North American dietary fibers market expected to grow at CAGR of 13.2% during 2014-2019 period, according to report; Europe's market expected to reach value of US$1.19B by 2019, growing at CAGR of 12%; Asia-Pacific market expected to grow at CAGR of 15.8%
May 26, 2014
– The dietary fibers market is witnessing high growth due to extensive applications in the food and pharmaceutical industries, especially in the supplement market. Applications may range from confectionery, baking, processed foods, and frozen foods to textiles, pharmaceuticals, animal feed, pet food, aqua feed, and eventually, supplements. The market, which has in the past been dominated by insoluble conventional fibers, has witnessed a major shift towards soluble dietary fibers. Shift in end-user tastes, preference in terms of new product developments, new types of products, and industry growth will directly affect the dietary fiber market. A rise in the consumption of functional food offers a strong customer base for the dietary fiber market.
The North American dietary fibers market is expected to grow with a CAGR of 13.2% from 2014 to 2019. The North American region has been totally driven by the U.S. market, especially by the insoluble and conventional dietary fiber segments. The market was initially dominated by the adoption of dietary fiber in processed food and beverages, especially in the functional foods segment. Being at the forefront of the processed and functional food trend, the North American market is driving the demand for dietary fibers as a part of functional food formulations.
The dietary fiber market in Europe is expected to reach a value of $1,191.4 million by 2019, at a CAGR of 12.0% from 2014 to 2019. The dietary fiber market is mainly driven by the novel fibers and the soluble variants in particular. As per EU regulations, novel food holds a 'genetically modified' perception amongst consumers, and hence, has limited demand. Europe is the second-largest whole grain and dietary fiber market. The European market, which is dominated by the U.K., Germany, and France, is a fairly saturated market in terms of opportunities for growth. The main reason for the restrictive growth opportunities in the region is the legislative boundaries set by EU regulations.
The dietary fiber market in the Asia-Pacific region is expected to reach a value of $1,132.5 million by 2019, at a CAGR of 15.8% from 2014 to 2019. Asia-Pacific region is the fastest-growing segment of the global dietary fiber market. Driven by the booming pharmaceutical industry and the promising supplement market, Asia-Pacific countries are at the forefront of the rising demand for soluble novel fibers. With changing lifestyles and the adoption of western food habits in the Asian sub-continent, the significance of healthy foods is gaining momentum. Because of growing health concerns pertaining to conditions like childhood obesity, geriatric nutrition, and diabetes, the food and pharmaceutical sectors are investing in R&D for the best-suited solutions for consumers.
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