A report from Fact.MR has observed demand is steadily growing for insoluble fibre in functional food and beverage end use and is projected to showcase the same pace over the coming years.
“Insoluble Fibre Market, Forecast, Trend, Analysis & Competition Tracking – Global Market Insights 2021 to 2031” has shown North America will witness higher demand for insoluble fibres compared to other regions. The growing pharmaceutical industry will also bolster demand growth of the product.
The Fact.MR report estimates the market will be valued at approximately US$2 billion by the end of 2021, with the expectation to expand at a CAGR of 6 per cent over the forecast period.
Despite the mild decline in demand for insoluble fibres in 2020 due to the COVID-19 outbreak, namely in the Asia Pacific and North America, the market is expected to recover by Q2 of this year. This will be due to a growing preference for maintaining a healthy status.
Key takeaways from the Insoluble Fibre Market report are:
- The global fibre market is anticipated to display an addition of 1.8X market value by the end of 2031
- The Asia Pacific is expected to capture a majority of market revenue and gain 161 BPS by 2031 in its market share
- Under product, cellulose is expected to gain 278 BPS over the long-run forecast period of 2021-2031, while hemicellulose is anticipated to lose around 138 BPS over the same period
- The market in India is projected to rise at a CAGR of more than 7 per cent over the forecast period
- Functional food and beverages, as an end-use application, holds most of the market value share and is expected to progress at a CAGR of 5 per cent over the next ten years.
“Growing pharmaceutical and functional food end-use industries across various regions is anticipated to propel consumption of insoluble fibres over the forecast period,” a Fact.MR senior research analyst said.
The global insoluble fibre market is fragmented in nature and growth of end-use industries, coupled with public inclination towards intake of insoluble fibre, is set to boost demand.
To view the full report, click here.