The Prebiotic Ingredients Market is projected to account for USD 7.4 billion by 2023.
Consumers are increasingly becoming health conscious and prefer spending on food products that are health-enriching and enhance their digestion. Due to the increasing demand for digestion-friendly food products, manufacturers are increasingly utilizing prebiotic ingredients. According to MarketsandMarkets, the prebiotic ingredients market is projected to account for a value of USD 7.4 billion, recording a CAGR of 10.4%.
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Europe and APAC are expected to lead the market during the forecast period.
Europe and the Asia Pacific are the dominant regions in the prebiotic ingredients market. Together, the two regions accounted for more than 70% of the global market. Some factors that influence their share in the market include high demand for food & beverage products, the presence of major players in these regions, and awareness about the benefits of using prebiotic ingredients.
High preference for fortified and low-fat bakery products in various countries of the region has encouraged manufacturers to allocate their budget to prebiotic ingredients. Also, as bakery products are considered staple foods in Europe, leading players are expanding to enhance their brand image. Due to these factors, Europe is projected to dominate the market during the forecast period.
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Key market players includes BENEO GmbH (BENEO) (Germany), Cargill Incorporated (Cargill) (US), E. I. du Pont de Nemours and Company (DuPont) (US), FrieslandCampina (Netherlands), Fonterra Co-operative Group Limited (Fonterra) (New Zealand), Kerry Group (Kerry) (Ireland), and Ingredion Incorporated (Ingredion) (US).
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