The global bulk food ingredients market is projected to reach USD 1,008.1 billion by 2026, from USD 808.9 billion in 2021, at a CAGR of 4.5% during the forecast period.
Impact of COVID-19 on Bulk Food Ingredients market:
The prices of raw materials are projected to increase due to trade barriers, disruptions in the supply of raw materials, and inefficient distribution channels due to COVID-19. The non-availability and high cost of raw materials and high production costs are projected to create challenges for the growth of the global bulk ingredients market. Food supply chain security is becoming particularly important for the COVID-19 world. The closure of plants associated with the production of vegetable oils in Malaysia and Indonesia has led to limited availability of ingredients, such as palm oils. Food manufacturers from Europe could not source savory ingredients, such as pepper, from India due to the lockdown during the pandemic.
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The herbs & spices segment is projected to grow at the highest CAGR during the forecast period
Herbs & spices such as capsicum, pepper, cloves, cardamom, cinnamon, ginger, coriander, nutmeg & mace, bay leaves, basil, and oregano have been included in this segment. These are used in a wide range of products—from beverages to frozen foods and meat products. The consumption of processed food products, such as soups, sauces, dressing, and condiments, has increased, which has led to an increase in demand for herbs and spices. The herbs & spices industry has witnessed a consistent growth trend in the last few years. North America, the US in particular, is the largest consumer of spiced snacks and baked products in the world.
The ready meals subsegment is projected to grow at the highest CAGR during the forecast period
Ready meals or convenience food products refer to prepared food products that are designed for ease of consumption. With the increase in population and rise of disposable incomes, particularly in developing economies, such as China, India, and Brazil, the consumption of ready meals is on the rise with the constantly changing lifestyle trends. Ready meals incorporate a variety of bulk food ingredients. The consumption of ready meals in India is on the rise, with easy availability and use of various bulk food ingredients, such as grains, spices, pulses, cereals, nuts, dried fruits, sugar, and salt. The rapid increase in consumption of breakfast cereals in the region also offers growth opportunities to food manufacturers.
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Asia Pacific region is projected to witness the highest growth in the bulk food ingredients market by 2026
As food processing investments in Asia Pacific are increasing, the rise in the utilization of bulk food ingredients in processed food is projected to drive the market growth in the coming years. The expansion of the middle-class population in Asian countries is projected to support the growth of the bulk food ingredients market in the region. In addition, the processed food market in the region witnesses a high demand, wherein consumer preferences constantly change due to rapid urbanization, diet diversification, and the liberalization of foreign direct investment in the food sector. Food items, such as breakfast snacks & cereals, infant formula, confectionery products, and bakery products, are widely consumed in this region and have intrinsic properties of functional food & beverages, which makes consumers receptive to products that have bulk food ingredients in them.
Key players in this market include Tate & Lyle PLC (UK), Archer Daniels Midland Company (US), DuPont (US), Olam International (Singapore), Cargill, Incorporated (US), Ingredion Incorporated (US), Associated British Foods plc (UK), EHL Ingredients (UK), DMH Ingredients, Inc. (US), and Community Foods Limited (UK). Some of the other players include McCormick & Company, Inc. (US), The Source Bulk Foods (Australia), Essex Food Ingredients (US), The Green Labs LLC (US), Ingredients Inc. (US), GCL Food Ingredients (UK), Pure Ingredients (Dublin), and Organic Partners International, LLC (US).
