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Carrot Fiber Market Size
Carrot Fiber Market size was valued at USD 250.2 million in 2023 and is projected to grow at 6.4% CAGR from 2024 to 2032, influenced by changing consumer preferences, technological innovations, and evolving industry standards. Carrot fiber, derived as a byproduct during carrot processing, is increasingly recognized in the food and beverage sector for its functional attributes and nutritional advantages.
The food industry is witnessing a pronounced shift towards natural, clean-label, and functional ingredients. Carrot fiber, abundant in dietary fiber, vitamins, and antioxidants, seamlessly aligns with this trend. As consumers become more health-conscious, they're gravitating towards products that offer benefits beyond mere nutrition. This heightened awareness has catalyzed a notable uptick in the incorporation of carrot fiber across diverse categories, including bakery items, snacks, beverages, and dairy products, all aimed at bolstering their nutritional profiles.
For instance, the food and beverage sector play a significant role in the economy of Europe. The food and beverage sector in the European Union produced a value added of USD 248.76 billion and a turnover of USD 1207.97 billion in 2020.
The food sector faces mounting pressure to embrace sustainable practices and curtail waste. Carrot fiber production resonates with these objectives, as it capitalizes on byproducts from carrot juice and puree production, transforming potential waste into a sought-after commodity. This alignment is particularly appealing to companies eager to bolster their sustainability credentials and diminish their environmental impact.
The adaptability of carrot fiber has paved the way for its integration into a myriad of innovative food applications. Its water-binding properties not only enhance texture and moisture retention but also extend the shelf life of products. Furthermore, carrot fiber's potential in plant-based and gluten-free offerings is being actively explored, ensuring desired textures without sacrificing nutritional integrity.
What is the value of the carrot fiber market?
The market size of carrot fiber reached USD 250.2 million in 2023 and is set to exhibit a 6.4% CAGR during 2024-2032, led by changing consumer preferences, technological innovations, and evolving industry standards.
How big is North America carrot fiber industry?
North America market was worth USD 87.7 million in 2023 and will experience a 7% CAGR through 2032, propelled by rising health-consciousness and demand for functional, clean-label foods.
Why is the demand for conventional carrot fiber thriving?
The conventional carrot fiber segment attained USD 172.4 million in 2023, driven by its affordability and widespread use in processed foods for enhancing texture, moisture retention, and fiber content without altering taste.
Who are the prominent players in the carrot fiber market?
VanRijsingenGreen, Vinayak Corporation, KAGOME Australia Pty Ltd, Xi'an Sost Biotech Co.,Ltd, Arat Company, Richfield Food, Pektos AG, BATA FOOD, Vinayak Corporation, and Bolthouse Farms.