2024-2033 Soluble Fibers Market Outlook: Unlocking Growth Potential
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What is the Anticipated CAGR of the Soluble Fibers Market Over the 2024-2033 Forecast Period?
In recent years, there’s been a swift expansion in the market size of soluble fibers. Expected to rise from $5.19 billion in 2023 to $5.79 billion in 2024, the market will experience a compound annual growth rate (CAGR) of 11.6%. This significant growth in the preceding period is largely due to factors such as health and wellness trends, an increase in chronic health conditions, expansion of the beverage industry, regulatory backing and health claims, along with a consumer inclination towards natural ingredients.
The market size for soluble fibers is anticipated to experience substantial expansion in the upcoming years and it is predicted to reach $9.18 billion by 2028, growing at a compound annual growth rate (CAGR) of 12.2%. Several factors account for this projected growth in the forecast period, including the enlargement of food applications, worldwide changes in dietary habits, a surge in demand for functional foods, progress in research and development, and the inclination towards clean labels and natural ingredients. The forecasting period will also witness several trends such as integration with functional drinks, the advent of innovative flavors, the expansion and accessibility of retail, as well as the importance of health claims and marketing strategies.
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What Are the Driving Forces Behind the Growth of the soluble fibers Market?
The increased incidence of digestive disorders is anticipated to boost the soluble fibers market in the near future. These ailments, commonly known as gastrointestinal (GI) tract disorders, impact digestion and have symptoms like bleeding, bloating, constipation or diarrhea, and heartburn. Soluble fiber proves beneficial in managing digestion and blood sugar by softening stool and staving off constipation. For instance, a recent survey conducted by the American Gastroenterological Association, a premier U.S. medical body comprising over 16,000 scientists and physicians, in September 2022 revealed that nearly 40% of Americans had to cease their routine activities in the past year due to uncomfortable GI symptoms. Therefore, the rise in digestive troubles is expected to fuel the soluble fibers market’s expansion.
What Are the Fundamental Segments in the Soluble Fibers Market?
The soluble fibers market covered in this report is segmented –
1) By Type: Oligosaccharides, Resistant Starch, Resistant Maltodextrin, Polydextrose, Beta-Glucan, Other Types
2) By Raw Material: Fruits and Vegetables, Cereals and Grains, Non-Plant Sources, Other Plant Parts
3) By Application: Functional Food and Beverage, Animal Feed, Pharmaceuticals
What Are the Key Innovations Reshaping the Soluble Fibers Market?
The soluble fibers market is currently observing a significant trend towards product innovations. Key players in the market are zeroing in on introducing new technological solutions to cement their market position. Specifically, a major player, Cargill, an American food conglomerate, introduced soluble fibers in October 2021. These novel soluble fibers from Cargill will allow up to a 30% reduction in sugar, alongside calorie deduction and fiber enhancement in several food categories like ice cream, bakery items, confectionery, fillings, cereals, and dairy, without compromising the expected look, flavor, and texture. To accommodate the soluble fibers into its existing extensive array of starches, sweeteners, and texturizers, Cargill is contributing an investment of USD35m in Europe.
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What Regions Are Influencing the Dynamics of the Soluble Fibers Market?
North America was the largest region in the soluble fibers market share in 2023. The regions covered in the soluble fibers market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Soluble Fibers Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the soluble fibers market, its market share, and analyzes key competitors along with their market positions.
The Table Of Content For The Soluble Fibers Market Include
1. Soluble Fibers Market Executive Summary
2. Soluble Fibers Market Segments
3. Soluble Fibers Market Size And Template Market Growth Rate
4. Key Soluble Fibers Market Trends
5. Major Soluble Fibers Market Drivers
……
25. Key Mergers And Acquisitions In The Soluble Fibers Market
26. Top Soluble Fibers Companies
27. Soluble Fibers Market Opportunities And Strategies
28. Soluble Fibers Market, Conclusions And Recommendations
29. Appendix
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