LONDON, Sept. 6, 2016 /PRNewswire/ -- The global fructooligosaccharides (FOS) market is expected to reach USD 3.52 billion by 2024, according to a new report by Grand View Research, Inc. Increasing consumption of functional food in North America and Europe is expected to drive the market over the next eight years.
Rising use of FOS combinations with probiotic strains including synbiotics in products such as bakery, chocolates, fat reduction creams and drinking yogurts is expected to have a positive impact on the market over the next seven years. In addition, rising demand for dietary products in Asia Pacific is expected to propel industry growth over the forecast period.
Increasing consumer awareness regarding the occurrence of chronic diseases such as rickets and diabetes is expected to augment product need over projected period. The introduction of novel manufacturing techniques using highly efficient purification systems, recombinant enzymes, new substrates and enzyme engineering are being used to reduce cost. This is expected to increase market penetration of the product over the forecast period.
Further key findings from the report suggest:
Inulin was the second largest source used for the manufacturing of fructooligosaccharides accounting for over 40% of the global market volume. The product is being increasingly used in functional food & beverages which are expected to drive market growth. Growing demand for FOS in infant formulation and nutritional food products particularly in Europe on account of various health benefits such as its use as an appetizer and improvement of mineral absorption is expected to be the primary factor for rising demand.
The global fructooligosaccharides demand in infant formula was 64.0 kilo tons in 2015. Technological advancements in product manufacturing for use in infant formulations has been increasing over the past few years. Presently, fermentation is the major technology being used by numerous players on account of its cost-effectiveness.
Asia Pacific is expected to be the fastest-growingregion at a CAGRof14.0% from 2016 to 2024 in terms of revenue. Rising population, high mortality rate, increasing disposable income, and rising consumer awareness regarding health benefits of the product is expected product demand in Asia Pacific. Increasing concern regarding chronic diseases led to high demand for functional food & beverages which are expected to ultimately augment FOS need over the next eight years.
The presence of a large number of manufacturers has led to high competition in the market. Companies have been involved in research for developing technologies for large-scale production of FOS. The high cost is a major issue being faced by market players and is expected to challenge industry growth over the forecast period.
In May 2015, BENEO group introduced Orafti Synergy1, which helps improve appetite regulation and decreases food intake in overweight and obese children. In October 2015, Cargill announced the closure of its plant in Lititz, Penn. It aims to shift production to Canada by the end of 2016 to improve and expand its chocolate offerings and services for food & beverage companies.
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