The Business Research Company's global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
LONDON, May 10, 2023 /PRNewswire/ -- As per The Business Research Company's food ingredient market insights, the global food ingredients market size will grow from $47.2 billion in 2022 to $51.9 billion in 2023 at a compound annual growth rate (CAGR) of more than 9%. The food ingredients market value is then expected to grow to $74.7 billion in 2027 at a CAGR of more than 9%. Going forward, the rise in global population, rising urbanization, the increasing demand for ready-to-eat products and the increasing demand from the food processing industry will drive the food ingredients market growth.
The food ingredients market is moderately concentrated, with a few large players, as per the food ingredients industry overview. Cargill Incorporated was the largest competitor with 11.5% share of the market, followed by Archer Daniels Midland Company, Kerry Group, International Flavors & Fragrances (IFF), Ingredion Incorporated, Koninklijke DSM NV, Tate & Lyle PLC, Novozymes A/S, Symrise AG, and Givaudan International S.A.
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Food ingredients manufacturers are focusing on sustainability to develop innovative products and to grow in the market. For example, in February 2023, Elo Life Systems, a US-based biotechnology company that focuses on human health and wellness through food, completed a Series A financing round, raising a total of $24.5 million to scale production of a sustainable, high-intensity sweetener. The funding will support the development of Elo's sweetener by advancing US regulatory approvals, building pilot scale processing capabilities and market testing with consumers. Further, in December 2020, Ocean Spray Cranberries Inc., a US-based agricultural cooperative of growers of cranberries, launched Ocean Spray® Cranberry Seeds, a new innovative, upcycled, and clean-label product harvested from cranberries certified as sustainably grown and offering an array of powerful nutritional benefits to support a healthy lifestyle. A versatile ingredient, Cranberry Seeds add natural color and powerful nutrition with a neutral flavor to several different uses including baking, blending smoothies and creating snack bars among many other possibilities.
Furthermore, companies in the global functional food ingredients market are increasingly focusing on natural food colors to offer improved products. For example, in September 2022, Sun Chemical, a US-based producer of inks and pigments, launched SUNFOODSTM Natural Colorants, a product line available in the Americas, Europe, Middle East, and Africa that match a wide array of industry standard and custom colors that are applied to a variety of food and beverage products. SUNFOODS Natural Colorants are used for food and beverage, including bakery, dairy, pet food, beverage and confectionary.
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According to the food ingredients market analysis, Asia Pacific was the largest region in the food ingredients market and was worth $23.1 billion in 2022. The market accounted for 0.064% of the region's GDP.
The food ingredients market in Asia Pacific is supported by the hectic schedule of the consumers, lack of time for food preparation, and high work pressure. The market is also supported by rapid implementation of advanced technologies, development of innovative food ingredients and high investment in the market. For example, in March 2022, Creador, a Malaysia based private equity firm, acquired a significant minority stake in local food industry supplier Custom Food Ingredients.
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