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.
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.
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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.
The Asia Pacific is projected to account for the largest market size during the forecast period
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.
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Key Players Market
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).