The global food processing ingredients market is forecast to grow at a CAGR of 6.5% to 7.3% during the forecast period 2019 to 2024.
Food processing ingredient are used to preserve, flavour, blend, thicken and colour foods, and played a key role in reducing serious nutritional deficiencies among consumers. These ingredients also help ensure the availability of flavourful, nutritious, safe, convenient, colourful and affordable foods that meet consumer expectations. Food processing ingredients perform a variety of useful functions in foods that includes, maintaining the safety and freshness of the food, maintain nutritional value and improve taste, texture & appearance of the food.
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Food processing ingredients market is primarily driven by rising adoption of convenient food, increasing awareness regarding food-borne diseases among consumers and growth trend in alcoholic beverage consumption. Further, the augmenting demand for natural food ingredients, owing to the increasing awareness regarding additional health benefits of food processing ingredients, among consumers is likely to boost the market. However, implementation of strict government regulations and standards and lengthy procedure of approval before the commercial introduction of products may hinder the growth of food processing ingredients market during forecast period.
Food processing ingredients market, Based on product type:
Starches and starch derivatives, proteins, enzymes, yeast, antioxidants, emulsifiers, acidity regulators, vegetable oils & fats and others. Others includes functional ingredients, flavours, colours, etc. Starches and starch derivatives accounted for the largest share of the food processing ingredients market in 2016.
Food processing ingredients market, Based on the source:
Natural and synthetic. Natural food processing ingredients segment dominates the food processing ingredient market. Factors such as increasing consumer preferences for healthy and awareness regarding food-borne diseases among consumers are fuelling the growth of the market.
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Food processing ingredients market, By Form:
Dry and liquid. The dry segment accounted for highest CAGR in 2016. The dry segment projected to grow at a comparatively lower CAGR during the forecast period 2017 to 2024. Easy availability and ease of handling are the major characteristic propelling the growth of the dry food processing ingredients market.
Food processing ingredients market, By Application:
The bakery & confectionery products sector is estimated to account for the largest market share and expected to maintain their dominance throughout the forecast period, followed by food & beverage owing to increasing trade activities in the food and beverages sector across various economies, leading to an extensive rise in import and export of food ingredients globally.
Europe accounted for the largest share in the food processing ingredients market in 2018. However, Asia Pacific is projected to be the fastest-growing market during the forecast period owing to improved lifestyles and changing consumer perceptions of the consumers in the developing countries.
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Some of the key participants in the food ingredients market:
Koninklijke DSM, Ingredion, Kerry Grou, Cargill, Archer Daniels Midland, AngelYeast, Fonterra Co-operative Group, Givaudan, Glanbia, Ashland, DuPont, Tate & Lyle, KB Ingredients, Arla Foods and CHR. Hansen. Key players in the food processing ingredient market are focusing on setting up their production bases in emerging Asian economies, such as Vietnam, India, and Thailand, due to the presence of skilled and low-cost workforce. Most of the companies adopted expansions and investments as their major growth strategies, to enter new untapped markets, consequently increasing their respective market shares.
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