South America Insoluble Dietary Fibers Market - Growth, Trends, and Forecast (2018-2023)
The South American insoluble dietary fibers market has been estimated at USD 245.3 million by 2017 and is projected to reach USD 415.4 million by 2023, at a CAGR of 9.3%, during the forecast period of 2018 – 2023. Insoluble dietary fibers have multi-disciplinary uses, some of which include being employed as bulking agents in reduced-sugar applications, as an effective moisture manger in fat replacing, as a tool for incorporating texture, and as a natural antioxidant. They also have an extensive use as a bulking agent in the bakery industry, which accounts to 31.0% of the total market share
Health oriented food products are being actively marketed in South America. The preference towards healthy food with high insoluble dietary fiber content and which benefits the origin of Sweet potato, a high insoluble fiber content in the skin, is from South America. Proposed by the Bolivian government, and by the strong support of Central and South American countries, Quinoa, an insoluble fiber rich food has been singled out by the FAO as a food with high nutritive value. Also, it is largely grown in
South America, Peru being the highest producer followed by Bolivia.
Rising health concerns and demand for quality food is mainly driving the insoluble dietary fiber market in South America. And also, the increase in the purchase power of the consumers and awareness on the benefits of fiber intake is further driving the South American insoluble dietary fibers market. The lack of awareness in most of the regions of South America is a hindrance to the growth of the market. Also, the developing regions provide a platform for the companies to increase their market share and contribute to the development of the region.
South America insoluble dietary fiber market is segmented based on Function type, Product type, and by Application, and again into bulking agent, fat replacer, and texturing agent under function type. The Bulking agent having the highest market share followed by the Fat-replacing agents. On the base of type of insoluble dietary fiber, it can be segmented as Cellulose, Hemi Cellulose, Chitin, Chitosan, Lignin, and resistant starch. These fibers find several applications in Bakery food, Confectioneries, in Meat industry etc.
Brazil has the highest market share in South America followed by Argentina and other smaller countries in the continent. The increasing disposable incomes, health consciousness is driving the insoluble dietary fibers market in Brazil.