The bulk food ingredients market is expected to be valued at US$ 736.90 billion in 2023 and to reach US$ 1,071.8 billion by 2033. During the forecast period, the market is expected to grow at a CAGR of 3.9%.
The Bulk Food Ingredients market is expanding rapidly as the food sector adopts more cost-effective and efficient sourcing practises. Bulk food components provide practical solutions for reducing waste and guaranteeing reliable supply chains. The global demand for processed foods and convenience items is driving the market’s rise.
As a result of increased urbanisation in emerging economies, the packaged food industry sees chances for innovation. This reason is prompting food makers to release new products that meet changing consumer expectations, which is increasing demand for premium bulk food components.
Customers’ growing preference for plant-based ingredients and cleaner labelling are also influencing demand for premium bulk food components. Veganism, keto, and glutton-free diets will drive up demand for luxury processed goods. As a result, during the review phase, demand for premium bulk food components is projected to increase.
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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.
Processed herbs and spices will generate the most revenue throughout the projection period, according to product type. The use of bulk food items in prepared meals will keep gaining popularity. Due to the existence of important stakeholders, there will likely be a significant demand for bulk food ingredients in the United States. The high desire for upscale sauces and condiments in the U.K. is expected to boost growth opportunities. With rising sales of quick global cuisines, China is predicted to become a lucrative industry. The rising popularity of ready-to-eat meals is predicted to increase demand for bulk food ingredients in India. The market share for Japan and South Korea will be 6.2% and 4.8%, 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.
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.
Bulk Food Ingredients Market by Category
By Product Type:
- Vegetable Oil
- Sea Salt
- Sugar & Sweeteners
- Tea, Coffee & Cocoa
- Processed Grains, Pulses & Cereals
- Dried Fruits & Processed Nuts
- Processed Herbs & Spices
By Application Type:
- Bakery & Confectionery
- Meat & Poultry
- Sea Food
- Ready Meals
- Dairy Products
- Snacks & Savory
- Sauces & Dressings and Condiments
- Frozen Foods
- North America
- Latin America
- East Asia
- Middle East & Africa (MEA)