The changing lifestyle, vagaries of public taste, the rise in disposable income, and millennial’ preferences are the factors that are bringing a seismic shift in the food and beverages (F&B) industry, which also resonates with the perceivable demand inflow in the food texture market. Another significant factor driving the food texture market is the growth of the F&B verticals such as bakery & confectionary, dairy & frozen foods, beverages, and others wherein the texture plays a vital role in enticing consumers. Furthermore, the texture is found to be helpful in retaining the nutrients and prevent microorganisms from the food products, and therefore, the F&B vendors are increasingly using texture for the same. F&B companies are also coupling with the health aspect of the food with texture in order to cater to the current demands of the consumers, and this trend is further blooming the food texture market. Additionally, the contemporary regime in the F&B industry is witnessing a predominance of convenience foods, which creates substantial scope for the food texture market companies. This is subsequently offering a gamut of opportunities to players that provide texture analyzers, thickening agents, and gelling agents that contribute to creating a better texture of food items.
The food style is another trend which is proliferating across the globe, especially due to the concept of meat substitutes. For instance, in 2017, a new food stabilizer was created in Germany that enables meat substitute producers in creating a texture similar to that of meat. This innovation will largely appeal to the omnivores, vegans, and vegetarians. With a substantial fraction of generation turning into vegetarian and flexitarian, the appearance of food is poised to play an important role in attracting consumers, and this will create a lot of prospects in the food texture market that experienced a global valuation of $12.04 billion as of 2018.
In the wake of booming food texture market, prominent companies such as Ajinomoto Group is promoting the development of “deliciousness technologies” that include enzyme-based texture enhancers and fermentation-derived flavor materials. Similarly, other companies in the F&B industry are investing in texture so that they can gain maximum traction from the consumers, and therefore, the forecast period 2019-2025 will be observing a swell in the food texture market size at a healthy CAGR of 5.6%.
North America – The Most Lucrative Food Texture Marketplace:
Owing to the augmented demand from the dairy, bakery & confectionery, and meat & poultry segments, North America had the maximum food texture market share with 43.37% as of 2018. The North America food texture market demand can be perceived by the growing segments of F&B industries in countries of the region, especially the US.
Food Texture Market Growth in the US –
· The Food Texture Market Scope in the US Bakery Industry –
According to the American Bakers Association (ABA), the bakery industry has a huge contribution to the country’s economy with over $310 billion output. The firmness of bakery products such as bread, cake, and others is analyzed with the help of texture analyzer. The ever-booming baker industry offers profitable opportunities for the food texture market players in the region.
· The Poultry Industry in the US Proving to be a Profitable Food Texture Marketplace –
The growth prospects for the food texture market companies in the US poultry industry can be fathomed by its lucrative output. According to the National Chicken Council (NCC), over 9 billion broiler chickens that translate to 56.8 billion pounds were produced in the US during the FY 2018. From this, 42.1 billion pounds of chicken were market for sale as ready-to-cook. Now, the texture of the chicken is one of the most important aspects that can affect sales in the industry. For instance, fast-growing chicken has some texture issues due to breast-muscle. This can prove detrimental to the sales of chicken. Therefore, texture analysis happens to be an indispensable process in the poultry industry. The subsequent need for the alleviation of texture creates revenue sources for the food texture market players in the US poultry industry.
· The US Dairy Industry Creating Food Texture Market Revenue Sources –
The US dairy industry is perpetually on a growth path, and it is evident in the fact that the production of cheese has been consistently increasing for years now. As per the findings by the United States Department of Agriculture (USDA), the annual production of cheese had witnessed growth from 1,050 million pounds in 2017 to 1,075 million pounds in 2018. Cheese texture is an important quality parameter for producers, retailers, and consumers, and henceforth, the growing cheese production in the US creates prospects to prosper for the food texture market players.
· The Profitable Market for Sauces in the US Create a Sustainable Food Texture Marketplace –
The market for sauces in the US can be understood by the growing import of sauces and related entities in the country. According to the International Trade Centre (ITC), the import value of sauces was valued to be $1.28 billion in 2018, and the value had observed year on year growth at a considerable rate of 8%. With the rise of the convenience food market in the US, the import of sauces from countries across the globe are expected to grow, which will support the food texture market. This is because the texture analysis of sauces is a necessity and is done by all the vendors.
The growing F&B industry in Mexico, Canada, and the rest of North America are also creating propitious prospects for the food texture market companies.
Food Texture Market Growth Drivers – Global Scenario:
· The Key Application Segment in the Food Texture Market: Thickening (by Functionalities) –
On the basis of functionalities, thickening of foods for texture is the application that will grow at a CAGR of 6.2% through to 2025. This is majorly attributable to the production of drinks in which thickening agents or thickeners are added. The growing market of beverages that undergo thickening process is creating demand influx in the food texture market. The forecast period foresees an emerging trend in the food texture market wherein companies will strive to innovate with organic or plant-based thickening agents. For instance, in May 2019, Bioriginal was set to debut its latest product named XanFlex at “Institution of Food Technologists” Annual Meeting & Food Expo. Zanaflex is a plant-based thickening agent who will be a perfect non-GMO replacement for xanthan gum in a gamut of food applications.
· The Frozen Food Market Driving the Global Food Texture Market –
The frozen food market was evaluated at $225 billion to $228 billion in 2018, and it is poised to grow at a CAGR of 3.5-5% during the forecast period 2019-2025. Frozen food is an important segment of convenience food, and the texture of these food products plays a very important role in a consumer’s purchasing decision. Henceforth, the growth of the frozen food market will create profitability in the food texture market. Furthermore, the frozen desserts market was booming with $32 billion to $34 billion valuations in 2018. The frozen desserts market size will also register an increment at a healthy CAGR of 7.5% through to 2025. This will create a positive impact on the food texture market size.
· The Global Dairy Market: A Profitable Food Texture Marketplace –
According to the Food and Agricultural Organization (FAO) of the United Nations (UN), global milk output is expected to increase at a year on year growth rate of 2.2% and translate to 843 million tons in 2018. While food flavors market is leveraging this growth of the dairy industry, the food texture market is also witnessing an upsurge because the texture of dairy products is as important as flavor. FAO also estimates that per capita consumption of dairy products (kg, milk equivalent) will increase from 83 in 2015 to 90 in 2030. The flourishing dairy industry will create prospects in abundance for the food texture market players.
Food Texture Market – Competitive Landscape:
The players expanding geographically to capitalize on the growing food texture market demand are Ajinomoto Co. Inc., The Archer Daniels Midland Company, Ashland Global Specialty Chemicals Inc., Avebe, Cargill Inc., CP Kelco, E.I. Dupont DE Nemours & Company, Fiberstar Inc., Estelle Chemicals, FMC Corporation, and Fuerst Day Lawson.
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