The bulk food ingredients market is estimated to secure a valuation of USD 736.90 billion in 2023 and is predicted to reach USD 1,071.8 billion by 2033. The market is estimated to register a CAGR of 3.9% between 2023 and 2033.
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Which Factors are Driving the Global Market?
The market is driven by various essential factors, including:
- Rising Demand for Convenience and Processed Foods: The demand for convenience and processed foods is rapidly growing due to urbanization, busy work schedules, and changing lifestyles—these food ingredients, including oils, sugar, flour, species, and other additives.
- Rising Population:The rapidly growing urban population is increasing the demand for bulk food ingredients. People are migrating from one city to another, growing modern lifestyles, and changing disposable income are increasing the demand for processed and packed foods.
- Expanding Food & Beverage Sector: Changing dietary supplements, urbanization, growing consumer awareness, and focus on nutritious food ingredients are driving the global market. The food & beverages sector is growing for preserving, flavouring, and enhancing the quality of food items.
- Cost-effectiveness:The demand for bulk food ingredients is surging due to cost-effectiveness. Manufacturers offer these ingredients in large quantities with reduced costs. The manufacturers encourage consumers by adding profit to drive the global market.
- Focus on Organic Products: Consumers are more concerned about sustainable products to maintain the original quality of food ingredients. They prefer organic products without any toxicity and free from preservatives—bulk food ingredients such as seeds, grains, and nuts.
- Growing International Trade: A wide range of food ingredients is supplied across regions. The growing distribution channels and excellent import-export services allow manufacturers to access high-quality bulk food ingredients internationally. Through these, the manufacturers collect huge revenue are fueling the global market.
Key Takeaways:
- The bulk food ingredients market is estimated to secure a valuation of US$ 1,071.8 billion with a CAGR of 3.9% by 2033.
- In the historical period, the market captured a valuation of US$ 708.56 billion in 2022.
- The United States is estimated to dominate the global market by capturing a share of 24.9% of the global market by 2033.
- Japan is securing a share of 0.8% in the global market during the forecast period.
- With a share of 10.4%, Germany is capturing a significant revenue in the global market during the forecast period.
Key Players Bring Lucrative Opportunities in the Global Market
The market is highly competitive with the present number of prominent players. These players play a vital role by investing vast amounts in research and development activities to develop innovative products. They are developing customized, improved, high-quality products to meet consumers’ requirements.
The key players are to provide cost-effective, sustainable, and organic products by focusing on consumer awareness. These players are adopting various marketing tactics to upsurge the global market: collaborations, mergers, acquisitions, and product launches. Key players connect with their relevant consumers by promoting their products online and on online platforms.
Other Prominent Players in the Global Market are: 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, Kirin Holdings, CHS Ltd.
Recent Developments in the Bulk Food Ingredients Market:
In 2021, Olam Food Ingredients announced its acquisition of Olde Thompson. This acquisition expanded the company’s portfolio by offering natural and sustainable food & beverage ingredients.
In July 2021, Tate & Lyle PLC launches a new sustainability program to promote stevia production in China, attempting to minimize environmental impact and gain better economic value from the production of the plant-derived sweetener. Through this program, farmers in Dongtai, East China, are estimated to be trained to modernize farming practices and achieve sustainable growth of stevia.
In June 2020, Associated British Ports (ABP) unveiled its plans to invest US$ 11 Million to build new port facilities for Frontier Agriculture in the Post of Hull. Under the 12-year deal, ABP plans to commission a new 6,455 square meter capacity warehouse in Frontier to store agricultural products, particularly grains, for the production of bulk food ingredients.
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Bulk Food Ingredients Market by Category
By Product Type:
- Vegetable Oil
- Sea Salt
- Sugar & Sweeteners
- Tea, Coffee & Cocoa
- Flours
- Processed Grains, Pulses & Cereals
- Dried Fruits & Processed Nuts
- Processed Herbs & Spices
By Application Type:
- Bakery & Confectionery
- Beverages
- Meat & Poultry
- Sea Food
- Ready Meals
- Dairy Products
- Snacks & Savory
- Sauces & Dressings and Condiments
- Frozen Foods
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa
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