According to a new report published by Allied Market Research, titled, “Dextrin Market by Type, and Application: Global Opportunity Analysis and Industry Forecast, 2021-2030,”
The dextrin market size is expected to reach $4,032.7 million by 2030, registering a CAGR of 3.4% from 2021 to 2030. The players operating in the dextrin industry have adopted product launch and business expansion as their key developmental strategies to expand their market share, increase profitability, and remain competitive in the market.
The key players profiled in this report include Agridient Inc., American Key Products, Inc., Archer-Daniels-Midland Company (ADM), Cargill Inc., Emsland Group, Ingredion Incorporated, Meelunie B.V, Puris, Roquette Frères and TATE & LYLE PLC.
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Dextrin is a general term for substances that have been polymerizedby glycosidic bonds of several alpha-glucose molecules. Dextrins are a type of starch, and as the name suggests, indigestible dextrin resists digestion. The FDA has approved indigestible dextrin which has been used as an ingredient in foods for a long time, as an ingredient that is so safe that there is no need to establish a daily intake limit. Additionally, Japan’s Ministry of Health, Labour and Welfare has approved the labeling of certain functions as a “Food for Specified Health Use” and acknowledges the safety of indigestible dextrin. Thus, it favor the growth of the product market during the forecast period.
Consumer spending on luxury food items is growing rapidly, and fast food, bakery products, ice creams, and other such lifestyle food products are witnessing increased popularity. Rapid growth of the food and beverage industry and changing food habits of the people are encourage food manufactures to launch non allergic and high nutritional food is further accelerate the dextrin market growth.
Growing awareness regarding the health benefits of the dextrin and advantages of dextrin in cosmetic and pharmaceutical industries are expected to increase the demand for dextrin during forecast period. For instance, Wheat dextrin, which is extracted from wheat starch, helps lower cholesterol, blood sugar and reduce risk for heart disease.
The outbreak of COVID-19 has largely and negatively impacted dextrin market. This is attributed to the lockdown implemented across various countries, which has hampered food processing and other processing industries. The pandemic is having a profound impact on the world, and is still affecting many parts of the world. Cosmetic, paper industries and other industrial processing companies are heavily impacted due to lockdown, which in turn hampered the growth of the product market in COVID-19 period.
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According to the dextrin market analysis, the product market is segmented into type, application, and region. On the basis of location, the market is categorized into local or regional travel and interstate travel. On the basis of type, the market is categorized into Maltodextrin, Cyclodextrin, Amylodextrin and Others. By application, it is bifurcated into Food, Pharmaceutical, Industrial, Cosmetics and Others. Region wise, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, UK, Italy and Spain, Rest of Europe), Asia-Pacific (China, Japan, India, Australia, South Korea and Rest of Asia-Pacific), and LAMEA (Latin America, Middle East and Africa).
On the basis of type, the cyclodextrin segment was valued at $657.4 million in 2020, and is projected to reach $946.2 million by 2030, growing at a CAGR of 3.8% from 2021 to 2030. Cyclodextrins are cyclic oligosaccharides that are produced by enzymatic conversion of starch. Cyclodextrins used as a dietary fiber in foods. It finds enormous applications in food, pharmaceutical and cosmetics industries. It are widely used in the food industry as a food additive. Cyclodextrin in food products is mainly used to stabilize flavors. It has numerous derivatives such as hydroxypropyl-ß- cyclodextrins, nonionic cyclodextrins, anionic cyclodextrins, and mono-6-(fmoc-gln-otbu)-β-cyclodextrin. Thus, availability of a high number of derivatives increases its applications in industries, which further influence the dextrin market demand through cyclodextrin segment.
According to the dextrin market trends, on the basis of application, the industrial segment was the highest contributor to the market, with $792.3 million in 2020, and is estimated to reach $1,050.4 million by 2030, at a CAGR of 2.9% during the forecast period. Dextrin has been gaining significant traction in industrial application and is expected to sustain its traction throughout the dextrin market forecast period 2021-2030. Cyclodextrins find use in analytical chemistry as a matrix for the separation of hydrophobic substances, and as excipients in pharmaceutical formulations. Furthermore, dextrin are considerably used in fiber supplements. Thus, growing industrialization and rising demand for dextrin in industrial application is likely to surge the growth of product market during the forecast period.
Region wise, North America dextrin market is growing at CAGR of 2.3% during the forecast period. This is majorly attributed to growing food and cosmetic industries and increasing use of dextrin. Early adoption of advanced technology in food & beverage industries and introduction of non-GMO dextrin are the key driving factors of the North American dextrin market. Moreover, increase in number of food processing industries accelerates the growth of the market in this region. Furthermore, advancements in dextrin formulation have helped in finding new raw material sources of dextrin in food & beverage apart from their conventional use, which significantly fuel the growth of the market.
Key Findings Of The Study
- The dextrin market was valued at $2,785.8 million in 2020, and is estimated to reach $4,032.7 million by 2030, registering a CAGR of 3.4% from 2021 to 2030.
- In 2020, depending on type, the maltodextrin segment accounted for $1,480.5 million, garnering 53.1% of the global dextrin market share .
- On the basis of application, the industrial segment acquired $792.3 million, exhibiting 28.4% of the global market share.
- India was the most prominent market in Asia-Pacific in 2020, and is projected to reach $325.5 million by 2030, growing at a CAGR of 5.3% during the forecast period.
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