Dietary fibres are components found in food products that promote the movement of waste through the body. By lowering blood sugar levels, eating foods high in dietary fibre lowers the risk of developing chronic illnesses like diabetes and cardiovascular disease. Additionally, they aid in weight control.
By the end of 2028, the Global Dietary Fibers Market is anticipated to generate more than US$ 50.67 million in revenue, expanding at a CAGR of 15.1%. (2021 to 2028).
Drivers
The pharmaceutical industry's rising demand for dietary fibre is driving market expansion. Dietary fibre is used in pharmaceutical and nutraceutical products by businesses like Otsuka Pharmaceutical Co., Ltd., Roquette, Pharma Nord B.V., etc. to cater to the various needs of consumers and address rising health and wellness concerns. So, it is anticipated that increased pharmaceutical demand for dietary fibre will fuel the development of the dietary fibre market.
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It is anticipated that rising dietary fibre supplement consumption to meet rising nutritional needs will boost market expansion. Due to the ageing population, rising rates of lifestyle diseases, and rising healthcare costs, these supplements are in extremely high demand. Due to all of these factors, consumer preferences are shifting toward consuming more dietary supplements toorder to maintain their health and meet their basic nutritional needs, which is driving the market's expansion.
In terms of revenue, North America held the leading position in the global market for dietary fibers in 2020 with a 27% share, followed by Europe and Asia Pacific. as a result of an increase in the consumption of dietary fiber supplements to meet nutritional needs globally.
Market Restraints
The growth of the market is anticipated to be hampered by the lack of knowledge about the health advantages of dietary fiber in rural areas. This primarily occurs in nations like North Africa where dietary fiber's availability and uptake and the associated health benefits are highly variable. This factor is anticipated to limit market expansion.
The FDA's strict regulations are also anticipated to hinder market expansion. For instance, the FDA recently announced that the definition of dietary fibres will change in the near future, which will require the recall of any products already on the market for inspection and reevaluation.
Market Opportunities
In the near future, new market opportunities are anticipated as dietary fibre is increasingly used in bakery food products. They are being used as a fat substitute in the bakery sector, which is promoting product penetration. Additionally, its useful qualities, including thickening, effective water binding, gelling, and stabilising, will increase its adoption in baking applications. Consequently, dietary fibre is becoming more popular. Profitable opportunities are anticipated in the near future due to the rising demand for cereals and grains, which are a significant source of dietary fibres. The improved nutritional profile of breakfast cereals is one of the main reasons for their significant global growth. This is also attributed to rising health consciousness among consumers and increased knowledge of the harmful health effects of fast food and excessive calorie consumption, which contribute to a number of lifestyle disorders.
Market Trends
In the near future, it is anticipated that the rising popularity of herbal products and self-medication will boost the market growth for dietary fibres. It is also anticipated that rising demand for preventive health care products among the elderly and ageing population, particularly in China, will promote market growth. Over the forecast period, rising consumer awareness of high-quality, secure natural products made with natural ingredients is expected to fuel market expansion.
An emerging trend in the market is increased strategic distribution partnership and agreement among key manufacturers for business expansion. For instance, a distribution agreement was signed in June 2018 between Gillco Ingredients and Cargill's Food Ingredients & Bioindustrial business in the United States. Through this partnership, Gillco will have access to a wider range of ingredients from Cargill's businesses in the areas of starches, sweeteners, texturizing solutions, and edible oils.
Key Takeaways
In 2020, the Global Dietary Fibers Market was dominated by Functional Foods & Beverages, who held a 40.9% market share. In 2028, the market is projected to generate US$21.88 million.
The market for dietary fibres is expanding due to the rising demand for wholesome food products among consumers who are concerned about their health. For instance, Tyson Foods, Inc. introduced Pact in September 2019 as a new brand that was "created to help people harness the natural benefits of food." A line of functional protein-filled refrigerator snacks is called Pact Snack Bites. These are made from fruits and nuts and contain beneficial ingredients like collagen protein, matcha, kombucha, turmeric, probiotic cultures, and fibre.
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Impact
The ongoing COVID-19 epidemic pandemic has had a sizable effect on the food and beverage sector as well as the expansion of the world market for dietary fibres. The abrupt loss of operational effectiveness and value chain disruptions brought on by the unexpected closure of domestic and international borders have an impact on the market. The pandemic has affected supply chain operations, but it has also increased consumer demand for healthy living and caused a shift in their attention to nutrient-dense foods. As an illustration, in June 2020 An article from NutritionInsight claims that the pandemic has created growth opportunities for the global market for dietary fibre because of rising consumer demand for organic, natural, and clean label products as well as a significant increase in attention to this market.
Competitive Section
Cargill, Incorporated, Archer Daniels Midland, Ingredion, E. I. du Pont de Nemours and Company, Tate & Lyle PLC, SunOpta Inc., Suedzucker AG Company, Grain Processing Corporation, J. RETTENMAIER & SHNE GmbH & Co KG, and Roquette Frères S.A. are some of the major companies competing in the global dietary fibres market.
Recent Developments
In October 2019, Cargill made an investment in a reformulation solution that will enable calorie reduction, fibre enrichment, and a 30% reduction in sugar in candy, bread products, fillings, cereals, ice cream, and dairy.
As the demand for reduced-sugar products rises, Cargill will invest US $45 million (EUR 38 million) in July 2021 to add soluble fibres to its European portfolio of starches, sweeteners, and texturizers.
The plant-based WestSoy and Dream brands were sold by the natural and organic goods company Hain Celestial Group Inc. to SunOpta Inc. in April 2021. The $33 million deal will enable SunOpta to expand its presence in the specialised market for plant-based beverages.
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