Rockville, MD, July 23, 2024 (GLOBE NEWSWIRE) -- Based on a newly published research report by Fact.MR, the global food ingredient market size is estimated at $35.15 billion in 2024 and projected to grow at a CAGR of 4.9%, to reach $56.79 billion from 2024 to 2034.
Demand for food ingredients is rising at a rate never seen before due to changing consumer tastes, advancing technology, and growing uses in a range of sectors. The market for food ingredients is expanding to accommodate consumers' shifting demands as they grow more experimental and health-conscious in their eating habits. Natural and clean label components are in increased demand, as customers are gravitating toward goods devoid of artificial chemicals. The use of plant-based components in creative meat and dairy substitutes as well as traditional culinary items is growing in popularity.
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Functional ingredients are making their way into a wide range of goods, from snacks to beverages, since they provide health advantages beyond basic nutrition. The need for specific ingredients is being further fueled by the growth of personalized nutrition. Furthermore, food ingredients are used in industries other than food manufacturing. Food-derived components are finding their way into cosmetics, medications, and even industrial uses, which is growing the industry. As food technology progresses and globalization opens up new markets for a variety of tastes, the food ingredient business keeps innovating and looks forward to exciting advancements and continuous growth.
Key Takeaways from the Market Study
- The global food ingredient market is forecasted to reach a value of US$ 56.79 billion by the end of 2034.
- The North American market is analyzed to reach US$ 12.04 billion by the end of 2034.
- Revenue from the United States market is forecasted to increase to US$ 8.8 billion by 2034-end.
- China is projected to hold a share of 70% in the East Asia market by 2034.
- Among the different end uses, the dairy products and frozen food segment is estimated to reach a size of US$ 7.07 billion in 2024.
“Increasing consumption of bakery goods, fast food, and desserts driving high demand for food enzymes, flavors, and colors. Increased convenience food consumption will drive market growth going ahead,” says a Fact.MR analyst.
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Rising Popularity of Bioactive Compounds
New tastes and proteins are being produced using precision fermentation, catering to the growing demand for sustainable and plant-based diets. Technological developments in microencapsulation are improving the sensory experience and nutritional value of food by facilitating improved nutrient delivery and flavor release. Because of their sustainability profile and health advantages, bioactive compounds made from fungus and algae are becoming more popular.
To predict customer preferences and create novel taste combinations, artificial intelligence is being used. This will result in more successful product launches. In the meanwhile, advances in "clean label" technology are yielding natural colors and preservatives to satisfy customer demand for foods devoid of additives.
Tailored ingredient mixes are being developed with personalized nutrition in mind, while environmental issues are being addressed through the use of repurposed components. Sales in the food ingredient industry are rising dramatically as a result of these developments, which are also creating new market opportunities and satisfying changing customer expectations.
Key Market Players
List of the prominent players in the global market are Cargill, Incorporated; Archer Daniels Midland Company (ADM); DuPont de Nemours, Inc.; Kerry Group; Ingredion Incorporated; Tate & Lyle PLC; Chr. Hansen Holding A/S; FMC Corporation; Naturex (Givaudan); Sensient Technologies Corporation; Corbion NV; DSM Nutritional Products; BASF SE; Associated British Foods plc (ABF); Ajinomoto Co., Inc.
Food Ingredient Industry News
- In 2022, Tate & Lyle entered into a strategic distribution partnership with a prominent erythritol supplier to introduce Erytesse, a new sweetener. This acquisition enhances Tate & Lyle's ability to assist clients in meeting the increasing consumer demand for products that are lower in calories, sugar, and fat.
- In 2022, Royal DSM reached an agreement with First Choice Ingredients, a renowned provider of savory flavorings derived from dairy, for a total enterprise value of US$ 453 million. First Choice Ingredients specializes in enhancing taste and functionality in various food industry applications through its savory dairy-based and fermented dairy products.
Checkout More Related Studies Published by Fact.MR Research:
Global natural food color market is expected to reach $4.1 billion, with a CAGR of 7.4% from 2023 to 2033
Plant protein ingredient market is projected to increase at a CAGR of 7.4% to reach a market value of $28.97 Bn by 2034
Global plant-based protein supplement market to grow at a CAGR of 5.7% to reach $1.96 Bn by 2034
The global baking ingredient market is forecast to expand at a 6.5% CAGR and reach a value of US$ 41.48 billion by the end of 2034
Functional dairy ingredients market is anticipated to surge to a market valuation of $417.16 billion by the end of 2032
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the food ingredient market for 2019 to 2023 and forecast statistics for 2024 to 2034.
The study divulges essential insights into the market based on type (food hydrocolloids, microbial source, seaweed source, synthetic source, food enzymes, food flavors, food colors), end use (dairy products & frozen food, bakeries & confectioneries, sauces, dressings, & condiments, beverages, snacks & savory, meat & poultry products, pet food), and function (thickeners, stabilizers, gelling agents, leavening agents, pH control agents, flavoring & coloring agents, emulsifiers), across seven major regions of the world (North America, Western Europe, Eastern Europe, East Asia, Latin America, South Asia & Pacific, and MEA).
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Fact.MR is a distinguished market research company renowned for its comprehensive market reports and invaluable business insights. As a prominent player in business intelligence, we deliver deep analysis, uncovering market trends, growth paths, and competitive landscapes. Renowned for its commitment to accuracy and reliability, we empower businesses with crucial data and strategic recommendations, facilitating informed decision-making and enhancing market positioning. With its unwavering dedication to providing reliable market intelligence, FACT.MR continues to assist companies in navigating dynamic market challenges with confidence and achieving long-term success. With a global presence and a team of experienced analysts, FACT.MR ensures its clients receive actionable insights to capitalize on emerging opportunities and stay ahead in the competitive landscape.
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