Global inulin market is expected to reach USD 2.35 billion by 2020, according to a new study by Grand View Research, Inc. Gaining popularity of prebiotic ingredients on account of rising awareness towards low fat and calorie reduction is expected to fuel inulin market demand over the next six years. U.S. FDA recognized inulin as generally recognized as safe (GRAS) product, which is expected to have a positive impact on the market over the next six years.
Food & beverage was the largest application, accounting for over 65% of the market volume in 2013. Inulin is being increasingly used in dairy product formulation such as cheese, spoonable yoghurts and butter. Dairy industry growth is expected to act as a major driver for inulin market over the forecast period.
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Further key findings from the study suggest:
- Global inulin market demand was 246.5 kilotons in 2013 and is expected to exceed 400-kilo tons by 2020, growing at a CAGR of over 9.0% from 2014 to 2020.
- Use of inulin in dietary supplements is expected to witness substantial growth over the forecast period. Growing infant formula market demand in China and India coupled with the announcement of capacity expansion by baby food manufacturers such as Danone and Nestle is expected to positively impact the market over the next six years.
- Europe was the largest inulin market, accounting for over 50% of global volume in 2013. Regulatory scenario aimed at supporting fortification of food with prebiotic ingredients is expected to fuel inulin demand in the region. Growing demand for substitute prebiotics and development of synbiotics are expected to remain key restraining factors for the market.
- Asia Pacific is anticipated to witness high at an estimated CAGR of over 10% from 2014 to 2020 in terms of revenue owing to positive dairy industry outlook in India, China, Australia and New Zealand. Gaining popularity of functional foods such as infant formula in China, Japan and India is expected to fuel inulin demand over the forecast period.
- Global inulin market is highly competitive owing to the presence of limited companies. Major market players include Jarrow Formulas, Beneo-Orafti, Sensus and Cosucra. The increasing availability of chicory roots in Belgium, France and Spain has forced inulin manufacturers to establish their facilities in the vicinity. New product development and establishment of strategic partnerships between manufacturers and buyers are expected to remain critical success factors for inulin market over the forecast period.
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.