Inulin Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Application (Food And Beverages, Pharmaceuticals, Dietary Supplements, Others), And By Geography - Forecasts From 2022 To 2027

The inulin market is evaluated at US$1,511.978 million for the year 2020, growing at a CAGR of 5.74%, reaching a market size of US$2,234.829 million by the year 2027.

Inulin is a naturally occurring polysaccharide produced by many types of plants. It is a natural fibre found in numerous plants. Inulin is a prebiotic often consumed to maintain a sound digestive system in human beings. The inulin market is witnessing significant growth over the next five years, which may be attributable to the fact that food manufacturing companies are increasingly using inulin primarily to boost the prebiotic contents, replace fats, also to substitute the use of sugar, and additionally to enhance the texture of food. Moreover, inulin helps people to maintain bowel movements. It also promotes weight loss which is also one of the critical factors amplifying its consumption in both developed and developing economies due to a significant surge in the health-savvy population globally. Several other benefits of inulin are that it helps to control diabetes as it may improve blood sugar control in people with diabetes and prediabetes. It also enhances mineral adoption and improves bone health. Thus, an increase in the geriatric population may act as a catalyst for market growth over the next five years. Moreover, active participation by food manufacturing companies in launching new products with enhanced formulations is further projected to expand the business growth opportunities for the inulin market players over the forecast period. Moreover, the growing investments by companies to expand production capacity further show the potential for market growth in the coming years. For instance, BENEO announced an investment worth €50 million to expand chicory root production due to rising demands for chicory root fibers, inulin, and oligofructose facility in Chile by 2022.

The outbreak of the novel coronavirus disease is anticipated to positively impact the market growth to some extent since enhancing the consumption of nutritional foods for boosting immunity plays a significant role in bolstering the inulin market growth, particularly during the short run.

The food and Beverage segment holds a considerable market share

By application, the global inulin market has been classified into food and beverage, pharmaceuticals, dietary supplements, and others. The food and beverage segments are anticipated to hold a promising market share until the end of the forecast period on account of the high applications of inulin in the dairy as well as the functional foods sector due to the high importance of functional ingredients in a variety of food products. There are high applications of inulin in dairy products such as cheese, yogurts, and ice cream. Thus, the growing consumption of these products globally will play a notable role in shaping the growth of this segment in the next five years. Moreover, an increasing number of product launches by companies in which inulin is used will also supplement the growth of this segment in the coming years. For instance, in November 2020, ChromaDex Corporation, a world-renowned dietary supplement, and food ingredient company based in California, United States, announced the launch of TRU NIAGEN® EX stick packs by partnering with Watsons Hong Kong launch, an online health and beauty store. These stick packs will provide 300mg nicotinamide riboside mixed with fibre source inulin that can be easily mixed with cold and warm beverages, including smoothies and coffee. Similarly, in September 2020, Piccolo, a baby, and toddler food brand announced the launch of two new high-fiber products, Melts and Oaty Bars, made with inulin from agave.

However, the dietary supplements segment is anticipated to grow at a significant CAGR owing to the growing importance of nutraceuticals globally due to the growing health awareness. The booming trend of consuming nutritional food products among millennials is also expected to impact the market growth during the forecast period positively. Additionally, the shifting consumer preferences towards natural ingredients are also expected to boost the demand for inulin, particularly in developed economies, thus, positively impacting the growth of this segment during the forecast period.

APAC to witness significant growth

Geographically, the global insulin market is distributed in North America, South America, Europe, the Middle East and Africa, and the Asia Pacific. The European region is anticipated to hold a significant share of the market during the next five years, which may be attributed to the fact that the favorable regulatory policies regarding the use of functional ingredients in foods supplement the high demand for inulin in many countries of the region in the near future. Moreover, the presence of a well-established pharma industry across the region also provides an impetus for market growth in the next five years. Therefore, the Asia Pacific region is projected to show lucrative growth opportunities for the market players until the end of the forecast period. The growing purchasing power of the people living in countries like India, China, and Indonesia has further propelled the consumption of nutritional food and beverages. Also, the demand for infant nutrition products is increasing in the APAC region, which plays a substantial role in shaping the market growth in the next five years.

Competitive Insights

Prominent/major key market players in the inulin market include Beneo, Cargill, and COSUCRA, among others. The players in the market are deploying multiple growth strategies to gain a competitive edge over their competitors and expand their brand presence in this market. The company profiles section provides an overview of the individual company's business, the financial performance of public companies, key products and services offered, as well as recent deals, investments, and strategic developments deployed by them in the inulin market. 

Key Developments in the Market

• In February 2021, Haldiram's, a Global Food & Beverage Company, and Future Life, a nutrition brand, collaborated to launch a product line of nutritional food in response to the growing trend of healthier food consumption. The duo launched four products range: Smart Foods, Crunchy Granola, Smart Oats & Ancient Grains, and High Protein. Smart foods and high protein product lines have Inulin as one of the key components in their formulation.
• In March 2022, Sensus, a brand under the Royal Cosun Group, boosted the production of chicory root fiber to meet the rising demands for natural prebiotics. Chicory root fiber is primarily composed of Inulin. The brand is also planning to collaborate with the farmers to develop tools to aid in sustainable chicory cultivation.

Covid-19 Impact on Inulin Market

Covid-19 had a significant impact on the inulin market. The emergence of the pandemic set the trend across the world about better dietary habits and nutritional food. Consequently, the market shifted towards the consumption of healthier and more nutritious food as consumers of all ages began spending on immune boosters and health supplements. Thus, similarly, the inulin market also witnesses significant growth.

Inulin Market Scope:

Segmentation

• By Application
  • Food and Beverages
  • Pharmaceuticals
  • Dietary Supplements
  • Others
• By Geography
  • North America
    • USA
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • Germany
    • France
    • UK
    • Spain
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • UAE
    • Others
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Indonesia
    • Taiwan
    • Others