Inulin Market

The article discusses the current state and future projections of the global inulin market. It highlights a decline in consumption and production, with China being the largest consumer and producer of inulin. The United States leads in imports and Belgium in exports. The market is forecasted to contract in volume and value, showing a decline in consumption even with a slight increase in 2022. Fluctuations in import and export volume and value are also noted, reflecting the overall trend of the global inulin market.

Market Forecast

Depressed by shrinking demand for inulin worldwide, the market is expected to continue its downward consumption trend over the next eight-year period. The performance of the market is forecast to contract with an anticipated CAGR of -0.3% for the period from 2022 to 2030, which is projected to depress the market volume to 1.2M tons by the end of 2030.

In value terms, the market is forecast to contract with an anticipated CAGR of +1.4% for the period from 2022 to 2030, which is projected to bring the market value to $4.9B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Inulin

After four years of decline, consumption of inulin increased by 5.9% to 1.3M tons in 2022. In general, consumption, however, continues to indicate a perceptible shrinkage. Over the period under review, global consumption attained the maximum volume at 1.7M tons in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

The global inulin market revenue was estimated at $4.4B in 2022, growing by 4.4% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption, however, continues to indicate a perceptible contraction. Over the period under review, the global market hit record highs at $6.2B in 2013; however, from 2014 to 2022, consumption stood at a somewhat lower figure.

Consumption By Country

China (398K tons) remains the largest inulin consuming country worldwide, accounting for 32% of total volume. Moreover, inulin consumption in China exceeded the figures recorded by the second-largest consumer, India (166K tons), twofold. The United States (139K tons) ranked third in terms of total consumption with an 11% share.

From 2012 to 2022, the average annual growth rate of volume in China stood at -3.0%. In the other countries, the average annual rates were as follows: India (-3.8% per year) and the United States (-3.1% per year).

In value terms, China ($1.6B) led the market, alone. The second position in the ranking was held by the United States ($427M). It was followed by Nigeria.

From 2012 to 2022, the average annual growth rate of value in China stood at -2.4%. The remaining consuming countries recorded the following average annual rates of market growth: the United States (-3.4% per year) and Nigeria (-0.5% per year).

In 2022, the highest levels of inulin per capita consumption was registered in the Netherlands (1,710 kg per 1000 persons), followed by Saudi Arabia (656 kg per 1000 persons), Spain (434 kg per 1000 persons) and the United States (414 kg per 1000 persons), while the world average per capita consumption of inulin was estimated at 160 kg per 1000 persons.

In the Netherlands, inulin per capita consumption declined by an average annual rate of -3.9% over the period from 2012-2022. The remaining consuming countries recorded the following average annual rates of per capita consumption growth: Saudi Arabia (-4.9% per year) and Spain (+1.5% per year).

Production

World Production of Inulin

In 2022, production of inulin was finally on the rise to reach 1.2M tons after four years of decline. In general, production, however, saw a noticeable downturn. Global production peaked at 1.7M tons in 2015; however, from 2016 to 2022, production stood at a somewhat lower figure.

In value terms, inulin production rose modestly to $4.3B in 2022 estimated in export price. Overall, production, however, recorded a pronounced curtailment. The pace of growth appeared the most rapid in 2017 with an increase of 5.3% against the previous year. Over the period under review, global production attained the maximum level at $6.2B in 2013; however, from 2014 to 2022, production stood at a somewhat lower figure.

Production By Country

China (396K tons) remains the largest inulin producing country worldwide, comprising approx. 32% of total volume. Moreover, inulin production in China exceeded the figures recorded by the second-largest producer, India (165K tons), twofold. The United States (116K tons) ranked third in terms of total production with a 9.4% share.

In China, inulin production declined by an average annual rate of -3.1% over the period from 2012-2022. In the other countries, the average annual rates were as follows: India (-3.8% per year) and the United States (-3.8% per year).

Imports

World Imports of Inulin

In 2022, approx. 111K tons of inulin were imported worldwide; standing approx. at 2021. Over the period under review, total imports indicated a perceptible expansion from 2012 to 2022: its volume increased at an average annual rate of +4.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +65.8% against 2015 indices. The most prominent rate of growth was recorded in 2019 with an increase of 14%. Global imports peaked in 2022 and are likely to see gradual growth in the immediate term.

In value terms, inulin imports reached $306M in 2022. Overall, total imports indicated a moderate expansion from 2012 to 2022: its value increased at an average annual rate of +3.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +64.4% against 2016 indices. The most prominent rate of growth was recorded in 2018 when imports increased by 15% against the previous year. Global imports peaked in 2022 and are expected to retain growth in years to come.

Imports By Country

The United States (24K tons) and Germany (18K tons) represented roughly 37% of total imports in 2022. Indonesia (7.6K tons) ranks next in terms of the total imports with a 6.9% share, followed by China (5.1%) and Italy (4.9%). The following importers - Mexico (3.3K tons), Canada (3.1K tons), the UK (2.8K tons), France (2.7K tons), Japan (2.6K tons), the Netherlands (2.5K tons), Spain (2.2K tons) and Thailand (2.2K tons) - together made up 20% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by the Netherlands (with a CAGR of +42.0%), while imports for the other global leaders experienced more modest paces of growth.

In value terms, the United States ($83M) constitutes the largest market for imported inulin worldwide, comprising 27% of global imports. The second position in the ranking was held by Indonesia ($21M), with a 6.8% share of global imports. It was followed by Italy, with a 5.5% share.

From 2012 to 2022, the average annual growth rate of value in the United States stood at +1.9%. The remaining importing countries recorded the following average annual rates of imports growth: Indonesia (+3.9% per year) and Italy (+6.9% per year).

Import Prices By Country

In 2022, the average inulin import price amounted to $2,755 per ton, approximately equating the previous year. Overall, the import price saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 when the average import price increased by 4.7% against the previous year. Global import price peaked at $2,867 per ton in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Canada ($4,739 per ton), while Germany ($754 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Canada (+2.7%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Inulin

After six years of growth, shipments abroad of inulin decreased by -2.4% to 95K tons in 2022. Over the period under review, total exports indicated a strong expansion from 2012 to 2022: its volume increased at an average annual rate of +5.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +77.2% against 2012 indices. The pace of growth was the most pronounced in 2020 with an increase of 18%. The global exports peaked at 97K tons in 2021, and then contracted in the following year.

In value terms, inulin exports reduced to $261M in 2022. Overall, total exports indicated tangible growth from 2012 to 2022: its value increased at an average annual rate of +4.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +71.8% against 2016 indices. The pace of growth appeared the most rapid in 2021 with an increase of 25%. As a result, the exports attained the peak of $271M, and then contracted in the following year.

Exports By Country

In 2022, Belgium (46K tons) represented the largest exporter of inulin, comprising 48% of total exports. Chile (24K tons) held a 25% share (based on physical terms) of total exports, which put it in second place, followed by Germany (7%). China (3.8K tons), the Netherlands (3.6K tons), Thailand (3.4K tons), Mexico (2.2K tons) and the United States (1.7K tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by Thailand (with a CAGR of +54.4%), while the other global leaders experienced more modest paces of growth.

In value terms, Belgium ($129M) remains the largest inulin supplier worldwide, comprising 49% of global exports. The second position in the ranking was taken by Chile ($48M), with an 18% share of global exports. It was followed by China, with a 7.2% share.

From 2012 to 2022, the average annual growth rate of value in Belgium amounted to +2.1%. The remaining exporting countries recorded the following average annual rates of exports growth: Chile (+0.4% per year) and China (+57.1% per year).

Export Prices By Country

In 2022, the average inulin export price amounted to $2,759 per ton, therefore, remained relatively stable against the previous year. In general, the export price showed a slight curtailment. The growth pace was the most rapid in 2021 an increase of 12% against the previous year. The global export price peaked at $3,205 per ton in 2013; however, from 2014 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Mexico ($5,559 per ton), while the United States ($2,019 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (+8.8%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform