According to a recent report by Reports and Data, the projected size of the global market for food ingredients is estimated to reach USD 174.15 Billion by 2030, with a compound annual growth rate (CAGR) of 6.7% throughout the forecast period. The report highlights that the market's revenue growth will be driven by various factors, including the increasing consumer preference for healthy and nutritious diets, the rapid adoption of advanced technologies, and the continuous development of new functional ingredients.
The global food ingredients market is expected to experience a significant boost in the near future due to the growing consumer inclination towards vegan, vegetarian, and cruelty-free food ingredients. A considerable number of consumers are actively avoiding animal products, leading to a surge in demand for alternatives such as meat-free and dairy-free food ingredients. Moreover, research efforts aimed at replacing animal-based food products with plant-based and vegan alternatives to promote sustainability, natural ingredients, and high-quality nutrition are anticipated to be key drivers of market growth over the forecast period.
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Top Companies Operating in the Global Food Ingredients Market Report:
Cargill, Incorporated, Gelita AG, International Flavors Fragrances, Inc., Symrise AG, Givaudan, Kerry Group, Archer Daniels Midland Company, Hermes Sweeteners Ltd., Corbion N.V., and Tate Lyle Plc.
Some Key Highlights in the Report
- In February 2021, International Flavor Fragrances, a U.S.-based company, merged with DuPont’s Nutrition and Biosciences. The combined company will operate under International Flavor Fragrances with the aim to provide solutions for their food products, ingredients, and experiences.
- Functional ingredients segment accounted for a significantly large revenue share in 2020. Increasing use of bioactive compounds in food products to provide health benefits and rising adoption of lactose and gluten-free food products with beneficial nutrients are driving growth of the segment.
- Functional foods segment revenue is expected to grow at a significantly high rate during the forecast period. Increasing demand for functional food among consumers, owing to its high nutrition that helps to prevent nutritional deficiencies and ensure healthy growth and development, is expected to boost growth of this segment.
- North America food ingredients market is expected to account for largest revenue share in the global market over the forecast period. Rising numbers of food ingredient manufacturers in the region and increasing consumer awareness about the benefits of consuming nutritious food are expected to drive North America food ingredients market revenue growth.
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The global Food Ingredients market is segmented into:
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Further market segmentation
Ingredient Type Outlook (Revenue, USD Billion; 2018-2030)
- Vegetable Oils fats
- Natural Sweeteners
- Natural Flavorings colors
- Enzymes Antioxidants
- Functional Ingredients
- Others
Application Outlook (Revenue, USD Billion; 2018-2030)
- Chocolates Confectionery
- Bakery
- Frozen Foods
- Functional Foods
- Others
Benefit Outlook (Revenue, USD Billion; 2018-2030)
- Immunity
- Weight Management
- Bone Gut Health
- Cardiovascular Health
- Others
Key Questions Addressed in the Report:
- What are the dominating factors that are influencing the growth of the industry?
- In the forecast period, which market segment is expected to rise the most?
- What are the risks and challenges that the industry is facing?
- In the coming years, which area is projected to dominate the market?
- Who are the major players in the market? What kind of strategic business plans have they made?
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