Bulk Food Ingredients Global Market Report 2024

The bulk food ingredients market size has grown strongly in recent years. It will grow from $748.48 billion in 2023 to $794.87 billion in 2024 at a compound annual growth rate (CAGR) of 6.2%. Historical growth can be attributed to several factors, including population expansion, urbanization trends, the expansion of the food industry, advancements in food processing technologies, increased global trade, and enhancements in supply chain efficiencies.

The bulk food ingredients market size is expected to see strong growth in the next few years. It will grow to $1020.24 billion in 2028 at a compound annual growth rate (CAGR) of 6.4%. Anticipated growth in the upcoming period is tied to the rise of plant-based diets, the emphasis on sustainable sourcing practices, the expanding e-commerce landscape, innovations within the food industry, meeting consumer demands for convenience, and the increasing desire for functional foods. Major trends expected in this forecast period encompass the customization and utilization of specialty ingredients, the adoption of clean and green processing technologies, the implementation of blockchain for transparent supply chains, innovations in flavors using exotic ingredients, and the growing preference for non-GMO and organic ingredients.

The escalating demand for convenience food products stands as a significant driver propelling the growth of the bulk food ingredients market. These convenient, ready-to-eat processed foods, encompassing snacks and frozen meals, cater to consumers seeking quick, effortless meal options. Utilizing bulk food ingredients as their raw materials, these commercially prepared items are particularly suited for travelers and individuals less familiar with cooking. For instance, data from the Institute of Food Technologists indicated a 5% rise in U.S. snack sales during the first half of 2021 compared to 2020. Additionally, sales of frozen novelties surged by 26%, while refrigerated lunch product sales witnessed a substantial growth of 36.4% in 2021. This surge in demand for convenience food products unequivocally fuels the expansion of the bulk food ingredients market.

The burgeoning wave of dietary consciousness serves as another catalyst propelling the growth of the bulk food ingredients market. Dietary consciousness denotes an individual's mindfulness regarding their dietary selections and nutritional intake for improved health and well-being. Bulk food ingredients play a pivotal role in supporting dietary consciousness by offering cost-effective and sustainable options for individuals seeking nutritious dietary choices. Notably, findings from the 2022 Food and Health Survey conducted by the International Food Information Council highlighted a remarkable surge in dietary consciousness among Americans. In 2022, 52% reported adherence to specific diets or eating patterns, marking a substantial increase from 39% in 2021 and 43% in 2020. This surge underscores the pivotal role of dietary consciousness in driving the growth trajectory of the bulk food ingredients market.

Major players in the bulk food ingredients sector are channeling their efforts into pioneering products, notably exemplified by the introduction of plant-based snack packs, aimed at securing a competitive edge in the market. These on-the-go, individually packaged snacks offer enticing vegan cheese alternatives in various flavors, catering to the growing demand for convenient, plant-based options. For instance, in September 2022, GOOD PLANeT Foods, a US-based company renowned for its premium plant-based cheese offerings, unveiled Snack Packs featuring two distinct flavors: Smoked Gouda with Dried Cranberries and Almonds, and Cheddar with Dried Cranberries and Cashews. This launch signifies GOOD PLANeT's commitment to meeting the demand for top-tier plant-based cheese alternatives. All products within the range are vegan, dairy-free, gluten-free, soy-free, lactose-free, allergen-free, Non-GMO project verified, and keto-certified, aligning seamlessly with the evolving consumer preference for clean and sustainable choices.

Prominent entities within the bulk food ingredients market are actively engaged in the development of plant-based offerings, specifically focusing on plant-based pulses, to optimize their market profitability. Plant-based pulses encompass a category of food products derived from leguminous plants. For example, in February 2022, ETG Food Products Inc., a Canadian company specializing in processing, supply chain management, and exports, introduced Naturz, a new brand featuring pulses tailored for health-conscious consumers seeking plant-based alternatives. These pulses are crafted from natural, nutrient-dense ingredients, bearing vegan, kosher, and halal certifications, and are free from artificial colors or flavors. Addressing the escalating demand for plant-based proteins, Naturz aims to offer an extensive array of choices to consumers globally. The initial product lineup comprises 16 SKUs featuring pulses such as chickpeas, black-eyed beans, lentils, and more, available in retail bags of 2 lbs and 4 lbs, catering to diverse consumer preferences.

In May 2022, Adani Wilmar Limited (AWL), an Indian agribusiness entity, successfully acquired the Kohinoor brand from McCormick & Company, marking a strategic move whose financial specifics remain undisclosed. This acquisition grants AWL exclusive rights to the revered 'Kohinoor' basmati rice label and other brands falling under the Kohinoor brand umbrella. This strategic maneuver significantly broadens AWL's portfolio within the higher-margin food products segment. McCormick & Company, a US-based manufacturer renowned for spices, seasoning mixes, condiments, and various bulk food ingredients, relinquishes ownership of the Kohinoor brand as part of this business transaction.

Major companies operating in the bulk food ingredients market report are 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.

North America was the largest region in the bulk food ingredients market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the bulk food ingredients market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries 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.

The bulk food ingredients market primarily divides into two categories: primary processed and secondary processed bulk food ingredients. Primary processed bulk food ingredients encompass standardized ingredients extensively used in food processing industries. This category involves the cultivation of food crops, livestock rearing, and the production of items such as oils, vegetables, grains, meat, sugar, cocoa, and other essential ingredients. These ingredients find applications in ready meals, bakery goods, confectionery items, snacks, spreads, and more, distributed through supermarkets, hypermarkets, convenience stores, specialty outlets, e-commerce platforms, and various distribution channels.

The bulk food ingredients market research report is one of a series of new reports that provides bulk food ingredients market statistics, including bulk food ingredients industry global market size, regional shares, competitors with a bulk food ingredients market share, detailed bulk food ingredients market segments, market trends and opportunities, and any further data you may need to thrive in the bulk food ingredients industry. This bulk food ingredients market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The bulk food ingredients market consists of sales of herbs and spices, oilseeds, sugar, salt. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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