Inulin Market is Estimated to Witness High Growth Owing to Rising Demand from Food & Beverages Industry and Increasing Health Consciousness Among Consumers
The inulin market is estimated to be valued at USD 1.91 billion in 2024, exhibiting a CAGR of 6.2% over the forecast period (2024-2031). Furthermore, the growing popularity of functional foods and increasing usage of prebiotics in various food applications are expected to propel the market growth.
The increasing demand for functional foods due to rising health consciousness among consumers acts as a key driver for the inulin market. Inulin is widely used in various foods such as dairy products, cereal bars, breads, and others owing to its various health benefits. It acts as a prebiotic and supports the growth of beneficial bacteria in the gut. This, in turn, helps in improving digestive health, boosting the immune system, and reducing the risk of various diseases.
Secondly, the growing food and beverages industry worldwide also spurs the market growth. Inulin finds myriad applications in various food products due to its properties such as texture modification, moisture retention, fat replacement, and shelf-life extension. The booming food processing industry has increased the demand for inulin over the years. Leading food brands are increasingly utilizing inulin in new product formulations to deliver more nutritional value.
Increasing Demand for Prebiotic Food Ingredients
Inulin is considered a prebiotic fiber that feeds beneficial gut bacteria. There has been increasing consumer awareness about the importance of prebiotics in maintaining gut and digestive health. Many food and beverage companies are incorporating inulin into various product formulations such as yogurt, bread, cereals and beverages to market them as prebiotic enriched. The prebiotic label attracts health-conscious customers and drives the demand for inulin.
Wide range of End-use Applications Across Different Industries
Inulin finds various applications beyond food like in pharmaceuticals and cosmetics due to its soothing, anti-inflammatory and moisturizing properties. It is used in dietary supplements, dentifrices, dermatological products and more. The textile industry also uses inulin for its fire-retardant qualities. The diverse usage of inulin across multiple sectors including burgeoning wellness industry is expected to contribute to the market growth in the coming years.
Fluctuating Agricultural Raw Material Prices
Inulin is extracted from chicory root and Jerusalem artichoke. The prices of these crops depend on various factors like weather conditions, yield, demand-supply forces etc. Any fluctuation in the prices of agricultural raw materials directly impacts the production cost of inulin. This pricing volatility poses as a major restraint for the smooth functioning of the inulin market.
Availability of Alternative Ingredients
The inulin market faces competition from other dietary fibers that also have prebiotic properties like guar gum, pectin, beta-glucan, polydextrose, etc. The easy availability and comparable health benefits of alternative ingredients create confusion among manufacturers and customers. This competition acts as an obstacle in the wide acceptance of inulin-enriched products.
Potential in Emerging Economies
Developing countries in Asia Pacific and Latin America are expected to spearhead the future growth in the global prebiotics market. As incomes rise and health awareness grows in emerging nations, there will be augmented demand for digestive and gut health supplements containing inulin and other prebiotics. This emerging consumer base will open lucrative opportunities for the inulin market players.
Innovation Through Enhanced Applications
Ongoing research is exploring new applications of inulin beyond food and personal care. Areas like bioplastic production, pet food formulations, textiles, waste management show promise. Innovative utilization of inulin can boost its acceptance as a versatile ingredient. This will create fresh opportunities to diversify the product offerings and extend the market reach.
Link: https://www.coherentmarketinsights.com/market-insight/inulin-market-5266
Key Developments
- In March 2022, Sensus, a member of a Dutch cooperative, revealed its intention to boost production of chicory root fiber, commonly referred to as inulin. This strategic move aims to keep pace with the surging call for natural prebiotics in the burgeoning plant-based food and supplement industries.
- In December 2021, Beneo, a prominent manufacturer of functional ingredients, revealed plans for a substantial investment of USD 33.9 million to enhance its production capacity for prebiotic chicory fiber roots in both Chile and Belgium. This strategic initiative is designed to boost the production of chicory root fiber inulin by more than 40%, addressing the rising customer demand and fostering growth within the inulin market.
- In 2021, Beneo, a leading manufacturer of functional ingredients, announced a significant investment to extend its production capacity for prebiotic chicory root fiber.
Key Player
Ingredion Incorporated, Cargill Incorporated, Archer Daniels Midland Company, Tereos S.A., BENEO, Nexira, COSUCRA, Sensus , NOW Health Group, Inc. , Steviva Brands, Inc. , Naturel West Corp EU B.V., The Tierra Group , The Green Labs LLC , IntrinsicOrganics , Bioway (Xi'An) Organic Ingredients Co.,Ltd, Ciranda, Inc, Adept Impex Private Limited, Nova Green Inc., and PMV Nutrient Products Pvt Ltd
