Fat Replacers Market to Showcase Continued Growth in the Coming Years
The fat replacers market is projected to reach a value of USD 2.01 billion by 2022, at a CAGR of 6.2% from 2017. The market is driven by factors such as increase in awareness about health & wellness and rise in prevalence of obesity. The fat replacers market, on the basis of type, is segmented into carbohydrate-based, protein-based, and lipid-based fat replacers. Based on application, the market is broadly segmented into bakery & confectionery products, dairy & frozen desserts, convenience foods & beverages, sauces, dressings, and spreads, and others (functional foods & processed meat). The major forms of fat replacers are powder and liquid. On the basis of region, the market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World (RoW).
On the basis of type, the carbohydrate-based fat replacers segment accounted for the largest market size. However, the protein-based fat replacers segment is projected to grow at the highest CAGR during the forecast period. Protein-based fat replacers are suitable for foods such as dairy products, salad dressings, frozen desserts, and margarine. Demand for food products with high-protein content but low-fat content is expected to contribute to the growth of the protein-based fat replacers market. Moreover, in weight management, protein intake is highly recommended, which has fueled the demand for protein-based fat replacers.
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On the basis of application, the convenience foods & beverages segment is expected to witness the highest growth in the fat replacers market. This can be attributed to the high consumption of convenience foods, especially in developing regions such as Asia Pacific where the improved standards of living have led to a steady rise in the number of health-conscious consumers who provide a huge market potential for fat replacers.
On the basis of form, the liquid segment is expected to grow at a relatively higher CAGR during the forecast period. Liquid fat replacers are used to replace vegetable oils in low-calorie foods, thereby maintaining the flavor, color, and vitamin content in the food products. The rise in demand for convenience foods is likely to drive the market for liquid fat replacers as they are used to replace fatty oils, thereby contributing significantly to the fat replacers market.
On the basis of source, the plant segment accounted for a relatively larger market size. Plant-sourced fat replacers are expected to grow at a higher rate since they are comparatively cheaper than animal-sourced ones. The market for plants as a source of fat replacers is driven by consumer demand, especially from the vegetarian population, which is expected to grow in developed regions such as North America and Europe.
The Asia Pacific market is expected to witness the fastest growth during the forecast period. In the region, there is a steady demand for low-cholesterol and low-fat food products as a result of the rising incidences of diseases. This trend is expected to augment the demand for fat replacers during the forecast period. On the other hand, the high consumption of convenience foods in countries such as India, China, and Malaysia is expected to drive the demand for fat replacers.