Increase in awareness regarding functionalities of carbohydrates among consumers, rise in usage in the cosmetic industry, and widespread industrial applications drive the growth in the global functional carbohydrates market.
PORTLAND, Oregon, Aug. 26, 2019 /PRNewswire/ -- Allied Market Research published a report, titled, "Functional Carbohydrates Market by Type (Isomalt, Palatinose, Cyclodextrin, Curdlan, and Others), Application (Food & Beverages, Cosmetics & Personal Care, Pharmaceuticals/Nutraceuticals, and Others): Global Opportunity Analysis and Industry Forecast, 2019–2026." According to the report, the global functional carbohydrates market garnered $3.51 billion in 2018 and is expected to reach $5.31 billion by 2026, growing at a CAGR of 6.1% from 2019 to 2026.
Increase in awareness regarding functionalities of carbohydrates among consumers, rise in usage in the cosmetic industry, and widespread industrial applications drive the growth of the global functional carbohydrates market. However, surge in final prices of functional food & beverages and availability of substitutes hinder the market growth. On the other hand, rise of the pharmaceutical industry worldwide and growing innovation for formulating products create opportunities in the industry.
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Isomalt segment to maintain its lead status in terms of revenue by 2026
Based on type, the isomalt segment held the largest share in the global functional carbohydrates market in 2018, contributing more than one-fourth of the total market share, and is estimated to maintain its lead status throughout the forecast period. This is due to wide application as bulking agent, glazing agent & anticaking agent, and sweetener in food & beverages. On the other hand, the cyclodextrin segment is expected to grow at the highest CAGR of 6.1% from 2019 to 2026, owing to wide applications in pharmaceutical and food industries along with usage as critical ingredient in cosmetics as anti-aging product.
Food & beverage segment to contribute its lion's share during the forecast period
Based on application, the food & beverage segment contributed nearly half of the total share of the global functional carbohydrates market in 2018, and is projected to contribute its lion's share during the forecast period. This is due to rise in usage of isomalt, cyclodextrin, and palatinose in wide applications in the food & beverages industry as sweetener, gel agent, stabilizer, emulsifier, and others. Contrarily, the cosmetics & personal care segment would register the largest CAGR of 5.7% from 2019 to 2026, owing to increase in demand for usage as a solubilizing agent, covering unpleasant odor, prevention of skin irritation, and protection against heat, light and oxidation.
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Europe to maintain the highest market share by 2026, North America to follow
Europe held the major market share in the global functional carbohydrates market in 2018, accounting for more than one-third of the total market share, and is estimated to maintain the highest market share during the forecast period. This is due to increase in several health concerns such as diabetes and heart attacks and preference for healthy lifestyle. North America would contribute the second-highest market share by 2026 in the global functional carbohydrates market. On the other hand, LAMEA is expected to portray the highest CAGR of 6.4% from 2019 to 2026, owing to high demand for personal care products & cosmetics in the region.
Leading Market Players
- Beneo GmbH
- Wacker Chemie AG
- Cargill, Incorporated
- Evonik Industries AG
- Roquette Frères
- Sanxinyuan Food Industry Corporation Limited
- Haihang Industry Co., Ltd.
- Fraken Biochem Co. Ltd.
- Zibo Qianhui Biological Technology Co., Ltd.
- Foodchem International Corporation
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SOURCE Allied Market Research