APAC set to be a Key Market for Fat Replacers in the Coming Years
With the increased risk of obesity and incidences of cancer and heart diseases due to high fat content in foods, fat replacers are proving to be a boon. The growing demand for low-calorie and low-fat dietary products is majorly boosting the demand for fat replacers, thereby propelling the growth of the global market. Moreover, the increasing awareness about adopting a healthy lifestyle among people has also boosted the market growth.
The global fat replacers market which was valued at USD 1.40 Billion in 2016 is estimated to reach a value of USD 2.01 Billion by 2022, growing at a CAGR of 6.2% during the forecast period 2017-2022.
Based on type, the protein-based fat replacers segment is expected to witness the fastest growth, owing to the rising demand for food products with high protein content but low fat content, which in turn will significantly impact the market growth.
Among applications, the bakery & confectionery products segment held the largest market share, mainly because of the growing awareness about adopting healthy lifestyle, thus leading to the increase in demand for fat replacers due to the reduction in fat content in these products.
Based on form, the powdered segment held a larger market share as compared to the liquid form, mainly because of its ease of use and maintenance. However, the liquid segment is expected to be the fastest-growing segment, owing to the rising demand for convenience foods.
How is the market progressing, geographically?
Geographically, the North American market for fat replacers was the dominant market in 2016. However, the market in Asia-Pacific is expected to be the fastest-growing market over the forecast period. This growth can be attributed to the emerging economies, change in lifestyle and eating habits of consumers, growth in the processed food industry, rapid urbanization, and growing demand for convenience food products. Among countries, China was the largest market, owing to the rising concerns regarding the ill effects of fats and calories and growing consumer awareness about the maintaining a healthy diet. Moreover, the high consumption and growing demand for convenience foods in nations such as India, China, and Malaysia is further predicted boost the growth of this market.
What are the factors impacting the market growth?
The worldwide market for fat replacers is witnessing significant growth majorly due to the following factors:
· Growing awareness regarding health and wellness
· Increasing prevalence of obesity across the world
Apart from these, the growing consumption of convenience food and immense potential growth in the APAC region are further projected to create an array of opportunities for the growth of this market.
However, compliance with the international quality standards and regulations for food ingredients is the major factor that is likely to act as deterrent for the market growth. Moreover, perception of consumers regarding the flavors of fat replacers is the major challenge to be overcome by the players in this market.
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Key players and strategies implemented for sustenance
ADM (US), DuPont (US), Cargill (US), Kerry Group (Ireland), FMC Corporation (US), Ingredion (US), Koninklijke DSM (Netherlands), and Ashland Inc (US) are the major companies involved in the global market for fat replacers. Expansions & new product launches are the key strategies adopted by the key market players to ensure their growth in the market.
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