31 July 2019 | Analysis
Dietary Fibres Sales to take promisingl leap in resonance with Healthy-Eating Trend in Functional F&B Space: FMI Study
A recent study offers a perspective on the growth trajectory of dietary fibres market for the period between 2019 and 2029. As per the report, global consumption volume of dietary fibres reached 1.8 metric tons in 2018, equaling revenues worth ~US$ 7 Bn. Gains will remain driven by increasing consumer awareness regarding the benefits of dietary fibres along with food manufacturers engaging in fibrous NPDs (new product developments).
As healthcare professionals continue to encourage fibre intake as a key to improving long-term health, market players are significantly paying attention to value-added offerings. Big brand companies as well as small high-tech startups are rigorously exploring the potential of dietary fibres in their products, which is likely to promise new beginnings for the market stakeholders.
Consumers, leading fast-paced lives, have started to keep an eye on dietary recommendations, resulting in a move towards proactive healthcare and lifestyles. As consumers are becoming food explorers and newer trends are emerging at rapid pace, the analysis infers that the dietary fibres market players are placing betting on R&D investments and new product launches.
Fibre intake has been alarmingly low in various regions, resulting into population-wide deficiency – known as ‘fibre gap’. As science behind dietary fibres expands, this ingredient has been witnessing renewed interest from young consumers for weight management benefits, while aging consumers tend to seek digestive health benefits.
Stakeholders Leverage White Spaces to Drive Sales Opportunities
According to the study, the dietary fibres market is likely to grow at CAGR of ~10% during the predefined timeframe. Obesity, diabetes, and other lifestyle diseases are on the rise, especially in developed regions, and as a result consumers are increasingly becoming health conscious and spending on high nutritional products. The study opines that a rise in consumer preference for maintaining a healthy diet and regulating body weight will provide a strong business outlook for the market players.
Use of soluble dietary fibres has been confined in functional F&B industry as a highly nutritive ingredient, while stakeholders are focused on identifying and leveraging the white spaces in their application, which range from pet food to cosmetics. Capabilities of corn fibre as an effective fibre source for pets, lignin as an emulsifier and efficient substitute for whole eggs in bakery products, pectin in food processing, and beta-glucan in cosmetic production are increasingly being explored. As the market continues to benefit from consumer shift towards plant-based ingredients and sugar substitutes, stakeholders are further exploring new sources of dietary fibres, apart from cereals & grains and fruits & vegetables.
As per the study, dietary fibres market players continue to witness growth opportunities in developed markets – Europe and North America, which collectively account for ~60% revenue share. In addition to increasing consumer spending on products with high nutritional value, government agencies in the regions are undertaking awareness campaigns to bring due attention towards the need for maintaining a balanced diet, thereby creating a high demand for dietary fibres. Market stakeholders are further eyeing on newer opportunities in Asia Pacific, particularly in countries such as China, Japan and South Korea, on the back of a notable trend for healthier eating.
The study identifies restraints that could possibly represent a threat to the lucrative stride of dietary fibres market. Research studies have found that excessive consumption of dietary fibres and their addition in processed foods can have adverse effects on human health, which may add to reluctance of consumers to adopt such ingredients.
The study opines that dietary fibres market is on an upward swing with increasing number of small players entering into the space with new product offerings that align with consumers’ trends. Leading players continue to put emphasis on filling the fibre gap through R&D activities and product innovations.