meat products, and pharmaceuticals are the end-user applications for dietary fiber.
Health concerns drive growth
With the increasing penchant for health benefits, the market is likely to witness a robust growth in the years ahead.
Dietary fiber is an important segment of the specialty food ingredients segment and it is fast gaining acceptance due to its documented health benefits.
In terms of end-use, functional foods remain the leading market for dietary fibers.
The pharmaceutical market is set to exhibit the strongest volume increases, followed by meat products.
The bakery and confectionery, dairy and beverage sectors also exhibit strong potential.
On the other hand, increasing regulations and strict labeling requirements may act as key restraints hindering the growth of the market.
New product launches
Companies such as Cargill Inc. (US), E.I. DuPont de Nemours (US), Lonza Group (Switzerland), Roquette Freres (France) are scaling their business by bringing in new products and pursuing mergers and acquisitions in developing markets.
The top eight players in the dietary fiber industry held a market share of about 65.0% depicting the participation of other small players in the industry.
Developing countries drive demand
The global dietary fiber market in terms of volume is projected to grow at a compound annual growth rate of 10.4% from 2014 to 2019.
Although dominated by conventional fibers, the novel fibers segment is projected to drive the growth 2014 to 2019.
The penetration of conventional fibers is high in the developing countries and these are expected to witness a sluggish growth in the years ahead due to the rapid growth and acceptance of novel fibers.
The research and development, technology developments and unearthing new sources of fibers for the market creates opportunities for the novel fiber segment.
The global dietary fiber market is largely driven by the volume growth in its end-use industries.
The penchant for consumption of products such as functional food, beverage, dairy, meat products, and pharmaceuticals is resulting in the growth of this industry.
And hence, developed food and beverage markets such the US and other EU-27 countries are at the forefront of market demands.
These markets, however, show modest growth trends.
The changing dynamics of consumption pattern in the Asian developing economies is poised to drive future growth of the dietary fiber sector.
The trend of increasing aging population, improving customer preferences towards functional foods, and increasing demand for the dietary supplements sector will boost the demand for dietary fibers.