A new report from Markets and Markets predicts the global dietary fiber market will expand to $3.25 billion by 2017, driven by an aging population and growing understanding of health benefits.

The report, titled “Dietary Fiber Market by Product Type (Conventional/ Novel & Soluble/ Insoluble) and Application (Food & Pharmaceuticals) – Global Trends & Forecasts up to 2017,” defines and segments the global dietary fiber market with analysis and forecasting of the global volume and revenue for dietary fibers and novel fibers in particular. It also identifies driving and restraining factors for the global dietary fiber market with analysis of trends, opportunities, burning issues and challenges.

The market is segmented and revenues are forecasted on the basis of major regions such as North America, Europe, Asia-Pacific and Rest of the World (ROW). The key countries are covered and forecasted for each region. Further, market is segmented and revenues are forecasted on the basis of applications, types, and sub-types of dietary fibers.

According to the report, the vegetable oil market will be valued at an estimated $1.4 billion in 2011. This value is expected to increase at a CAGR of 14.1% from 2012 to 2017. North America leads the global dietary fiber market with share of 36% followed by Europe (31%) and Asia-Pacific (17%) in terms of revenue in the year 2011.

The major drivers for dietary fiber global market growth are the ever-growing aging population, growing consumption by the supplement segment, the advantage provided by its low cost and growing consumer perception about health benefits of fibers. The heavy level of regulation from the FDA poses the most formidable barrier to entry in this industry sector, as product testing and approval can be a lengthy and costly process. Also compliance with existing regulations during the manufacturing stage can increase production costs to prohibitive levels for all but the well-capitalized firms. Such factors can act as restraints in an otherwise promising market scenario.

North America holds major market share in dietary fiber market. Europe is the second largest consumer. R&D initiatives by companies and government has helped manufacturer to get the first mover advantage, on the basis of stability during processing and also the desired health benefits to the end-consumer.

North America market share is 36% in the global dietary fiber revenue market; Europe has 31% of share. However it is still the Asia-Pacific region that is on the rise with a CAGR of 20% from 2012 to 2017. The dietary fiber market by application is segmented into the key segments as food and pharmaceutical applications. Although, the food applications occupy a major share in the consumption market, the dietary supplement segment, boosted by the soluble fiber requirements, is expected to be the fastest-growing segment, going ahead.

Among various types of dietary fiber marketed, insoluble conventional dietary fibers occupy in excess of 55% of the market share. However, with extensive R&D investments, growing need for alternative sources of fibers, technological limitations in the use of insoluble fibers and the burgeoning supplement market, soluble novel fibers are increasingly becoming the variant of choice in most applications.

The dietary fiber market report also touches on various other important aspects of the market. It includes an analysis of the competitive landscape and the patent analysis. In addition, 20 key players of this market have also been profiled.