The Ingredients Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Ingredients Global Market Report 2024, The ingredients market size has grown strongly in recent years. It will grow from $205.41 billion in 2023 to $220.43 billion in 2024 at a compound annual growth rate (CAGR) of 7.3%. The growth in the historic period can be attributed to health and wellness trends, cultural and ethnic influences, economic factors, supply chain dynamics, marketing and consumer education.
The ingredients market size is expected to see strong growth in the next few years. It will grow to $304.86 billion in 2028 at a compound annual growth rate (CAGR) of 8.4%. The growth in the forecast period can be attributed to continued health focus, globalization of tastes, economic growth in emerging markets, supply chain resilience, and educational initiatives. Major trends in the forecast period include personalization of ingredients, culinary and exotic ingredients exploration, clean meat and cultured ingredients, innovative sweeteners and flavor enhancers, and zero-waste ingredient utilization.
Increased instances of fast-food trends among the millennial population are expected to boost the growth of the ingredients market going forward. Fast foods are defined as quick, convenient, and inexpensive alternatives to home-cooked meals. Fast food making involves many ingredients like salt, sugar, processed chemicals and others, hence, it is expected to boost the sales of ingredients. For instance, according to the Fast-Food Statistics 2021 report, in the USA, 23% of the adults eat fast food meals three or more times a week while 34% of children aged 2 to 19 years eat fast food daily and 80% of Americans visit a fast-food outlet once a month. Furthermore, in February 2022, according to Office for National Statistics, a UK-based independent producer of official statistics, total restaurant revenues climbed by 12.6% in value and 10.0% in volume between the fourth quarters of 2021 and 2020. Fast food restaurants’ overall sales increased by 8.6% in value and 6.4% in volume between 2020 and 2021. Therefore, the increased instances of fast-food trends are driving the growth of the ingredients market.
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The 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: Sweeteners, Emulsifier, Flavors and Color Additives, Preservatives, Fat Replacers, Nutrients, Stabilizers, Thickeners, Binders, Other Functions
3) By Application: Beverages, Fortified Food Products, Bakery, Confectionery, Dairy and Dairy Products, Meat and Fish Products, Other Applications
Top Major Players
Cargill Incorporated
Nestlé S.A.
Archer Daniels Midland Company
PepsiCo Inc.
The Coca-Cola Company
Major companies operating in the ingredient market are focusing on strategic partnerships to provide reliable services to customers. A strategic partnership is an arrangement between two or more companies or organizations that helps each other or works together to achieve their respective goals. For instance, in November 2021, BDF Natural Ingredients, a Europe-based biotech company specializing in the research, manufacture, and commercialization of innovative and technological additives for food and nutrition, partnered with A&B Ingredients, a US-based leader in providing unique, clean-label, functional ingredient solutions to the food and beverage industry. The goal of this collaboration is to introduce the BDF Natural Ingredients Transglutaminase enzyme to the market in North America. Additionally, provide the customers with the best ingredients and complete technical assistance from the sales and application teams. With its unique protein-binding qualities and a wide range of uses in meat, fish, dairy, and vegan products, PROBIND is one of the top products in the transglutaminase (TG) category globally. Ingredients from PROBIND are free of allergies and are used to improve food texture, bind proteins together, and make new products.
The ingredients market report table of contents includes:
1. Executive Summary
2. Ingredients Market Characteristics
3. Ingredients Market Trends And Strategies
4. Ingredients Market – Macro Economic Scenario
5. Global Ingredients Market Size and Growth
…..
32. Global Ingredients Market Competitive Benchmarking
33. Global Ingredients Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Ingredients Market
35. Ingredients Market Future Outlook and Potential Analysis
36. Appendix
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