Inulin Segment to dominate North America Soluble Dietary Fibers Market during 2020–2028
According to The Insight Partners market research study on “North America Soluble Dietary Fibers Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Type, Source and Application,” is expected to reach US$ 922.93 million by 2028 from US$ 662.45 million in 2021. The market is estimated to grow at a CAGR of 4.9% from 2021 to 2028. The report provides trends prevailing in the North America soluble dietary fibers market along with the drivers and restraints pertaining to the market growth. Raising demand for functional food, up-lifting applications of soluble dietary fibers in pharmaceuticals and nutraceuticals, and rising sources of soluble dietary fibers are the major factor driving the growth of the North America soluble dietary fibers market. However, changing prices of fluctuation in raw material hinder the growth of North America soluble dietary fibers market.
North America is one of the worst affected economies due to the COVID-19 pandemic. The US has the highest number of confirmed cases of COVID-19, compared to Mexico and Canada. The unprecedented rise in number of COVID-19 cases across the US and Canada and the subsequent lockdown of numerous manufacturing facilities in the countries have negatively influenced the growth of the various markets. The significant disruption in manufacturing facilities, along with raw material sourcing, has had a negative impact on the demand for soluble dietary fibers in the country. In the same way, the pandemic had an intense impact on the Canadian economy, causing it into a recession. However, the market is reviving on account of significant measures taken by the government such as vaccination drives. Further, as per an article published by the National Center for Biotechnology Information (NCBI) in 2020, the global public health bodies and governments have implemented several strategies as well as issued advisories to promote health and hygiene, social distancing strategies, and other such guidelines to prevent the spread of COVID-19 virus. With the state of economic recovery, several industrial sectors such as food & beverages, pharmaceuticals and nutraceuticals, and animal feed, are strategically focused on investing in advanced products to maximize revenue. This is expected to provide impetus for the market growth.
The North America soluble dietary fibers market is segmented on the bases of type, source, application, and country. Based on type, the market is segmented into inulin, pectin, beta-glucan, polydextrose, and others. In 2020, inulin segment held the largest share in the market, and others is expected to be the fastest growing segment during the forecast period. Based on source, the soluble dietary fibers market is segmented into cereals and grains, fruits and vegetables, and others. In 2020, the cereals and grains segment held the largest share in the market and others is expected to be the fastest growing segment during the forecast period. Based on application, the market is segmented into food and beverages, animal nutrition, pharmaceuticals and nutraceuticals, and others. In 2020, food and beverages segment held the largest share in the market, and pharmaceuticals and nutraceuticals is expected to be the fastest growing segment during the forecast period. Similarly, Based on country, the market is segmented into the US, Canada, and Mexico. In 2020, the US held the largest share in the market and Mexico is expected to be the fastest growing country during the forecast period
Cargill, Incorporated, Kerry Group, Ingredion Incorporated, Nexira, Roquette Frères, Tate & Lyle PLC, ADM, IFF Nutrition & Biosciences, and BENEO GmbH are among the leading companies in the North America soluble dietary fibers market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market.