The inulin market is evaluated at US$1.401 billion for the year 2019 growing at a CAGR of 6.44% reaching the market size of US$2.037 billion by the year 2025.
Inulin is a naturally occurring polysaccharide produced by many types of plants. It is a naturally occurring fiber found in numerous plants. Inulin is a prebiotic often consumed to maintain a good digestive system in human beings. The market for inulin is witnessing a significant growth over the course of 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 replace the use of sugar and additionally to enhance the texture of food. Moreover, inulin helps people to maintain bowel movements and it also promotes weight loss which is also one of the key 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. Also, it also enhances mineral adoption and improves bone health thus, an increase in the geriatric population may also act as a catalyst for the market growth over the course of 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 the 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 of 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 consumption of nutritional foods for boosting immunity plays a significant role in bolstering the inulin market growth, particularly during the short run.
Food and Beverage segment to hold 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 segment is anticipated to hold a promising market share until the end of the forecast period on account of 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, growing consumption of these products globally will play a major role in shaping up 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 out of 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 fiber source inulin that can be easily mixed with both 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 the consumption of nutritional food products among the millennials is also expected to positively impact the market growth during the forecast period. Additionally, the shifting consumer preferences towards natural ingredients are also expected to boost the demand for inulin particularly in the developed economies, thus, positively impacting the growth of this segment during the forecast period.
APAC to witness significant growth
Geographically, the global insulin market has been distributed into North America, South America, Europe, Middle East and Africa, and the Asia Pacific. The European region is anticipated to hold a significant share in 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 to the market growth in the next five years. However, the Asia Pacific region is projected to show lucrative growth opportunities to 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 in these countries. Also, the demand for infant nutrition products is also increasing in the APAC region which further plays a significant role in shaping up 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 Inulin market are implementing various growth strategies to gain a competitive advantage over its competitors in this market. Major market players in the market have been covered along with their relative competitive strategies and the report also mentions recent deals and investments of different market players over the last few years. The company profiles section details the business overview, financial performance (public companies) for the past few years, key products and services being offered along with the recent deals and investments of these important players in the Inulin market.
Segmentation
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