Albany, USA, 2017-Nov-14 — /EPR Network/ —
Food ingredients are additives for performing various functions in food, such as maintaining or improving freshness & safety, nutritional value, taste, texture and appearance. Various types of food ingredients include starches, vegetable oils & fats, natural sweeteners, enzymes & antioxidants, natural flavorings & colors, and functional ingredients.
Growing Demand for Ready-to-Eat Foods & Convenience Foods
Globalization is making the world a smaller place to thrive in, with increasing trade activities across various sectors, which does not exclude the food & beverage industry. This has resulted into a rampant rise in export & import of food ingredients globally, for maintaining the quality and enhancing the shelf-life of food products. Rapid urbanisation, and soaring population density with their increasing purchasing power has led towards rapid adoption of convenience food, thereby leading towards demand for various food ingredients. With the rise in food borne diseases, the consumers are becoming more health conscious and demanding for natural food ingredients. The number of women workforce has witnessed a tremendous surge over the past decade, which in turn has propelled demand for ready-to-eat foods.
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Leading manufacturers in the global food ingredients market are focusing on new product development. However, stringent government regulations, coupled with the time consuming process of approval prior to the commercial launch of products are pressurizing manufacturers in obtaining approvals before distribution process.
In its recent research report, Persistence Market Research (PMR) has projected the global food ingredients market to register an impressive expansion throughout the forecast period, 2017 to 2022. The global food ingredients market is estimated to exceed US$ 400,000 Mn in revenues by 2022-end.
Global Food Ingredients Market to Register Fastest Expansion in North America
The food ingredients market is projected to exhibit the fastest expansion in North America, followed Asia-Pacific excluding Japan (APEJ), through 2022. Growth of the food ingredients market in Japan will remain steady through 2022. The market in Japan will exceed US$ 13,500 Mn in revenues by 2022-end. The market in Europe will register a lower CAGR than that in Japan, however it will account for comparatively larger revenues by 2022-end. Middle East and Africa (MEA) will register a relatively slower expansion in the global food ingredients market through 2022.
In terms of revenues, starches will continue to dominate the global food ingredients market, based on product type. However, sales of functional ingredients, enzymes & antioxidants, and natural flavorings & colors are projected to register a relatively faster expansion in the market through 2022. Vegetable oils & fats will also remain a lucrative product segment in the global food ingredients market, with sales estimated to exceed US$ 100,000 Mn in revenues by 2022-end.
Sales of Food Ingredients in Functional Foods to Register Highest CAGR through 2022
On the basis of application, although sales of food ingredients in functional foods will account for the smallest revenue share of the market, their sales are projected to register the highest CAGR through 2022. In contrast, sales of food ingredients in frozen foods will exhibit the lowest CAGR in the market through 2022. In addition, sales of food ingredients in ready-to-eat foods and meat will reflect nearly similar CAGRs through 2022. However, revenues from ready-to-eat foods segment will remain comparatively higher than that of meat during the forecast period.
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Based on function, stabilizers, thickeners, binders, & texturizers, and emulsifiers segments are projected to exhibit similar CAGRs through 2022. Nutrients are anticipated to emerge as the fastest expanding function of food ingredients over the forecast period. This growth of nutrients is mainly because of increasing demand for nutrient-rich food products from health-conscious consumers across the globe. Although sweeteners will account for the largest market revenue share, sales of food ingredients in nutrients will witness a sluggish expansion through 2022.
Persistence Market Research (PMR) has included key players contributing to the market expansion, which include AngelYeast Co., Ltd., Archer Daniels Midland Company, Arla Foods amba, Associated Milk Producers, Inc., Bunge Limited, Cargill, Inc., Fonterra Co-operative Group Limited, Givaudan SA, Glanbia Plc, Ingredion Incorporated, Kerry Group Plc, and Koninklijke DSM N.V.
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