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Food Ingredients Global Market Report 2023
Major players in the food ingredients market are Kerry Group, Cargill Inc., Archer Daniels Midland, Stevia First Corporation, Hermes Sweeteners Ltd., Riken Vitamin, Koninklijke DSM N.V, Palsgaard, Danisco, Angel Yeast Co.
New York, March 15, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Food Ingredients Global Market Report 2023" - https://www.reportlinker.com/p06284586/?utm_source=GNW
Ltd., Aral Foods amber, Bunge Limited, Glanbia PLC., Ingredion Incorporated, and Corbion Purac.
The global food ingredients market grew from $47.24 billion in 2022 to $51.92 billion in 2023 at a compound annual growth rate (CAGR) of 9.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The food ingredients market is expected to grow to $74.78 billion in 2027 at a CAGR of 9.6%.
The food ingredients market consists of sales of starches, vegetable oils and fats, natural sweeteners, enzymes and antioxidants, natural flavorings and colors, functional ingredients, and other food ingredients.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Food ingredients are substances that are applied to foods to food to improve taste, texture, and appearance and achieve specific technical or functional goals during production, storage, or packaging. Food ingredients are used to improve safety and freshness and maintain the nutritional value of the food.
North America was the largest region in the food ingredients market in 2022.Europe was the second-largest market in the food ingredients market.
The regions covered in food ingredients report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The main types of products in food ingredients are starches, vegetable oils and fats, natural sweeteners, enzymes and antioxidants, natural flavorings and colors, functional ingredients, and others.Starches are used as an additive for food processing and are typically used as thickeners and stabilizers in puddings, custard, soups, sauces, gravies, pie fillings, salad dressing, noodles, meat products, and many more.
The different functional types include sweeteners, emulsifiers, flavors, and color additives, preservatives, fat replacers, nutrients, stabilizers, thickeners, binders, and texturizers, pH control agents & acidulants, others and are used in pharmaceuticals, food & beverages, animal feed, others.
The increase in the awareness of fitness among people and the growing number of health-conscious consumers are expected to drive the market for food ingredients during the forecast period.Consumers are incorporating bioactive food ingredients such as omega-3 fatty acids, antioxidants, probiotics, soy protein, and beta-carotene into their meals to maintain good health.
According to International Food Information Council’s (IFIC) 2020 Food and Health Survey, 8 out of 10 American consumers have changed their eating or food preparation habits as a result of COVID-19. Furthermore, according to the 2021 survey by Moneydasher, in the USA and Europe, health-conscious shoppers cover 25-30% of all supermarket buyers.
The introduction to technologically advanced solutions is an emerging trend in the food ingredients market.Major food ingredients firms are concentrating on developing innovative solutions for food ingredients to provide global food industries with next-generation alternative proteins and other ingredients.
For instance, in August 2022, Kalsec, a US-based food ingredient company partnered with Infinome Biosciences, a US-based bioengineering company, to use a precision fermentation technique to develop microbial-based food ingredients.
In June 2021, Kerry Group, an Ireland-based food company offering food and beverage ingredients acquired Niacet for $1,011.80 million (€853 million). Through this acquisition, Kerry integrated Niacet into its global food protection and preservation platform, enhancing its food protection, food ingredient, and preservation strategy to offer new products and technologies in a broader market. Niacet is a US-based company that offers food ingredients.
The countries covered in the food ingredients market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The food ingredients market research report is one of a series of new reports that provides food ingredients market statistics, including food ingredients industry global market size, regional shares, competitors with a food ingredients market share, detailed food ingredients market segments, market trends and opportunities, and any further data you may need to thrive in the food ingredients industry. This food ingredients market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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