According to a new report published by Allied Market Research, titled, “Wheat Fiber Market by Nature and Application: Global Opportunity Analysis and Industry Forecast, 2021–2030,” The global wheat fiber market was valued at $864.1 million in 2020, and is projected to reach $1,632.6 million by 2030, registering a CAGR of 6.5% from 2021 to 2030. Wheat fiber offers numerous health benefits and prevention of some serious diseases such as cardiovascular diseases, obesity, and type 2 diabetes. According to International Diabetes Federation (IDF), in 2019, around 463 million people, aged between 20 and 79 years, suffered from diabetes and this number is estimated to rise up to 700 million by 2045.
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Moreover, around 374 million adults have higher chances of developing type 2 diabetes. This is a major factor that boosts the demand for the wheat fiber-based food among the global population. Wheat fiber helps in improving heart health, curing irritable bowel syndrome, maintaining weight, boosting immunity, and regulating blood sugar levels. All these benefits foster the consumption of wheat fiber and thereby drive the global wheat fiber market growth during the forecast period.
Rise in population and improvement in lifestyle are the key factors that drive the growth of the wheat fiber market. Increase in purchasing power in the developing region like Asia-Pacific and LAMEA majorly boosts the sale of the wheat fiber products in this region. The change in dietary patterns among consumers along with the increase in population of urban people are the key factors that drive the growth of the wheat fiber market.
The wheat fiber industry is expected to benefit from consumers, who desire to live better lifestyles and change their eating habits. during the COVID-19 pandemic. Consumers are with the belief that wheat fiber boosts immunity power and helps them fight against coronavirus disease. This is anticipated to boost the adoption of wheat fiber, which, in turn, propels the growth of the wheat fiber market. Moreover, there is an increase in the number of social media users owing to rise in internet penetration. Most of the key players in the market strategize to promote their products and services on these social media platforms such as Instagram, Facebook, YouTube, and others. Social media marketing is one of the major wheat fiber trends adopted by various companies and industries during the COVID-19 pandemic on increasing awareness about their product offerings among target customers on social media channels.
Busy and hectic lifestyle of the consumers is a major factor that boosts the demand for wheat fiber all over the globe. Nowadays, people don’t get enough time to take care of their diet due to their hectic schedule.
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Increase in hectic lifestyle of people results in less intake of fiber in the body which may give rise to various diseases related to intestine, blood sugar, obesity, and heart. The adequate amount of fiber consumption not only prevents these health risks but also helps to build strong immunity. Therefore, consumers choose wheat fiber, to fulfill the necessary requirements of fiber. This is one of the key factors that propels the demand for the wheat fiber among the global population, and hence, fosters the growth of the wheat fiber market.
Key Findings Of The Study
By nature, the global wheat fiber market is segmented into organic and conventional. The conventional segmented accounted for a major share in the market in 2020; however, the organic segment is projected to experience growth at the highest CAGR during the forecast period.
By application, the wheat fiber market is segmented into food & beverages, pharmaceuticals, animal feed, and others. The food & beverages segment holds the largest market share, accounting for around 44.0% of the total revenue in 2020, followed by pharmaceuticals segment.
By region, North America accounted for highest wheat fiber market share in 2020, and is expected to grow at a CAGR of 5.0%.
The key players operating in the wheat fiber market analysis includes Archer-Daniels-Midland Company, Cargill, Inc., DuPont de Nemours, Inc., Grain Processing Corporation, Ingredion Incorporated, J. RETTENMAIER & SÖHNE GmbH + Co KG, Roquette Frères, Südzucker AG, SunOpta, Inc. and Calyxt, Inc.
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