The global inulin market size is expected to reach USD 2.08 billion by 2028 according to a new study by Polaris Market Research. The report “Inulin Market Share, Size, Trends, Industry Analysis Report, By Application (Pharmaceutical, Dietary Supplements, Food & Beverages, Others); By Region; Segment Forecast, 2021 - 2028” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The inulin industry is projected to witness growth over the forecast period. There has been increasing consumption of functional food due to consumers' rising disposable income, changing lifestyles, and increasing health awareness. Global players are expanding their businesses, especially in emerging economies, to increase their customer base and cater to the growing demand for premium, low-calorie food products.
The outbreak of the global COVID-19 pandemic has resulted in increased demand for inulin supplements to improve gut health and immunity. However, the industry has also been impacted by a disrupted supply chain, shortage of products, and scarcity of raw material, decreased deliveries, lockdown, and reduced workforce.
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The different applications of inulin include pharmaceutical, dietary supplements, food & beverages, and others. There has been a high demand for inulin from the food and beverages sector owing to its nutritional benefits and low-calorie content. It offers health benefits such as controlling blood sugar, reducing the risk of colon cancer, and promoting digestive health.
Increasing inclination of consumers towards plant-based and natural ingredients has fueled the growth of this segment. Companies operating in this segment develop healthy food products for specific demographics such as children and the geriatric population. Rising awareness among consumers regarding health benefits, wellbeing, and weight loss boosts the industry's growth.
Europe emerged as the largest market in 2020 and is expected to maintain its dominance over the forecast period. Consumers in the region are switching to natural ingredients due to awareness regarding the importance of health and wellness. There has been a shift towards low-calorie, plant-based, and organic food products in the region.
Key companies in the industry are headquartered in Europe and generate most of their revenue from the region. Market leaders are introducing innovative products to cater to the growing demands of consumers in the region. Introduction of new food products containing inulin focuses on providing nutritional benefits along with taste to cater to customer requirements.
Some leading market participants include Beneo Remy NV, Adept Impex Private Limited, Beneo-Orafti SA, Ciranda Inc., Cargill Inc., Cosucra Groupe Warcoing SA, Hebei Vilof Agrotech Co. Ltd, Fenchem, Inc, The Tierra Group, Jarrow Formulas, Sensus BV., Shandong Baolingbao Biotechnology Co. Ltd, Nova Green Inc., The Ingredient House, and Wuxi Cima Science Co. Ltd.
Polaris Market Research has segmented the Inulin market report on the basis of application and region:
Inulin, Application Outlook (Revenue, USD Million, 2016 - 2028)
Inulin, Regional Outlook (Revenue, USD Million, 2016 - 2028)