Overview and Scope
Food ingredients are substances that are applied to foods to improve taste, texture, and appearance and achieve specific technical or functional goals during production, storage, or packaging. Food ingredients are used to improve safety and freshness and maintain the nutritional value of the food.
Sizing and Forecast
The food ingredients market size has grown strongly in recent years. It will grow from $66.08 billion in 2023 to $70.5 billion in 2024 at a compound annual growth rate (CAGR) of 6.7%. The growth in the historic period can be attributed to strong economic growth in emerging markets, the increased demand for processed foods, the rise in awareness of the benefits of organic products and growth in the number of health-conscious consumers.
The food ingredients market size is expected to see strong growth in the next few years. It will grow to $91.11 billion in 2028 at a compound annual growth rate (CAGR) of 6.6%. The growth in the forecast period can be attributed to the rise in global population, rising urbanization, the increasing demand for ready-to-eat products and the increasing demand from the food processing industry. Major trends in the forecast period include introduction of natural food colors, facility expansions, development of ‘plug and play’ solutions to develop innovative products, development of sustainable products and focus on partnerships and collaborations.
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Segmentation & Regional Insights
The food ingredients market covered in this report is segmented –
1) By Product Type: Starches, Vegetable Oils And Fats, Natural Sweeteners, Enzymes And Antioxidants, Natural Flavorings And Colors, Functional Ingredients, Other Product Types
2) By Function: Flavors And Color Additives, Preservatives, Fat Replacers, Sweeteners, Emulsifier, Stabilizers And Binders, Thickeners, Ph Control Agents, Nutrients, Other Functions
3) By Application: Pharmaceuticals, Food And Beverages, Animal Feed, Other Applications
North America was the largest region in the food ingredients market in 2022. Europe was the second-largest market in the food ingredients market. The regions covered in the food ingredients market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The increase in the awareness of fitness among people and the growing number of health-conscious consumers are expected to drive the market for food ingredients during the forecast period. Consumers are incorporating bioactive food ingredients such as omega-3 fatty acids, antioxidants, probiotics, soy protein, and beta-carotene into their meals to maintain good health. For instance, in June 2022, according to the reports shared by the Sports Business Journal, a US-based national weekly trade sports magazine, the total number of active sports and fitness participants in the US was 229.7 million in 2020, and it increased to 232.6 million by 2021, or 76.3%. Therefore, the increase in the awareness of fitness among people and the growing number of health-conscious consumers are expected to propel the growth of the food ingredients market.
Key Industry Players
Major companies operating in the food ingredients market report are Cargill Incorporated, Archer Daniels Midland Company, Kerry Group, International Flavors & Fragrances, Ingredion Incorporated, Koninklijke DSM NV, Tate & Lyle PLC, Novozymes A/S, Symrise AG, Givaudan International S.A., Global Specialty Ingredients, Qingdao Haixingyuan Biotechnology Co. Ltd., Wilmar International, Musim Mas, Mewah International, The Nisshin Oillio Group, Miyoshi Oil & Fat Co Ltd, IOI Group, Fairchem, Australian Chemical Industries Int Co, Jayant Oils And Derivatives Ltd, Atlas Chemicals, Shanghai Yan’an Grease Chemical Co Ltd, Gysmecol (Guangzhou) Technology Co Ltd, Vita Manufacture, Townview Foods Ltd, Brett Beardsell Consulting, Quattro Foods, Harrogate Indian Supermarket, Rigest Trading Limited, Special Ingredients Ltd, Andrew Ingredients Ltd, Flytex Llc, Nhl Corporate Group, Foodmix Llc, Ochakovo Factory Of Food Ingredients Co. Ltd, Constanta Llc, Stevia First Corporation, Bunge Limited, First Choice Ingredients, Vogler Ingredients, Olam Agricola Ltda, ARSTE FI, Ars Technica, Afribon, AJWA Group Food Industries
The food ingredients market report table of contents includes:
1. Executive Summary
2. Food Ingredients Market Characteristics
3. Food Ingredients Market Trends And Strategies
4. Food Ingredients Market – Macro Economic Scenario
5. Global Food Ingredients Market Size and Growth
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32. Global Food Ingredients Market Competitive Benchmarking
33. Global Food Ingredients Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Food Ingredients Market
35. Food Ingredients Market Future Outlook and Potential Analysis
36. Appendix
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