Industry Overview
Global galacto-oligosaccharides (GOS) market size is expected to reach 175.66 kilo tons by 2020, Growth in infant population is anticipated to drive GOS market over the forecast period.
According to estimates, world population of children between ages 0-4 years was 642.2 million in 2010 and is expected to reach 1018.3 million by 2050. Global baby food industry is expected to generate USD 55 billion by 2015 owing to high demand for infant formula, dried baby food and prepared baby food.
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Application Overview
GOS fortified food and beverages occupied a major chunk of the global volume with revenue generation estimated at over USD 400 million in 2013. This application is also likely to witness highest gains over the forecast period. It helps in maintaining digestive health of middle aged and elderly consumers and hence consumption of fortified food is on the rise in population of all age groups. GRAS recognition is also likely to surge its use in bars, dairy products, fruit drinks and waters/quenchers, fruit preparations, baby foods, and milk beverages.
Prebiotic dietary supplements accounted for more than 4% of the demand in 2013 and are expected to witness gains at an estimated CAGR of 7% from 2014 to 2022. Growing nutraceuticals demand on account of increased awareness towards nutrition is likely to surge GOS demand for this particular application.
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Regional Overview
Europe was the dominant region with valuation of over USD 250 million in 2013. Presence of many infant formula producing companies including Danone, Humana and Ordesa Group has resulted in Europe being a net exporter. This region is also influence by high demand from dairy products, infant formula, functional foods, beverages, food supplements and cosmetics.
Asia Pacific GOS market accounted for more than 25% of the total volume in 2014 and is anticipated to witness highest gains at an estimated CAGR of over 9.5% up to 2020. Asia Pacific is the largest region for infant formulas owing to high demand from China as a result of increasing infant population (82 million children under five years of age).
Asia Pacific has immense growth potential as untapped markets including India & China provide opportunities due to increasing number of working women and rising per capita disposable income resulting in foreign players entering into the region. Global infant formula demand is expected to witness 2% annual growth with demand growing faster in Asia Pacific
Competitive Market Share
Global GOS market share is highly consolidated and was dominated by four companies, accounting for over 60.0% in 2013. Among these companies, Royal FrieslandCampina was the largest with over 20.0% of share in 2013. The Netherlands based FrieslandCampina is an integrated product manufacturer with lactose and GOS manufacturing facilities.
Other major players include Yakult Honsha, Nissin Sugar, Ingredion, First Milk, Kerry, Samyang, Taiwan Fructose and Wuxi.
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