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Globalization has actively contributed to nurturing trade activities in the food and beverage sector, which has further resulted in a considerable rise in export and imports of food ingredients globally. According to the Food Standards Australia New Zealand (FSANZ), food ingredient means any substance including a food additive, used in preparation, manufacturing, or handling of food. The crucial factors driving the growth of the global food ingredients market is the rising global population and increasing innovation across the food industry.
Increasing urbanization and consumer’s inclination towards convenience food will positively leverage the global food ingredients market. The food and beverage companies are coming up with new and innovative food products to draw consumer’s attention. For instance, in January 2020, Good Culture - the clean label brand credited with revolutionizing cottage cheese for the modern age, California, launched protein-rich Probiotic Smoothies as a convenient way for consumers to incorporate probiotics into their diet.
Key Market Driver -
Increasing Demand for Processed Food Products.
Key Market Restraint -
Stringent Regulation Scenario is Expected to Affect the Market Negatively.
Advancements in food technology, marketing innovations, and exports of finished good products have all contributed in increasing demand for food ingredients. The market driver includes the consumers growing interest in healthy and functional food. Fortified food ingredients have played major role in reducing serious nutritional deficiency among consumers. The rapid urbanization makes the world smaller to thrive, which results in easy exchange of processed food products that will further drive the growth of the global food ingredients market. The increasing demand from consumers for natural and organic ingredients, product containing recognizable ingredients and transparency about product manufacturing will drive the demand for clean-label ingredients.
The lengthy government process of approval before the commercial introduction of any food product can create a difficulty in the growth trajectory of the food processing market, which may hinder the growth of the global food ingredients market. The frequent implementation of new rules and regulations will directly affect the growth of the food ingredients market.
Some of the key players operating in the global market are Archer Daniels Midland Company, Tate and Lyle, Cargill, Community Foods Limited, Ingredion Incorporated, Kerry Groups, Symrise AG, Novozymes, DuPont, Givaudan Flavours, and others.
Specialty food ingredients are anticipated to witnesses sturdy growth in the forthcoming years due to increased demand from the food processing industry. The increasing adoption of specialty ingredients such as antioxidants, micronutrients, and others by food manufacturers to enhance the quality of food will drive the specialty food ingredients market. For instance, in August 2019, Nestle launched a new Cocoa-Malt Beverage with a combination of 9 essential micronutrients that maintain efficient energy release in the body.
The consumer inclination towards ready-to-eat food is increasing due to the high convenience offered by them and is expected to drive the food ingredients market. The addition of preservatives in processed foods maintains the quality of food and help to reduce the spoilage by micro-organisms; these factors are anticipated to drive the demand for food preservatives in the forthcoming years. Synthetic preservatives are broadly utilized for several applications as they are economical and can be formulated according to application requirements. The natural preservative segment is expected to be the fastest-growing segment due to the increasing preference for natural foods over synthetic products. For instance, in January 2017, Arjuna Natural Ltd. India, launched Natural Preservative to extend shelf life chilled meat. This preservative will retain natural color and freshness and extends the chilled meat shelf life by up to 15 days.
The fortified food products are witnessing strong growth in the global food ingredients market due to the increasing demand for dietary supplements and food products added with micronutrients. The fortified food products enriched with vitamin, mineral, and fiber has helped to reduce malnutrition worldwide. The key companies are focused on launching multivitamin enriched food products to fulfill the consumer's demand. For instance, in April 2019, Danone India announced the launch of a new mango-flavored protinex variant with this launch, Danone aims to address protein deficiency by providing a protein supplement.
North America is expected to witnesses considerable growth in the global food ingredients market due to the growing demand for food ingredients that are multifunctional and are potential in offering health benefits. For instance, the addition of prebiotics in a food product which helps to increased mineral absorption, improve gut health and help to increase bone strength and immunity. The growing food processing sector is anticipated to impact the food ingredients market of the region positively. The ever increasing demand for convenience food will drive the food ingredients market in the upcoming years.
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Asia Pacific is anticipated to be the fastest-growing region in the food ingredients market as the manufacturers are focusing on the launch of natural and multi-functional food products. Increasing urbanization, disposable income, and rise in the number of female working population across countries such as India and China are driving demands for processed foods. According to the India Brand Equity Foundation (IBEF), 2017, the Indian food processing industry accounts for 32% of the country’s total food market. Food ingredients ensure the availability of flavourful, nutritious, safe and convenient foods that meet the consumer’s expectation is expected to drive the global food ingredients market.
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