Chicago, Sept. 06, 2022 (GLOBE NEWSWIRE) -- According to MarketsandMarkets™, The bulk food ingredients market size is estimated at USD 808.9 Billion in 2021; it is projected to grow at a CAGR of 4.5% to reach USD 1,008.1 Billion by 2026. Asia Pacific accounted for the largest share, during the forecast period, in terms of value. Key factors such as a large population, the growing demand for authentic flavors, and an increase in popularity of convenience foods are the key factors that are projected to drive the growth of the Asia Pacific bulk food ingredients market.
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The New York State Department of Agriculture and Markets Division of Food Safety and Inspection defines bulk food ingredients as “Bulk food means processed or unprocessed food in aggregate containers from which quantities desired by the consumer are withdrawn. For the purpose of this interpretation, the term does not include fresh fruits, fresh vegetables, salad bars, and potentially hazardous foods, except for raw, frozen, shell-on shrimp or lobster.”
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Development in the organized market in various countries especially emerging countries such as India, China, Thailand increased the demand of bulk food. The retail food industry has witnessed significant growth over the past few years globally. The growth in the Asian market is attributed to foreign direct investment, domestic conglomerates, and government investments. According to the India Brand Equity Foundation (IBEF), the Indian retail industry is one of the fastest growing in the world. The industry is projected to reach USD 1,200 billion in 2021 from USD 672 billion in 2017. The relationship between the retail, food processing, and logistics sectors has witnessed significant growth, which facilitates the easy availability of a wide range of products to rural towns.
The development of retail channels, such as supermarkets, hypermarkets, and convenience stores, has encouraged the growth of the bulk food ingredients market. These large food chains are the major outlets for bulk food products due to the increase in the trend of on-the-go consumption. With this, supermarkets are also able to capture their share in the bulk food ingredients market. This trend is projected to drive the growth of the bulk food ingredients market. In addition to this, fast-paced lifestyle and changing eating habits is also boosting the market of bulk foods globally.
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Asia Pacific is projected to be the fastest growing market.
The demand for bulk food ingredients is projected to increase in the Asia Pacific region due to key factors, such as the rise in disposable income and urbanization in countries such as China, India, and Japan. Furthermore, the rise in consumer awareness about the benefits of clean/natural label products in Asian countries is projected to offer growth opportunities to food & beverage manufacturers. However, high price volatility and unstable agricultural supply are the key factors that are projected to inhibit the market growth. In addition, improper infrastructural facilities, such as warehousing, act as a challenge for market players.
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