Food Ingredients Global Market Report 2021: COVID-19 Growth And Change

Food Ingredients Global Market Report 2021: COVID-19 Growth And Change

  • October 2021 •
  • 175 pages •
  • Report ID: 6173899 •
  • Format: PDF
Major players in the food ingredients market are Kerry Group, Cargill Inc., Archer Daniels Midland, Stevia First Corporation, Hermes Sweeteners Ltd, Riken Vitamin, Koninklijke DSM N.V, Palsgaard, Danisco, Angel Yeast Co. Ltd., Aral Foods amber, Bunge Limited, Glanbia Plc, Ingredion Incorporated, and Corbion Purac.

The global food ingredients market is expected to grow from $38.86 billion in 2020 to $42.88 billion in 2021 at a compound annual growth rate (CAGR) of 10.3%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $59.83 billion in 2025 at a CAGR of 8.7%.

The food ingredients market consists of food ingredients sales by entities (organizations, sole proprietorships, and partnerships) that produce food ingredients that are added to food to improve taste, texture, and appearance.Food additives are substances applied to foods to achieve specific technical or functional goals during production, storage, or packaging.

Food ingredients are used to improve safety and freshness and maintain the nutritional value of the food.

The main types of products in food ingredients are starches, vegetable oils and fats, natural sweeteners, enzymes and antioxidants, natural flavorings and colors, functional ingredients, and others.Starches are used as an additive for food processing and are typically used as thickeners and stabilizers in puddings, custard, soups, sauces, gravies, pie fillings, salad dressing, noodles, meat products, and many more.

The different functional types include sweeteners, emulsifiers, flavors, and color additives, preservatives, fat replacers, nutrients, stabilizers, thickeners, binders, and texturizers, pH control agents & acidulants, others and are used in pharmaceuticals, food & beverages, animal feed, others.

North America was the largest region in the food ingredients market in 2020.Europe was the second-largest market in the food ingredients market.

The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

The introduction to technologically advanced solutions is an emerging trend in the food ingredients market.Major food ingredients firms are concentrating on developing innovative solutions for food ingredients to provide global food industries with next-generation alternative proteins and other ingredients.

For instance, in February 2019, Motif Ingredients, a US-based food ingredients company is leveraging biotechnology to develop unique food solutions that provide consumers more options without sacrificing taste or nutrition.

In June 2021, Kerry Group, an Ireland-based food company offering food and beverage ingredients acquired Niacet for $1,011.80 million (€853 million). Through this acquisition, Kerry integrated Niacet into its global food protection and preservation platform, enhancing its food protection, food ingredient, and preservation strategy to offer new products and technologies in a broader market. Niacet is a US-based company that offers food ingredients.

The increase in the awareness of fitness among people and the growing number of health-conscious consumers are expected to drive the market for food ingredients during the forecast period.Consumers are incorporating bioactive food ingredients such as omega-3 fatty acids, antioxidants, probiotics, soy protein, and beta-carotene into their meals to maintain good health.

According to International Food Information Council’s (IFIC) 2020 Food and Health Survey, 8 out of 10 American consumers have changed their eating or food preparation habits as a result of COVID-19. Furthermore, according to the 2021 survey by Moneydasher, in the USA and Europe, health-conscious shoppers cover 25-30% of all supermarket buyers.

The countries covered in the food ingredients market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.