The Global Dextrin Market Anticipated to Generate a Revenue of $3,538.00 Million, Growing at a CAGR of 3.60% from 2021 to 2028Download Sample Reports Overview
The global dextrin market size is estimated to be valued at $3,538.00 million by 2028, surging from $2,656.90 million in 2020, at a noteworthy CAGR of 3.60%.
Covid-19 Impact on Dextrin Market Shares
The global market for dextrin is estimated to experience a moderate growth amidst the COVID-19 pandemic. This growth is the result of disruption in supply chain and manufacturing of dextrin. Also, closing down of food processing industries has decreased the demand for dextrin. Therefore, demand for dextrin has decreased in pandemic times.
Moreover, certain key players in dextrin market have experienced decrease in demand for food services. According to news published in Food Business News, in June 2020, Ingredion, Inc. an American multinational ingredient provider, revealed that COVID-19 affected their businesses mostly in North America in their first quarter and second quarter for South America. These factors are anticipated to hinder the dextrin market during the pandemic times.
Global Dextrin Market Analysis
The enormous growth of the global dextrin market is mainly attributed to its increasing use in medicines that will drive the dextrin market globally. Also, FDA approved the use of maltodextrin as a safe additive in the food to increase their nutritional needs. Moreover, growing trends of additives that are natural and chemical free are some of the factors that support global dextrin market. Therefore, such aspects will highlight the market for dextrin market.
The side effects of dextrin when consumed in high quantity such as acne, weight gain, heart disease, and other diseases are some of factors that may create a negative impact on the market during the forecast period.
There is an increasing adoption of dextrose as post-workout supplement for replenishing the glycogen that is stored in the muscle. This will help in strengthening the muscle and repair it. All such factors may create huge opportunities for the market in the future. Furthermore, the companies involved in the global dextrin market are following effective strategies and launch of innovative products to grow in the market. For instance, Tate & Lyle, a leading global provider of food and innovative ingredients, in January 2021, announced that they are going to launch tapioca-based starches such as BRIOGEL® gelling starches and REZISTA® MAX thickening starches. These tapioca-based starches are mostly useful in sauces, confectionery, dressings, and others. Such product advancements may further lead to lucrative market opportunities in the market in the upcoming years.
Global Dextrin Market, Segmentation
The global dextrin market size is segmented based on type, application, and region.
The type segment is further classified into maltodextrin, cyclodextrin, amylodextrin, and others. Among these, the maltodextrin type sub-segment is anticipated to be the fastest as well as dominant sub-segment and surpass $1,836.60 million by 2028, with an increase from $1,318.10 million in 2020.
The market growth can be attributed to growing demand for maltodextrin in cosmetics as a texture enhancer and moisturizer. Along with this, maltodextrin has anti-aging benefits of alpha hydroxy acids or AHAs. These factors and product launches may create a positive impact on the sub-segment throughout the forecast period.
The application segment is further divided into food, pharmaceutical, industrial, cosmetics, and others. The food sub-segment is anticipated to be the dominating sub-segment in the global market and register a revenue of $1,242.50 million in 2028 during the analysis timeframe.
This growth is the result of rising use of different types of dextrin such as wheat dextrin, corn dextrin, and others for improving food flavor, thickness, and shelf life. Moreover, maltodextrin is also used as sugar replacement in many food products such as cereals, ice cream, sweets, and others. Thus, these are some of the key factors boosting the demand for dextrin market.
The dextrin market share for the Asia-Pacific region is projected to witness dominant share. This market generated a revenue of $932.6 million in 2020 and is further projected to reach up to $1,238.30 million by 2028.
The demand for dextrin is streaming in the Asia-Pacific region especially because of factors such as increasing number of people preferring additives that are natural in nature and are chemical free. Also, China is the main importer of Asia-pacific that will bring in opportunities in the Asia-Pacific market. All such factors are anticipated to boost the market in the Asia-Pacific region.
Top 10 Major Key Players in the Global Dextrin Market are -
- Archer Daniels Midland Company
- Cargill, Inc.
- Tate & Lyle
- Roquette Frères S.A
- Ingredion Incorporated
- American Key Products, Inc.
- Meelunie B.V
- Agridient Inc.
- Emsland Group
Along with the company profiles of the key players in the market, the report includes the Porter’s five forces model that gives deep insights into the competitive environment of the market.
Porter’s Five Forces Analysis for the Global Dextrin Market Trends
- Bargaining Power of Suppliers: The suppliers involved in the market are extensive in number and are globalized. Moreover, unpredictable demands in supplier pricing may impact company profitability.
Thus, the bargaining power of the suppliers is low.
- Bargaining Power of Buyers: Buyers have high bargaining power, primarily because of the huge number of dextrin that is offered in different textures. The buyers can hence choose the dextrin that best fits their preferences.
Hence, the bargaining power of buyers is high.
- Threat of New Entrants: Startups entering this market are providing innovative dextrin to the customers. However, companies that are in the dextrin market are much more globalized.
Thus, the threat of the new entrants is moderate.
- Threat of Substitutes: There are different types of starch modified starches available, but they do not offer the benefits that dextrin offers.
Therefore, the threat of substitutes is low.
- Competitive Rivalry in the Market: The ventures operating in the global dextrin are opting for various businesses deployment strategies to hold their position in the market. Several companies are launching their value-added services in the international market and strengthening the footprint worldwide.
Therefore, competitive rivalry in the market is high.