(I-BusinessNews.Com, July 17, 2021 ) The food inclusions market is estimated at USD 10.74 billion in 2018. It is projected to reach USD 15.78 billion by 2023, at a CAGR of 8.0%. The growth in the market is attributed to functional properties of food inclusions along with enhanced product appeal; clean label, non-GMO and allergen-free inclusions; and taste trends and responsive development of new flavor profiles offering new avenues for growth. The chocolate segment is projected to dominate the global market through the forecast period. The market for chocolate inclusions is largely driven by its flavor popularity and consumer inclination toward chocolate components in food products such as confectionery, ice cream, bakery, dairy, beverages, frozen desserts, and cereal products.
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The global market, by application, was dominated by cereal products, snacks, and bars in 2018. Food inclusions, with their ability to enhance organoleptic properties and nutritional profile, are ideal ingredients for addition in cereal products, snacks, and bars, as they enhance product appeal. Consequently, inclusions are significantly consumed for use in products in this category, as their content has become the unique selling proposition (USP) and core factors of product marketing.
The nut form of food inclusions is projected to grow at a higher CAGR between 2018 and 2023. Nuts are popular among end consumers and largely used in major food & beverage applications, including bakery, chocolate & confectionery products, dairy & frozen desserts, cereal products, snacks & bars, and beverage products. Furthermore, the addition of nuts not only adds to the flavor and texture but significantly contributes toward the nutritional aspects of food & beverage products, which drives the growth of nut form in the food inclusions market.
The European market is estimated to account for the largest share in 2018. This can primarily be attributed to factors such as the region’s large-scale production and domestic consumption of food inclusions, which is fueled by food & beverage manufacturers’ urge for product innovation with the use of novel ingredients to cater to consumer indulgence. The market in Asia Pacific is projected to grow at the highest CAGR, owing to the rise in consumption of inclusions and their innovative usage in line with the flavor profile and other consumer requirements, along with the Westernization of diets. The resultant increase in the final price of end products acts as a restraint for the growth of this market.
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The food inclusions market is characterized by leading companies driving the market growth. This report provides a qualitative analysis of the prominent market players and their preferred development strategies. Key players such as such Cargill (US), ADM (US), Barry Callebaut (Switzerland), Kerry (Ireland), Tate & Lyle (UK), AGRANA (Austria), Sensient Technologies (US), SensoryEffects (US), Taura Natural Ingredients (New Zealand), Georgia Nut Company (US), Inclusion Technologies (US), and Nimbus Foods (UK) have been profiled in the report. These leading players have adopted strategies such as expansions & investments, acquisitions, new product launches, joint ventures, and partnerships to explore new and untapped markets, expand in local areas of emerging markets, and develop a new customer base for long-term client relationships. This has not only enabled the key players to expand their geographical reach, but has also reinforced their market position by gaining a larger share in terms of revenue and product portfolios.
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