Dubai, UAE, May 25, 2023 (GLOBE NEWSWIRE) -- The global Food Ingredients Market was worth approximately USD 271.32 billion in 2022 and is expected to reach approximately USD 489.36 billion by 2032. Between 2023 and 2032, the market is anticipated to grow at a compound annual growth rate (CAGR) of 6.01%. Rising consumer preference for a healthy and nutritious diet, as well as increased innovation in new functional ingredients, are expected to drive market revenue.
Furthermore, the growing popularity of clean-label products has increased the demand for natural and organic ingredients. Furthermore, specific consumer preferences for clean-label foods, organic ingredients, dairy-free goods, vegan foods, and other foods are expected to create new lucrative opportunities for packaged food.
Get a Sample Copy of the Report: https://www.extrapolate.com/sample/food-beverage/food-ingredients-market/87517
Competitive Landscape
The market for food ingredients is moderately fragmented. As a result, players in the global food ingredients market have implemented a variety of development strategies to increase their food ingredients market share, increase profitability, and remain competitive in the market.
Prominent players in the market include:
- ADM
- Tate & Lyle
- Cargill, Incorporated
- Community Foods
- Ingredients
- Kerry Group plc.
- Symrise
- Novozymes
- DuPont
- Givaudan
- Associated British Foods plc
Market Segmentation
By Form
- Preservatives
- Natural
- Synthetic
- Sweeteners
- Artificial
- Flavors and Spices
- Nutrients
- Emulsifiers
- Others
Inquire Before Buying This Report: https://www.extrapolate.com/enquire/food-beverage/food-ingredients-market/87517
Prominent Utility of Sweeteners in Processed Food to Gain Traction
The sweeteners segment dominated the food ingredients market in 2022. Sweeteners are an important food ingredient used in the processed food and beverage industries to make packaged foods. As a consequence of the high osmotic pressure generated by sugar solutions, it provides a sweet flavor and acts as a preservative. On the other hand, the global population is accelerating, and overall workplace constraints are increasing, leading them to seek out processed and packaged foods to save time and satisfy their hunger.
By Application
- Food & Beverages
- Bakery
- Confectionary
- Dairy Products
- Meat and Fish
- Others
Increasing Consumer Demand to Promote Food and Beverage Sales Globally
The global market share of the food and beverage segment increased significantly in 2022. It is also expected to retain its dominance throughout the forecast period. The ongoing global population growth, which necessitates an increased supply of food products, can be attributed to the rising consumer demand for these products. Furthermore, consumers' hectic schedules, lack of time for meal preparation, and increased work-related obligations are driving demand for quick and easily accessible food alternatives.
Growing Inclination Towards Convenience Food to Propel Market Growth
Rising urbanization and consumer preference for convenience foods will benefit the global food ingredients market. Food and beverage companies are developing new and innovative food products to capture the attention of consumers. For example, in January 2020, Good Culture, the clean-label brand credited with modernizing cottage cheese, launched protein-rich Probiotic Smoothies as a convenient way for consumers to incorporate probiotics into their diet.
Furthermore, the availability of processed food has increased over time, influencing consumer eating habits. According to UNICEF, the data from 2019-2020 revealed that 42% of teenagers consumed carbonated sugary sodas at least once a day, while 46% of them consumed fast food at least once a week. The need for sweeteners by food manufacturing companies to sustain production and meet market demand is driven by the increased consumer demand for processed packaged foods.
Purchase This Comprehensive Research Report for Valuable Market Insights: https://www.extrapolate.com/complete-checkout-buy/87517
Changing Dietary Pattern in North America to Dominate Market Share
Over the projected period, North America is expected to have the greatest revenue share in the global market. The presence of key market players in the region's countries is expected to drive revenue growth. The number of food ingredients manufacturers and established e-commerce businesses in North America is growing, which is driving revenue growth region. Rising consumer awareness of the consumption of nutritious foods, as well as changing lifestyles, are expected to drive market growth.
For instance, baked goods, fresh fruits and vegetables, and prepared food are among the top export commodities to Canada, according to the United States Department of Agriculture (2022). Furthermore, Health Canada has currently authorized the use of 850 different food additives across the country, which drives their use in the food industry. Furthermore, the growing trend of veganism, particularly in North America, provides opportunities for food manufacturers. Even, market participants are forming strategic alliances with food manufacturers to supply various ingredients that can assist food companies in developing products that meet consumer demand.
Rising Demand for Natural Food Additives in Europe to Boost Growth
The European market is expected to exhibit a consistent CAGR during the projection period. Growing population and rapid urbanization are driving market growth in the region. Increased demand for processed foods that require additional flavors is expected to drive revenue growth in Europe's food ingredients market. The rising population demand for natural food additives and organic food and beverages is increasing the demand for organic and plant-based food ingredients. This is expected to drive revenue growth in the European food ingredients market.
For more information on the report, visit: https://www.extrapolate.com/food-beverage/food-ingredients-market/87517
Some Major Points from Table of Content
Chapter 1. Executive Summary
Chapter 2. Research Methodology
2.1. Research Approach
2.2. Scope, definition, and Assumptions
2.3. Data Source
2.3.1. Secondary Source
2.3.1.1. Preliminary data mining
2.3.2. Primary Source
2.3.2.1. Statistical Model
2.3.2.2. Data Triangulation
2.3.2.3. Research Objective
Chapter 3. Market Outlook
3.1. Introduction
3.2. Key trends
3.2.1. Increasing Awareness in Adults Regarding Health
3.3. Market drivers
3.3.1. Increasing Demand for Packed & Processed Food
3.4. Market restraints
3.4.1. Increasing Number of Substitute Products is Restraining the Market Growth
3.5. Market opportunities
3.5.1. Technological and Product-Based Innovations in the Ingredients Sector
3.6. Market Challenges
3.6.1. Stringent Government Regulation for Food and Beverages Sector
3.7. Porter’s Five Forces Analysis
3.7.1. Bargaining Power of Suppliers
3.7.2. Bargaining Power of Buyers
3.7.3. Threat of New Entrant
3.7.4. Threat of Substitutes
3.7.5. High Competitive Rivalry
3.8. Value chain analysis
Chapter 4. COVID-19 Impact on Food Ingredients Market
Chapter 5. Global Food Ingredients Market Overview, Form, 2018 - 2032 (USD Million)
Chapter 6. Global Food Ingredients Market Overview, By Application, 2018 - 2032 (USD Million)
Chapter 7. Global Food Ingredients Market Overview, By Geography, 2018 - 2032 (USD Million)
Chapter 8. North America Food Ingredients Market Overview, By Countries, 2018 - 2032 (USD Million)
...
Chapter 13. Competitive Landscape
Chapter 14. Key Vendor Analysis
Chapter 15. Sourcing Strategy and Downstream Buyers
Chapter 16. Marketing Strategy Analysis, Distributors/Traders
Chapter 17. Market Effect Factors Analysis
...TOC Continued
About Us:
Extrapolate is a Global Market Research, Advisory, and Consulting firm that works closely with Industry experts from various industries to bring the latest and most accurate research reports.
In an era of breakneck change and a low tolerance for missed or misread opportunities, businesses need astute guidance to shape markets - not merely respond to them. Extrapolate helps clients develop market perspectives that drive success.
Contact Us
Extrapolate
Phone: (+1) 888 328 2189
E-mail: talk@extrapolate.com
Website: https://www.extrapolate.com
Blog: https://www.extrapolate.com/blog
Follow Us: LinkedIn | Facebook | Twitter
