Inulin Market Size, COVID-19 Impact Analysis, Regional Outlook, Application Growth Potential, COVID-19 Impact Analysis, Competitive Market Growth & Forecast, 2021 – 2027
Report ID: GMI281
Inulin Market size is set to observe considerable growth between 2021 and 2027 on account of the rising need for dietary supplement fortification along with increasing penetration in construction coatings and animal feed. The growing awareness pertaining to the role of dietary fibers in boosting effective digestion considering the changing consumer lifestyles is another prominent determinant for the industry expansion.
Inulin is witnessing higher consumption as it stimulates bacterial growth with the help of its non-digestible fiber which assists in the maintenance of human body calorie levels. The higher prevalence of gastrointestinal tract diseases and the inclining requirement for dairy products across several APAC countries will further add to the product demand spurt from 2021 to 2027.
On the basis of application, food & beverages are set to emerge as a lucrative revenue source for the inulin market. The growth can be attributed to its increasing uses across the dairy sector in the formulations of cheese, ice creams, and yogurts in order to suffice the growing low caloric sugar requirements. The rising acceptance of natural ingredients and nutraceuticals as well as the growing intake of high-fiber functional food due to the increasing health awareness levels will substantially enhance the industry outlook.
Regionally, Europe is likely to record significant inulin demand with the presence of favorable regulatory policies for the inclusion of functional ingredients, mainly in the food & beverages applications. According to the EU Nutrition and Health Claim Regulation, post scientific approval of BENEO’s Orafti Inulin, the Commission authorized a corresponding health claim for the native chicory inulin to allow the proprietary use of the product.
APAC inulin market will gain notable proceeds through 2027 with the rising elderly population, and surging consumption of infant food formula. The presence of unhealthy lifestyles, consistent developments in pharmaceuticals and dietary supplements as well as the increasing preference for imported food will add positive impetus to the regional growth size.
North America will also account for a significant share owing to the rising consciousness of consumers towards calorie reduction.
The inulin industry share is consolidated by the presence of a few prominent business participants such as Jarrow Formulas (New Mountain Capital), Sensus, Cosucra Groupe Warcoing SA, and BENEO-Orafti SA (BENEO-Remy NV). These big-wig providers of inulin are placing targeted efforts on inorganic and strategic initiatives, including new product developments, acquisitions, and partnerships besides coming up with investments for capacity expansions to reinforce their footprint in the global markets.
For instance, in July 2020, Sensus announced its plans of committing significant capital in a bid to expand its chicory inulin production capacity from 2021. Following the new investment, the company is expected to contract an extended acreage for chicory root with its farmer base.
In another instance, Beneo, in April 2019 developed organic inulin from chicory roots for use in dairy items, baked foods, and cereal applications. The novelty, which is a prebiotic fiber offers digestive health benefits, such as reduced blood glucose response and weight management.
Impact of COVID-19 on the inulin market trends
The COVID-19 pandemic tremendously laid impacts on the global economy with the implementation of social distancing, quarantine, and lockdown policies, bringing a halt to activities across most industry verticals worldwide. However, the significantly rising infection rate positively influenced the demand for prebiotics for enhanced immune health and opened numerous windows of opportunity for industry players to harness the growing needs.
The rising levels of health-consciousness in consumers contributed towards increasing the consumption of fiber-fortified foods to promote gut health while offering a more holistic approach to immunity. The higher retail sales on account of the closed restaurants and the rise in instances of healthy snacking with the regulation of working from home directives brought considerable acceptance to the healthy image of chicory inulin.
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