The global food ingredients market size is expected to reach USD 174.15 Billion in 2030 and register a revenue CAGR of 6.7% over the forecast period, according to latest report by Reports and Data. Rising consumer inclination towards healthy and nutritious diet and rapid implementation of advanced technologies, along with increasing innovations of new functional ingredients, are factors expected to drive market revenue growth during the forecast period.
Increasing consumer preference for vegan, vegetarian, and cruelty-free food ingredients is expected to boost growth of the global food ingredients market in near future. Currently, a large section of consumers are avoiding all animal products, which is leading to increasing demand for meat-free and dairy-free food ingredients. Additionally, increasing research initiatives to substitute animal food with plant-based and vegan food products to provide sustainability with natural ingredients and quality nutrition is another important factor expected to drive growth of the market 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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