Global Psyllium Products Market to Raise at a CAGR of 9% over the Forecast Period 2019 to 2029by Research Report Insights Research Report Insights
XploreMR, in its recent offering, outlines the growth trails of psyllium products market for the period between 2019 and 2029. As per the study, worldwide sales of psyllium products reached ~56,000 metric tons in 2018, equaling revenues worth ~US$ 186 million. Gains remain driven by a slew of factors, ranging from increasing consumption of nutraceuticals and dietary supplements to rapid inclination towards plant-based ingredients.
According to the study, one of the key growth drivers of the market is increasing demand for fiber-rich food products that help improve gut health and counteract lifestyle diseases such as obesity, in line with rising number of health-conscious population. However, it is pertinent to note that, rapid emergence of substitutes such as methylcellulose, inulin, flaxseed, and arrowroot is likely to create a hindrance in the growth of the psyllium products market.
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As today’s consumers are in the journey of exploration; experiencing new ingredients and finding nutrition-rich products, psyllium products are increasingly being explored by food and pharmaceutical manufacturers for their benefits in weight control and preventing the potential risk of chronic constipation and gastrointestinal issues. Realizing the lack of awareness and knowledge regarding scientifically-claimed benefits of psyllium products in various regions across the globe, a number of market players are adopting strong promotional strategies and leveraging online sales channels to attract more customers.
99% Pure Psyllium Husk Captures Significant Share
The study finds that psyllium husk continues to account for major share of the manufacturers’ bottom lines. While psyllium husk is available in different purity levels, 99% pure variants are increasingly used in multiple applications, which account for ~30% of total sales of psyllium husk.
XploreMR study forecasts the sales of psyllium husk powder will show y-o-y growth of 6.5% in 2019 over 2018, despite its relatively low market share. Sales will remain driven by increasing usage of naturally-sourced bulk-forming laxatives for chronic constipation and inclusion of fiber-rich products in diet to prevent the risk of high cholesterol.
Growing concerns regarding the quality of food products and rising consciousness about well-being have resulted into increased demand for organic products. While conventional psyllium products continue to acquire relatively high share, sales of their organic variants are anticipated to pick pace in the years ahead. Moreover, organic psyllium products are deemed to have higher levels of vital vitamins, minerals, fibers, and antioxidant compounds as compared to conventional variants.
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Growing Application in F&B Products to Bolster the Market Growth
In 2018, the consumption of psyllium products by pharmaceutical industry accounted for 45% of the total sales, while manufacturers are focused on identifying lucrative opportunities across various sectors of the F&B industry.
In recent times, rapid adoption of plant-based ingredients in bakery and processed food products have opened new avenues of growth for psyllium products market. Manufacturers in F&B industry are increasingly exploring the capabilities of psyllium products, for example, adding a thicker texture and increasing the fiber content in processed food. Further, the approach of using psyllium products along with dietary supplements and to fortify breakfast cereals and instant noodles will significantly contribute to the market growth, according to XploreMR study.
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The study finds that India leads the psyllium products market in terms of production and export. The dominance of Asia Pacific with ~30 share in the market can be attributed to traditional use of psyllium in the region as an effective remedy for problems related to digestive system. Followed by Asia Pacific, North America is likely to offer greater opportunities for manufacturers, on the account of booming dietary supplements and plant-based nutraceuticals markets in the region.
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Created on Aug 21st 2019 01:34. Viewed 38 times.