The global food processing ingredients market, valued at USD 45.4 billion in 2021, is expected to witness substantial growth at a CAGR of 4.7 percent during the forecast period. This thriving market is being shaped by several key factors, including a rising number of athletes and health-conscious individuals, a shifting preference toward healthier products, and a growing demand for superior quality processed foods.
Health and Wellness Trends Drive Market Expansion
One of the primary drivers of growth in the food processing ingredients market is the increasing emphasis on health and wellness. Consumers worldwide are gravitating towards organic, plant-based, and clean-label products, leading to a surge in demand for food processing ingredients. Organic food production is gaining popularity due to its eco-friendly cultivation practices, and consumers are willing to pay a premium for these products to support healthier eating habits.
Innovation and Quality Assurance
Innovation plays a pivotal role in the food processing industry as companies strive to reduce costs, meet customer demands for healthier and convenient foods, and offer premium products processed with high-quality food processing ingredients. Manufacturers are upgrading their product offerings to cater to the evolving preferences of consumers. Furthermore, mergers and acquisitions are becoming common strategies to meet the industrys demands for food processing ingredients.
Challenges and Considerations
While the food processing ingredients market is on an upward trajectory, it faces challenges related to raw material price volatility, substitute availability, and potential health concerns associated with overconsumption of processed foods. Environmental and climatic factors, resource scarcity, and regulatory changes also pose threats to the industrys stability.
COVID-19 Impact
The COVID-19 pandemic has had a significant impact on the food processing ingredients market. Health-conscious consumers have shifted away from conventional foods, driving increased sales and demand for healthier processed food products. The pandemic has highlighted the importance of building immunity through nutrition, further boosting the market.
Segment Highlights
- Bakery and Confectionery Dominates: Among application categories, bakery and confectionery hold the largest share in the food processing ingredient market. Manufacturers are investing in high-quality ingredients to meet the demand for premium baked goods and confectionery products.
- Growing Demand for Processed Food: Dry food processing ingredients lead the market due to their stability and convenience in food processing, with minimal heat degradation.
Regional Insights
- Europe: Europe is the largest revenue contributor to the global food processing ingredients market. The well-established food industry, high consumption of bakery and confectionery products, and widespread use of alcoholic beverages drive market growth in the region.
- Asia Pacific: The Asia Pacific market is growing rapidly, fueled by increasing disposable incomes, a shift towards Western cuisines and packaged meals, and a rising demand for healthy alternatives. The expansion of retail food chains and the popularity of dining out also contribute to market growth.
Competitive Landscape
Key players in the food processing ingredients market include E. I. Du Pont De Nemours and Company, Arla Foods amba, Kerry Group, Corbion N.V., Archer Daniels Midland Company, BASF SE, Dairy Crest Group PLC, Tate & Lyle Public Limited Company, Cargill, Inc., Excellent Health Products Co., Ltd (EHP), Global Specialty Ingredients (M) Sdn. Bhd., Excellent Health Products Co., Ltd (EHP), Koninklijke DSM N.V., among others.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/food-processing-ingredients-market
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COMTEX_442704092/2840/2023-10-31T00:30:51
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