Overview and Scope
Ingredients refer to a component, a constituent portion of any combination or mixture, or something that enters into a compound. Ingredients are generally utilized for preparing a specific dish or cuisine or product.
Sizing and Forecast
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.
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Segmentation & Regional Insights
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
North America was the largest region in the ingredients market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global ingredients market report during the forecast period. The regions covered in the 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
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.
Key Industry Players
Major companies operating in the ingredients market report are Cargill Incorporated, Nestlé S.A., Archer Daniels Midland Company, PepsiCo Inc., The Coca-Cola Company, Danone S.A., Associated British Foods plc, Kellogg Company, Hermes Sweeteners Ltd., International Flavors & Fragrances Inc., ConAgra Brands Inc., ICL Food Specialties Ltd., Kerry Group plc, Ingredion Incorporated, Koninklijke DSM N.V., Meiji Co. Ltd., Givaudan SA, Symrise AG, Yakult Honsha Co. Ltd., Ashland Global Holdings Inc., Tate & Lyle plc, Corbion Purac N.V., Chr. Hansen Holding A/S, Tata Chemicals Limited, Palsgaard A/S, Essentia Protein Solutions, LycoRed Limited, Symega Food Ingredients Ltd., Glanbia plc, H.C. Brill AG & Co. KG, A.E. Staley Manufacturing Company, ABITEC Corporation, ACH Food Companies Inc., Pacific Harvest Products Inc., Parker Products Inc., Paulaur Corporation, Penford Food Ingredients Co., Sweetener Supply Corp., TeaTech Inc.
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
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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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