The Bulk Food Ingredients Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s 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%. The growth in the historic period can be attributed to population growth, urbanization, food industry expansion, advancements in food processing, global trade, 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%. The growth in the forecast period can be attributed to plant-based eating, sustainable sourcing, e-commerce growth, food industry innovation, consumer convenience, functional foods demand. Major trends in the forecast period include customization and specialty ingredients, clean and green processing technologies, blockchain for supply chain transparency, flavor innovation and exotic ingredients, non-GMO and organic ingredients.
The growing demand for convenience food products is expected to propel the growth of the bulk food ingredients market going forward. Convenience foods are processed foods that are ready-to-eat, commonly served in restaurants or sold at grocery stores, and include snacks and frozen foods. They can be cooked with a minimum or no effort in preparation. Convenience foods are commercially prepared and use bulk food ingredients as raw materials. These are more suitable for travelers and people who are unacquainted with cooking. For instance, according to the Institute of Food Technologists, a US-based scientific society of professionals engaged in food science and food technology, U.S. snack sales were up 5% in the first half of 2021 when compared with 2020. Also, in 2021, the sales of frozen novelties were up 26% and refrigerated lunch product sales grew by 36.4%. Therefore, growing demand for convenience food products is driving the growth of the bulk food ingredients market.
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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
Major companies in the bulk food ingredients market are focused on developing plant-based products, such as plant-based pulses, to maximize their profits in the market. Plant-based pulses refer to a category of food products derived from leguminous plants. For instance, in February 2022, ETG Food Products Inc., Canada-based processors, and supply chain managers and exporters, launched Naturz, a new brand of pulses catering to health-conscious consumers seeking plant-based options. These pulses are made from natural, nutrient-rich ingredients, are vegan, kosher, and halal, and contain no artificial colors or flavors. With a growing trend toward plant-based proteins, Naturz aims to provide a range of choices for consumers worldwide. The initial portfolio includes 16 SKUs of pulses like chickpeas, black-eyed beans, lentils, and more, packaged in 2 lbs and 4 lbs retail bags
The bulk food ingredients market report table of contents includes:
- Executive Summary
- Bulk Food Ingredients Market Characteristics
- Bulk Food Ingredients Market Trends And Strategies
- Bulk Food Ingredients Market – Macro Economic Scenario
- Global Bulk Food Ingredients Market Size and Growth
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- Global Bulk Food Ingredients Market Competitive Benchmarking
- Global Bulk Food Ingredients Market Competitive Dashboard
- Key Mergers And Acquisitions In Bulk Food Ingredients Market
- Bulk Food Ingredients Market Future Outlook and Potential Analysis
- Appendix
Top Major Players
- Cargill Incorporated
- Archer Daniels Midland Company
- Bunge Limited
- Olam International Limited
- Lactalis Group
- Associated British Foods PLC
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