Food Processing Ingredients Market Witness the Growth of $55.99 Billion by 2023

Posted on 2021-07-22 by MarketsandMarkets in Food & Beverage // 0 Comments

Chicago, 2021-Jul-22 — /EPR Network/ —

The food processing ingredients market is estimated to be valued at USD 41.40 Billion in 2018 and is projected to reach USD 55.99 Billion by 2023, at a CAGR of 6.2%. The market is driven by the rapid growth in demand for processed food, additional health benefits of food processing ingredients, and positive growth trend in alcoholic beverage consumption.

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Key players in the food processing ingredients market include Cargill (US), ADM (US), DuPont (US), Ingredion (US), Tate & Lyle (UK), DSM N.V. (Netherlands), CHR. Hansen (Denmark). Ashland (US), KB Ingredients, LLC (US), and Kemin (US) are other players that hold a significant share in the food processing ingredients market.

The market, by form, has been segmented into dry and liquid. The dry segment is estimated to dominate the market in 2018 and is projected to grow at a comparatively lower CAGR by 2023. This can be attributed to the better stability provided by dry food processing ingredients and ease of their handling. There is also minimal thermal damage of ingredients in their dry forms, making it the more preferred form of food processing ingredient.

The market, by source, has been segmented into natural and synthetic. The market was dominated by the natural food processing ingredients segment in 2018. Increase in consumer preferences for healthy and natural food processing ingredients is expected to be favoring the growth for the market. Consumption patterns in urban areas, influenced by busy lifestyles, represent the enhanced need for food products with health benefits, which are propelling the growth of the natural food processing ingredients market.

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The Asia Pacific market is projected to grow at the highest CAGR from 2018 to 2023. Improved lifestyles and changed consumer perceptions have resulted in a rise in the demand for prepared, convenience, and processed foods in the region. A significant demand for better food quality has also led to improvements in processing and handling units, which has ensured market growth in the region.

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