As per a recent market survey by ESOMAR-certified consulting firm Future Market Insights (FMI), the global bulk food ingredients market reached US$ 771.6 Bn in 2021. Increasing demand for instant foods and ready meals is anticipated to propel sales, enabling expansion at a healthy 5.20% CAGR.
According to the study, bulk food ingredients market bore ominous losses in 2020 due to lockdown restrictions imposed to control the COVID-19 outbreak. However, sales are anticipated to recover at a steady pace, with a 4.90% year-over-year growth projection for 2020-2021.
Increasing urbanization in emerging economies is creating room for innovation in the packaged food industry. This factor is encouraging food producers to launch new products aligned with fluctuating consumers’ preferences, thereby spurring demand for high-quality bulk food ingredients.
In addition, growing consumers’ preference towards plant-based ingredients and cleaner labels is shaping the demand outlook for high-quality bulk food ingredients. Emergence of diet concepts such as vegan, keto and glutton-free will further spur demand for superior processed food products. In response to this, demand for high-quality bulk food ingredients is anticipated to rise during the assessment period.
Besides this, high consumption of ready meals due to hectic schedules and increasing per capita expenditure are urging brands to expand production operations to meet the growing consumers’ demand, which in turn is augmenting the bulk food ingredients market growth.
“Convenience and longer shelf life associated with packaged food are propelling sales in the market. Apart from this, sales of bulk food ingredients through online channels, along with demand for gourmet and ready-to-eat meals will continue augmenting market growth,” says the FMI analyst.
- Based on product type, processed herbs & spices will account for maximum revenue during the forecast period.
- Applications of bulk food ingredients in ready meals will continue gaining traction.
- The U.S. is anticipated to witness high demand for bulk food ingredients, owing to the presence of key stakeholders in the country.
- Growth prospects in the U.K. are projected to be positive, due to high preference for gourmet sauces and condiments.
- China is projected to emerge as a lucrative market with increasing sales of instant global foods.
- Demand for bulk food ingredients in India is expected to witness an uptick, owing to increasing adoption of ready to eat meals.
- Japan and South Korea will account for 6.2% and 4.8% of the total market share respectively.
DuPont, Archer Daniels Midland Company, Cargill Foods Inc., Tate & Lyle PLC, Associated British Foods plc, Olam International, Ingredion Incorporated, EHL Ingredients, Wilmar International, Suntory, Koninklijke DSM N.V., Symrise AG, Kerry Group Plc, Bunge Limited, Ajinomoto, George Weston, Sysco Corporation, Conagra Brands and Kirin Holdings and CHS Ltd. are among the leading players operating in the bulk food ingredients market.
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As a part of their growth strategies, key stakeholders in the bulk food ingredients market are enhancing their product portfolios to improve sales. Besides this, mergers, acquisitions, and production facility expansions will gain high significance during the forecast period. For instance:
- In April 2021, Olam Food ingredients acquired Olde Thompson, a private label manufacturer of dry spices and seasonings, from private equity firm Kainos Capital for US$ 950 Mn. The acquisition marked a 15-yearlong partnership with Olde Thompson to supply premium retail spice solutions to major US retailers.
- In July 2021, Ingredion, Inc., unveiled a new textured protein at the Institute of Food Technologists’ FIRST virtual conference. The company added VITESSENSE TEX Crumbles 102 protein to its wide range of plant-based solution for the United States and Canada.
More Insights into the Bulk Food Ingredients Market Report
In its latest report, FMI offers an unbiased analysis of the global bulk food ingredients market, providing historical data for the period of 2016-2020 and forecast statistics for the period of 2021-2031. In order to understand the global market potential, its growth, and scope, the market is segmented on the basis of product type (vegetable oil, sea salt, sugar & sweeteners, tea, coffee & cocoa, flours, processed grains, pulses & cereals, dried foods & processed nuts, processed herbs & spices), application type (bakery & confectionary, beverages, meat & poultry, sea food, ready meals, dairy products, snacks & savory, sauces & dressings and condiments and frozen foods) and across seven regions (North America, Latin America, Eastern Europe, Western Europe, Asia Pacific excluding Japan (APEJ), Japan, and Middle East & Africa).
About Food Market Division at FMI
Expert analysis, actionable insights, and strategic recommendations – the food & beverage team at Future Market Insights helps clients from across the globe with their unique business intelligence needs. With a repertoire of over 1,000 reports and 1 million+ data points, the team has analysed the food & beverage industry lucidly in 50+ countries for over a decade. The team provides end-to-end research and consulting services; reach out to explore how we can help.