Food Processing Ingredients Market - Forecast(2023 - 2028)

Overview

The Food Processing Ingredients Market is estimated to reach $52.65 billion by 2024, growing at a CAGR of 8.0% during the forecast period 2019-2024. The growth of the food processing ingredients market is attributed to the increasing demand for processed foods and growing focus towards organic food and clean label food products. Further, increasing demand for branded and food products and rising disposable incomes are also helping in the growth of the food processing ingredients market.

Key Takeaways

• Detailed analysis on the Strength, Weakness and opportunities of the prominent players operating in the food processing ingredients market will be provided in the report.
• Key sustainability strategies such as acquisitions or partnerships are being adopted by the market players to ensure the growth of food processing ingredients market. Further, detailed analysis is provided in report.
• It is evaluated that Asia Pacific is showing highest potential to become an evolving market for food processing ingredients as food companies are slowing entering the market and disposable incomes is increasing and will record the fastest CAGR over the forecast period. Additional drivers, trends, and opportunities related to APAC region is provided in the report.

 Type - Segment Analysis

On the basis of type, the modified starch & starch derivatives is dominating the market and is estimated to grow at a CAGR of 5.6% during the forecast period from 2019-2024. The demand for these products is mainly due to its usage in cream fillings, canned products, sauces and soup mixes. These products are usually used as thickeners and stabilizers in many food products. The abundant availability of raw materials such as corn and wheat have been helping in the market growth for this segment. The yeast segment is estimated to grow at the highest rate in food processing ingredients market owing to increase in consumer demand for newer tastes of wine and technological advancements for innovations in the wine market which has been propelling the importance of yeast in food processing ingredients; this, in turn, is driving the market for food processing ingredients.

Form - Segment Analysis

Dry Food Processing Ingredients is dominating the market. The market for dry food processing ingredients is estimated to grow at a CAGR of 4.8% during the forecast period from 2019-2024. The market for dry food processing ingredients is increasing because dry food processing products are commonly used on the market due to their improved stabilization and ease of handling in food processing methods. There is also minimal thermal damage to dry handling components.

Geography - Segment Analysis

The North America region held the largest market share of the food processing ingredients market. The busy lifestyles of consumers in the region are driving the high demand for ready-to-eat and processed food items. The food industry in countries like the U.S. and Canada is expected to aid the growth of this industry. The shift in consumer preference towards natural food processing ingredient products is expected to provide opportunities for growth in the food processing ingredient market.

 However, Asia – Pacific (APAC) region is estimated to grow at a higher CAGR owing to the rising population and increasing disposable incomes. Rising standard of living and health benefits of food processing ingredients is expected to fuel the growth of food processing ingredient market.

Drivers – Food Processing Ingredients Market

·         Increasing demand for Processed Food:

The market for processed food products has been driven by a change in consumer behavior towards food safety. Consumers are becoming active with regard to the method of sourcing and producing the meals they consume. Thus to suffice the quality and safety standards expected by the consumers, the companies are developing certified food processing ingredients. 

·         Rise in Disposable income and Change in Lifestyle :

With increasing global population and rising income levels across emerging markets, the demand for convenience food and other resources is growing at a higher level. Organic food products are gaining traction among the consumers, owing to environment friendly cultivation of organic food without the use of pesticides. The food ingredient manufacturers are seeking advantages of the increasing consumer demand for healthier food and beverages and are attaching nutritional values to the food products that are attracting the consumers and helping in the market growth.

Challenges – Food Processing Ingredients Market

·         Increasing Government Regulation on Food Manufacturers

The major restrictions to the growth of the food processing ingredients market are increased regulations on the manufacturing and usage of food processing ingredients and the variable fraud-related to food acts.

Market Landscape

Product Launches, acquisitions and partnerships are some of the major strategies adopted by key players in the Food Processing Ingredients Market. The Food Processing Ingredients top 10 companies in the market are Kerry Group, Cargill Inc., Corbion Purac, Stevia First Corporation, Hermes Sweeteners Ltd, Tate & Lyle Plc, Archer Daniels Midland, Riken Vitamin, Palsgaard and Dupont- Danisco among others.

Food Processing Ingredients Market Research Scope:

The base year of the study is 2018, with forecast done up to 2024. The study presents a thorough analysis of the competitive landscape, market size, and market shares of the leading companies. These provide the key market participants with the necessary business intelligence and help them understand the future of the food processing ingredients market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include the types of food processing ingredients that are in most in demand and its application which is propelling the growth of market.