According to a new research report by Global Market Insights Inc., the Corn Fiber Market size is estimated to surpass USD 1.8 billion by 2028
Corn fiber helps in the enhancement of calcium absorption, supports bone mineralization, and promotes laxative effects. These properties make it an outstanding ingredient to be used in dietary supplements and medical applications. Steady demand for functional beverages such as low-calorie and sugar-free drinks owing to growing health consciousness will drive the market growth. Besides, increasing working woman population and growth in disposable income have augmented adoption of dietary supplements and meal replacement products globally.
Corn fiber is widely used as a precursor for polymer intermediates. Increasing adoption of plastic sourced from renewable resources shall boost the product demand. Moreover, rising demand for fiber-rich products has boosted the sales of breakfast cereals and snack bars containing natural and organic ingredients such as corn fiber. Furthermore, potential product applications in non-woven & apparel industry will fuel the industry growth. Also, the need for dietary supplements has seen a dramatic increase owing to the outbreak of the COVID-19 epidemic, thus propelling demand for edible corn-rich ingredients.
The market for corn fiber has shown a strong holding in countries such as the U.S., France, Canada, China, and Germany owing to high consumer spending on premium and healthy lifestyle. Moreover, surging product demand as alternatives to synthetic fibers for the textile industry will stimulate industry size. Technological developments and advancements in non-woven & apparel industry production with a blend of cotton, spandex, or other materials are anticipated to further boost the market growth.
Growing demand for corn fiber in food processing industry will foster product demand.
According to market insights reports, the food applications segment accounted for over USD 190 million in 2021 and is forecast to witness a substantial growth with a CAGR of 13.5% up to 2028 owing to increasing demand for fiber-rich ingredients in bakery, breakfast cereals, dairy, confectionery, and meat products. Moreover, rising health awareness and functional benefits offered by the product are anticipated to boost product adoption rate. Besides, increasing demand for bakery and confectionery applications such as bread, cookies, jellies, ice cream, and cream rolls will further stimulate the industry growth.
Easy availability of corn and economical manufacturing coupled with rapid use in processed food industry to improve digestibility and nutritional profile will instigate product demand. Moreover, increasing consumer focus towards high-fiber intake in their diet will favor product penetration rate. Soluble corn fiber is increasingly used by food processing and pharmaceutical companies as it promotes overall wellbeing. Besides, rising consumer preferences for nutritional foods such as snack bars and cereals will further boost segment growth.
Browse key industry insights spread across 270 pages with 297 market data tables & 10 figures & charts from the report, “Corn Fiber Market Size By Application (Food [Bakery, Breakfast Cereals & Snacks, Confectionery, Dairy, Meat Products, Infant Food], Beverages, Pharmaceutical, Animal Nutrition [Swine, Ruminants, Poultry, Pet]), Textile [Apparels, Nonwovens, Home Textiles, Industrial Textiles]), Industry Analysis Report, Regional Outlook, Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2022 – 2028” in detail along with the table of contents:
Steady growth of the regional textile industry and rise in consumption of processed food & beverages to drive Asia Pacific corn fiber market growth
As per regional market analysis, Asia Pacific region is anticipated to surpass USD 380 million by 2028. Asia Pacific corn fiber market led by China, India, Japan, South Korea, and Australia has seen increased product demand in prebiotics formulation and animal nutrition sector. Moreover, favorable government regulations supporting regional corn production are attributed to fuel regional industry growth.
Presence of leading textiles, pharmaceuticals, and food & beverages producing companies in the region will support business expansion. Besides, a large base of people with a potential consumer market brings out the opportunity for food applications such as dairy and breakfast cereals, thereby creating potential growth opportunities in the region.
Major industry players include Archer Daniels Midland Company, Cargill Incorporated, Ingredion Incorporated, Roquette Freres, Taste & Lyle PLC, Grain Processing Corporation, SunOpta, Inc., J. Rettenmaier & Sohne GmbH & Co. KG, HL Agro, Doshi Group.
The key strategies observed among the industry participants include a strong marketing plan, market penetration, and expansion. In October 2019, Cargill announced plans to invest USD 35 million to enable the production of soluble fibers in Europe, to broaden its portfolio of starches, sweeteners, and texturizers. Through this expansion initiative, Cargill is estimating that its soluble fiber products will be available in Europe by 2021.
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