The bulk food ingredients market is estimated at USD 454.6 billion by 2028 from USD 366.7 billion by 2023, at a CAGR of 4.4% during the forecast period in terms of value. Bulk items are ingredients that go into packaged, processed, and ready-to-eat products like chocolates, candy, and beverages. Dry fruits and nuts, sugar, spices, wheat, rice, herbs, and other edibles make up the majority of these food categories. Due to rising spending on packaged and processed goods, the market for bulk ingredients is booming. A significant shift in lifestyle in developing economies has also increased demand for prepared and processed foods.
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The demand for products that are rich in nutrients is significantly high in Europe and North America due to the increase in consumer awareness. The consumption of products with an extensive nutritional profile would continue to increase as parents prefer opting for food products—such as grains, oilseeds, and nuts, that are estimated to account for a key share in the bulk ingredients market. These products offer nutrition for healthy child development. End-use applications such as bakery & confectionery, snacks & spreads, ready meals, infant formulas, and dairy products are projected to witness significant growth in the next five years, resulting in increased demand for bulk food ingredients.
Healthy, and ‘clean’ food products with fewer additives. Unlike organic, however, the term ‘natural’ remains undefined by legislators. Consumers are opting for cleaner products that contain an absolute minimum of synthetic or chemical additives.
According to the survey conducted by Consumer Reports National Research Center in 2013, two-thirds of the US consumers prefer locally grown products, whereas more than 60% of the population opt for ‘clean’ or ‘natural’ labeled products. As a result of the increase in demand for organic products in the North American and European region, as well as the other parts of the world, there is a significant growth in demand for bulk food ingredients products.
There is a growing global demand for a wide variety of beverages, including carbonated drinks, juices, sports drinks, ready-to-drink teas and coffees, functional beverages, and alcoholic beverages. As consumers seek convenience and new taste experiences, the beverage industry is constantly innovating to meet these demands. Consumers are increasingly conscious of their health and wellness, driving the demand for healthier beverage options. This includes beverages with natural ingredients, reduced sugar content, functional additives, and botanical extracts. Bulk food ingredients such as natural sweeteners, fruit extracts, natural flavors, and plant-based ingredients are essential in developing healthier and more appealing beverage products.
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Busy lifestyles are encouraging the consumption of convenience food products and an increase in disposable incomes. This has led to an increase in demand for high-priced fortified nutritional food & beverage products in the region. The application of food ingredients is estimated to increase at a faster pace in the region due to its demand among consumers. Key markets in the Asia Pacific region include China, India, Japan, and Australia. The processed food industry in the Asia Pacific region is witnessing high growth due to the changing lifestyles of customers. 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. The rise in incomes, increase in purchasing power, and significant consumer demands for nutritional & healthy products are the key factors that are projected to provide high growth prospects and diversification in the region’s functional food and beverage sector.
