(I-BusinessNews.Com, April 24, 2021 ) The integrated food ingredients market is estimated at USD 60.90 billion in 2018 and is projected to reach USD 77.48 billion by 2023, growing at a CAGR of 4.9% during the forecast period. The increasing disposable incomes, growing population, busy lifestyles, and a shift in the focus for highly convenient processed food are some of the key trends influencing the growth of this market.
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Based on function, taste enhancers dominated the market in terms of value. The application of these integrated food ingredients in various applications such as dairy products, beverages, savories, and meat products enhance the taste of food products.
The ingredients segment, by application in beverages, accounted for the largest share of the global market in 2017. The increasing consumption of fruit juices, vegetable juices, and energy drinks has spurred the growth of natural integrated food ingredients.
The meat products segment, by flavors, accounted for the largest share of the global integrated food ingredients market in 2017. Integrated food ingredients are highly used in this industry to preserve meat for a longer period of time, which augments the growth of the meat export business of the country. These meat products are most widely consumed in North America, thus affecting the processed meat market in this region.
Asia Pacific is projected to be the fastest-growing market for integrated food ingredients during the forecast period. The processed food industry in the Asia Pacific region is experiencing growth, owing to the changing lifestyles of customers. Additionally, the processed food market in the region is also highly dynamic in nature. Consumer preferences are constantly changing in response to rapid urbanization, diet diversification, and liberalization of foreign direct investment in the food sector. The rise in incomes, increase in purchasing power, and significant consumer demand for nutritional & healthy products are expected to provide promising prospects for the growth and diversification of the integrated food ingredient sector in this region. Food items such as breakfast snacks & savories, infant formula, confectionery products, and bakery & confectionery products are widely consumed in this region. They have intrinsic properties of integrated foods, which makes the consumers receptive to these products.
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The challenges faced by the integrated food ingredient processors/wholesalers require them to maximize the available space, manage different storage temperatures, and respond to a high turnover of stock while maintaining hygiene levels and product traceability. In developing countries such as China, India, and South Africa, development in the infrastructure of manufacturing units is less, which hampers the production process. The storage facilities in these countries are not technologically developed, which impacts the shelf life of products.
Players such as Cargill (US), Archer Daniels Midland (ADM) (US), Associated British Foods (UK), and Tate & Lyle (UK) have been actively strategizing their growth plans to expand in the integrated food ingredients market. These companies have a strong presence in Europe and North America, and also have manufacturing facilities and a strong distribution network across these regions.
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