The bulk food ingredients market has experienced significant growth, expanding from $748.48 billion in 2023 to $794.87 billion in 2024, reflecting a compound annual growth rate (CAGR) of 6.2%. This growth is driven by population growth, urbanization, the expansion of the food industry, advancements in food processing, global trade, and improvements in supply chain efficiencies. Looking ahead, the market is expected to continue its robust growth, reaching $1,020.24 billion in 2028 with a CAGR of 6.4%. Key growth drivers include the increasing adoption of plant-based eating, sustainable sourcing practices, growth in e-commerce, innovations in the food industry, consumer convenience considerations, and rising demand for functional foods. Notable trends for the forecast period include customization and specialty ingredients, implementation of clean and green processing technologies, use of blockchain for supply chain transparency, innovation in flavor and exotic ingredients, and a growing preference for non-GMO and organic ingredients.
Major Driver In The Bulk Food Ingredients Market
The surging demand for convenience food products is poised to fuel the expansion of the bulk food ingredients market in the coming years. Convenience foods, characterized as ready-to-eat processed foods commonly found in restaurants or grocery stores, encompass snacks and frozen foods that require minimal preparation effort. These foods utilize bulk food ingredients as primary raw materials and cater to travelers and individuals with limited cooking skills. According to the Institute of Food Technologists, snack sales in the US surged by 5% in the first half of 2021 compared to 2020, while frozen novelties and refrigerated lunch product sales witnessed increases of 26% and 36.4%, respectively, in 2021. Consequently, the burgeoning demand for convenience food products is driving the growth of the bulk food ingredients market. In 2023, the bulk food ingredients market stood at $X billion and is anticipated to reach $Y billion by 2024, further escalating to $Z billion by 2028.
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Bulk Food Ingredients Market Competitive Landscape
Cargill Incorporated, Archer Daniels Midland Company, Bunge Limited, Olam International Limited, Lactalis Group, Associated British Foods plc, Royal FrieslandCampina N.V., Arla Foods amba, DuPont de Nemours Inc., International Flavours & Fragrances Inc., IFF Inc., Koninklijke DSM N.V., Kerry Group plc, Fonterra Co-operative Group Limited, Ingredion Incorporated, McCormick & Company Incorporated, Firmenich International SA, Symrise AG, Tate & Lyle PLC, Corbion N.V., The Source Bulk Foods, Community Foods Limited, Bedoukian Research Inc., GCL Food Ingredients Holdings Limited, EHL Ingredients Limited, DMH Ingredients Inc., Essex Food Ingredients, Ingredients Inc., Glanbia plc, Organic Partners International LLC, Tereos S.A., Ajinomoto Co. Inc.
Key Bulk Food Ingredients Market Trend
Major companies in the bulk food ingredients market are focused on developing groundbreaking products, such as plant-based snack packs, to gain a competitive edge in the market. Plant-Based Snack Packs are individually packaged, convenient on-the-go snacks offering delicious, vegan cheese alternatives with various flavors. For instance, in September 2022, GOOD PLANeT Foods, a US-based company that specializes in offering premium plant-based cheese products, launched Snack Packs in two flavors: Smoked Gouda with Dried Cranberries and Almonds, and Cheddar with Dried Cranberries and Cashews. GOOD PLANeT aims to address the need for quality plant-based cheese options. All products are vegan, dairy-free, gluten-free, soy-free, lactose-free, allergen-free, Non-GMO project verified, and keto-certified, aligning with the demand for clean and sustainable choices.
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Bulk Food Ingredients Market Segmentation
The bulk food ingredients market covered in this report is segmented –
1) By Type: Primary Processed Bulk Food Ingredients, Secondary Processed Bulk Food Ingredients
2) By Application: Ready Meals, Bakery Products, Confectionery Products, Snacks and Spreads, Other Applications
3) By Distribution Channel: Supermarkets and Hypermarkets, Convenience Stores, Specialty Stores, E-Commerce, Others Distribution Channels
By Geography:The regions covered in the bulk food ingredients market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the bulk food ingredients market in 2023.
The Bulk Food Ingredients Global Market Report 2024 furnishes information about the global bulk food ingredients market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
