The Global Inulin Market is forecasted to register a CAGR of 6.5%, and reach a value of USD 2.1 billion, by 2024. The consumers are becoming more aware of the importance of dietary fiber in maintaining a healthy digestive system. With the major benefit of better digesting properties, inulin is mainly used in food and beverage market especially in bakery and confectionary segment. followed by dietary supplements. The presence of other dietary fibers and prebiotic ingredients present in the market is the major challenge hindering the growth of global inulin market. Asia-Pacific is the fastest growing region, owing to end-user industries, such as food and beverages, pharmaceuticals, and dietary supplements. The Chinese and Indian inulin markets are expected to benefit from government policies favoring FDI.
Scope of the Report
The global Inulin Market is segmented by Application into Food and Beverage, Pharmaceuticals and Dietary Supplements; and by Geography. Food and Beverage segment is further divided into Bakery and Confectionary, Dairy Product, Meat Products, Beverages, Other Foods and Beverages.
Key Market Trends
Increasing Demand for Nutraceuticals
Globally, nutraceutical product is gaining importance and is becoming a part of the consumers’ daily dietary practice. The main reason for this growing popularity is the change in consumer- lifestyle and increase in awareness. Increasing intake of high-fiber functional food and prebiotics by the food and beverage industry is linked to benefits, such as improved digestion, lower stress response, better hormonal balance, and decrease in cardiovascular diseases. These benefits raise awareness among the consumers, which drives the market growth. Increasing importance of nutraceuticals, on account of rising health awareness, consumer shift toward natural ingredients, and regulatory support intended to promote the inclusion of functional ingredients are expected to fuel up the demand for inulin as a functional ingredient. Key factor driving the inulin market is the growing demand for probiotic and blends of probiotic and prebiotic food globally.
Asia-Pacific is the Fastest Growing Market
Gaining popularity of prebiotic ingredients on account of rising awareness about low fat and calorie reduction is expected to fuel the inulin market demand in North America. The US FDA has recognized inulin as a generally recognized as safe (GRAS) product, which is expected to have a positive impact on the market over the forecast period. In the United Kingdom, the demand for fortifying food with prebiotic ingredients is expected to increase the market expansion. Asia-Pacific is the fastest growing market in global inulin market. Japan is the largest market followed by India in the Asia-Pacific region. The increasing demand for infant food formula, growth of dairy industry and the aging population are few factors diving the market. South Korea is one of the fastest-growing market driven by an extremely image-conscious urban population, high dependence on imported food, and an overall trend of unhealthy lifestyles is driving a greater focus on healthy eating.
The global inulin market is highly competitive in nature with major players competing for the market share. The major players are focusing on expanding their market and their product range to have a competitive advantage. Most of the major players are based on North America and Europe. The major players of the market are Beneo GmbH, Cosucra, Tierra Group, and Sensus BV. New product innovation is the most preferred strategic approach, adopted by most companies involved in the inulin market. Extensive partnerships and collaborations with other firms, research institutes, and government organizations, as they are considered essential for better inulin and other dietary fiber productions for food.
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