Bulk Food Ingredients Market by Primary Processed Type, Secondary Processed Type, Application (Food, Beverages), Distribution Channel (Direct From Manufacturers, Distributors), and Region - Global Forecast to 2026
Northbrook, IL -- (SBWIRE) -- 09/14/2021 -- The bulk food ingredients market is estimated at USD 808.9 billion in 2021 and is projected to grow at a CAGR of 4.5% to reach USD 1,008.1 billion by 2026. The increase in growth of packaged food & beverage industry, rise in end-use applications, the environmental and economic benefits such as low packaging cost, have led to an increase in demand for processed products, and subsequently to the growth of the market.
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Drivers: Rapid growth in the packaged food & beverage industry
The convenience food sector is driven by the changing lifestyle and preferences of consumers. The increase in urbanization, disposable income, and improved lifestyles encouraged the growth of the packaged food market globally. Packaged food products are no longer preserved in developed regions. The increase in hectic lifestyles among consumers leads to less cooking time from scratch. Packaged food products that can be consumed on the go are a major trend that companies are capitalizing on by identifying the needs and tastes of consumers in different regions. Key players in the global packaged food market are now gaining nearly as much revenue from developing economies as they are from developed ones. Recently, according to the survey conducted by the Associated Chambers of Commerce and Industry of India (ASSOCHAM), due to the steep rise in the prices of vegetables, people are turning to 'quick-fix solutions' by purchasing packaged food products. The sales of these products had risen to 20%–25% in November 2019
Restraints: Improper storage management and infrastructure
The challenges faced by the bulk food ingredients processors/wholesalers require them to maximize the available space, manage different storage temperatures, and respond to a high turnover of stock while maintaining hygiene levels and product traceability. The Food and Agricultural Organization (FAO) reported that nearly one-third of all produced foods (1.6 billion tons of edible food) is lost every year across the supply chain, the monetary value of which is nearly USD 936 billion. In developing countries, food products are lost mainly in post-harvest and processing, i.e., by poor practices, technical and technological limitations, labor and financial restrictions, and the lack of proper infrastructure for transportation and storage. The amount of Food Waste in industrialized countries is nearly 222 million tons, which is nearly equal to the total net production in Sub-Saharan African (SSA) countries (230 million tons). In addition, when waste food is thrown into landfills, a substantial portion is converted into greenhouse gas and methane, which has a global warming potential of 25 times higher than carbon dioxide.
Opportunities: Untapped markets in emerging economies
The demand for the usage of food ingredients is projected to grow at a moderate rate in established countries, such as Japan and Germany, due to the increase in aging population, while the exponential growth is projected to be witnessed in new and emerging markets of other Asia Pacific countries, due to the rise in population and demand for food products. In addition, Asia provides cost advantages in terms of production and processing. The demand for food ingredients is projected to remain high in developed markets, such as North America and Europe. Developing countries, such as China and India, are projected to witness a surge in demand for food ingredients in the coming years
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Key players in this market include Tate & Lyle PLC (UK), Archer Daniels Midland Company (US), DuPont (US), Olam International (Singapore), Cargill, Incorporated (US), Ingredion Incorporated (US), Associated British Foods plc (UK), EHL Ingredients (UK), DMH Ingredients, Inc. (US), and Community Foods Limited (UK). Some of the other players include McCormick & Company, Inc. (US), The Source Bulk Foods (Australia), Essex Food Ingredients (US), The Green Labs LLC (US), Ingredients Inc. (US), GCL Food Ingredients (UK), Pure Ingredients (Dublin), and Organic Partners International, LLC (US).
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