Quillaia Extract Market Size, Share Is Expected To Reach US$ 2,426.0 Mn By 2024: Credence Research
Quillaia Extract Market Size, Share Is Expected To Reach US$ 2,426.0 Mn By 2024
United States, 12 July 2018 -- Quillaia Extract Market Size, Share Is Expected To Reach US$ 2,426.0 Mn By 2024
The latest market report published by Credence Research, Inc. “Quillaia Extract Market, By Application - Growth, Future Prospects and Competitive Analysis, 2016 – 2024,”the global Quillaia Extract was valued at US$ 1,569.9 Mn in 2015, and is expected to each US$ 2,426.0.0 Mn by 2024, expanding at a CAGR of 5.1% from 2016 to 2024.
There has been an increased inclination of food and beverage manufacturers to development of natural ingredients. This is due to factors such as increasing number of obese people, harmful effects associated with artificial products consumption, changing consumer lifestyle, shifting food preferences among consumers and growing concerns among manufacturers as well as consumers related to natural claimed products and specific ingredients.
Development of specialty ingredients among food and beverage manufacturers, especially for natural foaming and emulsifying ingredients in beverages is a key trend bolstering quillaia extract market growth. Benefits associated with quillaia extract include approval as food grade surfactant, natural ingredient for vegetable oils of fat saponification, natural non-ionic surfactant and others. Also, quillaia extract when used in powdered form doesn’t impart taste or color upon addition to a food or beverage. Thus, there has been an upsurge among food and beverage manufacturers to opt for quillaia extract as a foaming agent in recent years. Demand is further anticipated to remain significant during the forecast period.
Some of the factors driving the quillaia extract market growth include product formulation development by companies for different applications of quillaia extract, regulatory approvals from governments of various companies for safe and adequate usage of quillaia extract, increasing demand for foaming agents especially in beverages, extensive research and development by quillaia manufacturers to offer better quality formulations ensuring taste and texture maintenance till the end along with stability are fuelling the quillaia market growth globally.
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In 2015, Europe dominated the market in terms of revenue share, followed by North America and Asia Pacific. North America accounted for around 30% of the overall Quillaia Extract market. Europe is expected to record significant CAGR over the forecast period. Factors fuelling the Europe quillaia extract market growth include company’s developing sustainable solutions, strategic alliances between players across the value chain, exploring opportunities of quillaia extracts for pharmaceuticals and others.
Companies engaged in manufacturing of Quillaia Extract are keen on developing customized formulations suiting the need of end use consumers coupled with extensive research and development to offer efficient formulations particularly to the beverage manufacturers. Some of the prominent players identified in the Quillaia Extract market include Naturex S.A., Ingredion Incorporated, Garuda International, Inc. and others.
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