Global Cassava Syrup Market Outlook
Over the past two decades, the specialty food ingredient market has been gaining traction in major parts of the world which is attributable to rising awareness about the critical health benefits associated with the consumption of functional food ingredient oriented food products. Owing to the concerns over rising obesity rates, diseases caused on consumption of junk and unhealthy food products, consumers now look out for the adoption of a healthy lifestyle even when it comes to consumption of food. Taking into account on consumers’ perception of healthy food consumption, several major shareholding food manufacturers are seriously considering natural food ingredient to be added in their final products produced. Cassava syrup is one such natural food product that has been gaining traction in various sectors of the food industry that includes the confectionery, bakery, snacks etc. Cassava syrup is sourced from cassava providing various functions such as sweetening agent, flavoring agent and the thickening agent.
Increasing Demand for Processed Food Products is Driving Demand Cassava Syrup
Health conscious consumers seek for natural and organic that meet their essential health and nutrition needs. Conscious consumers insist that companies reliably and accurately detail product features and benefits. As a result, the confluence of these factors has been gradually triggering demand for natural food ingredient like Cassava syrup in the food processing industry. Cassava syrup has found itself in the application of various food industry sectors. There are various benefits associated with the consumption of cassava syrup. Cassava syrup contributes to nutritive solids, body, mouthfeel and crystallization control, with physical and sensory properties comparable to other syrups. Cassava syrup also imparts a rich flavor and are also being used as a color-and-flavor-neutral base for confections and beverages sectors. Cassava syrup is considered to be highly soluble providing instant, long-term and balanced energy release through the distribution of simple and complex carbohydrates.
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Global Cassava Syrup: Market Segmentation
On the basis of nature, the global Cassava Syrup market has been segmented as –
- Organic
- Conventional
On the basis of function, the global Cassava Syrup market has been segmented as –
- Sweetening Agent
- Flavoring Agent
- Thickening Agent
On the basis of application, the global Cassava Syrup market has been segmented as –
- Bakery Products
- Dairy Products
- Sauces & condiments
- Confectionery
- Infant formula
Global Cassava Syrup Market: Key Takeaway
The Asia Pacific regions account to comparatively higher value share as compared to other regions due to rise in demand for functional food products which paves a critical opportunity for Cassava Syrup market to grow at a significant rate in terms of value and volume sales.
Global Cassava Syrup Market: Key Players
Some of the key players operating in the global Cassava Syrup market are Ciranda, Inc., Sweet Addition LLC., Archer Daniels Midland Company, Cargill Incorporated, Bakers Authority, Ingredion Inc., Malt Product Corporation, Shafi Gluco Chem (Pvt) Ltd, Madhava Honey Ltd., JM Swank LLC., Advanced Ingredients LLC., Briess Malt & Ingredient Co. among others.
Cassava Syrup Market: Key Trends
The major shareholding companies in the Cassava Syrup market have been making several key investments on extending its product portfolio.
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Cassava Syrup Market: Key Developments
- Cargill Inc.: In 2016, the company announced an investment of US$ 40.1 Mn to expand its sweetener options for the European market.
- Ingredion Inc.: In 2017, the company launched a glucose syrup under the brand name VERSASWEET™. The syrup is mainly sourced from tapioca having its applications in confectionery, dairy, ice cream, and baked good products.
Opportunities for Cassava Syrup Market Participants
In the global market, the African, Asian and several parts of the Latin American region has witnessed a higher rate of production as well as consumption of cassava products. Some of the major parts of African continent even consider cassava as their staple food. This one critical factor provides an opportunity for cassava syrup market to traction accordingly in these regions. Moreover, the consumer now craving for healthy food products no matter when it comes to bakery, beverages or any confectionery paves another critical opportunity for cassava syrup to grow at a significant rate in terms of value sales since cassava syrup has a wide range of application in various food processing sectors.
Brief Approach to Research for Cassava Syrup Market
FMI will follow a modeling-based approach and triangulation methodology to estimate data covered in this report. A detailed market understanding and assessment of the nature, formats, and application of the coconut water concentrate segments covered in the study is followed by carrying out a demand-side approach to estimate the sales of target product segments, which is then cross-referenced with a supply-side assessment of value generated over a pre-defined period. The statistics and data are collected at a regional level, consolidated and synthesized at a global level to estimate the overall Cassava Syrup market sizes.