Global Bulk Food Ingredients Market Projected to Reach US $1,071.8 Billion by 2033: Catering to Rising Demand for Processed Foods and Plant-Based Ingredients

The bulk food ingredients market is expected to be valued at  US$736.90 billion in 2023 and to reach US$1,071.8 billion by 2033. During the forecast period, the market is expected to grow at a CAGR of 3.9%.

The Bulk Food Ingredients market is expanding rapidly as the food sector adopts more cost-effective and efficient sourcing practises. Bulk food components provide practical solutions for reducing waste and guaranteeing reliable supply chains. The global demand for processed foods and convenience items is driving the market's rise.

As a result of increased urbanisation in emerging economies, the packaged food industry sees chances for innovation. This reason is prompting food makers to release new products that meet changing consumer expectations, which is increasing demand for premium bulk food components.

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Customers' growing preference for plant-based ingredients and cleaner labelling are also influencing demand for premium bulk food components. Veganism and glutton-free diets will drive up demand for luxury processed goods. As a result, during the review phase, demand for premium bulk food components is projected to increase.

Besides this, high consumption of ready meals due to hectic schedules and increasing per capita expenditure are urging brands to expand production operations to meet the growing consumers' demand, which in turn is augmenting the bulk food ingredients market growth.

"Convenience and longer shelf life associated with packaged food are propelling sales in the market. Apart from this, sales of bulk food ingredients through online channels, along with demand for gourmet and ready-to-eat meals will continue augmenting market growth," says the FMI analyst.

Key Takeaways:

Processed herbs and spices will generate the most revenue throughout the projection period, according to product type. The use of bulk food items in prepared meals will keep gaining popularity. Due to the existence of important stakeholders, there will likely be a significant demand for bulk food ingredients in the United States. The high desire for upscale sauces and condiments in the U.K. is expected to boost growth opportunities. With rising sales of quick global cuisines, China is predicted to become a lucrative industry. The rising popularity of ready-to-eat meals is predicted to increase demand for bulk food ingredients in India. The market share for Japan and South Korea will be 6.2% and 4.8%, respectively.

Competitive Landscape

DuPont, Archer Daniels Midland Company, Cargill Foods Inc., Tate & Lyle PLC, Associated British Foods plc, Olam International, Ingredion Incorporated, EHL Ingredients, Wilmar International, Suntory, Koninklijke DSM N.V., Symrise AG, Kerry Group Plc, Bunge Limited, Ajinomoto, George Weston, Sysco Corporation, Conagra Brands and Kirin Holdings and CHS Ltd. are among the leading players operating in the bulk food ingredients market.

As a part of their growth strategies, key stakeholders in the bulk food ingredients market are enhancing their product portfolios to improve sales. Besides this, mergers, acquisitions, and production facility expansions will gain high significance during the forecast period. For instance:

In April 2021, Olam Food ingredients acquired Olde Thompson, a private label manufacturer of dry spices and seasonings, from private equity firm Kainos Capital for US$ 950 Mn. The acquisition marked a 15-yearlong partnership with Olde Thompson to supply premium retail spice solutions to major US retailers. In July 2021, Ingredion, Inc., unveiled a new textured protein at the Institute of Food Technologists' FIRST virtual conference. The company added VITESSENSE TEX Crumbles 102 protein to its wide range of plant-based solution for the United States and Canada.

Bulk Food Ingredients Market by Category

By Product Type: 

Vegetable Oil
Sea Salt
Sugar & Sweeteners
Tea, Coffee & Cocoa
Flours
Processed Grains, Pulses & Cereals
Dried Fruits & Processed Nuts
Processed Herbs & Spices

By Application Type:

Bakery & Confectionery
Beverages
Meat & Poultry
Sea Food
Ready Meals
Dairy Products
Snacks & Savory
Sauces & Dressings and Condiments
Frozen Foods

By Region:

North America
Latin America
Europe
East Asia
Oceania
Middle East & Africa (MEA)

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Key Questions Answered in the Report

What is the current bulk food ingredients market value?

The bulk food ingredients market reached a valuation of US$ 771.6 Bn in 2021.

At what rate did the bulk food ingredients market grow between 2016 and 2020?

The bulk food ingredients market experienced modest growth, exhibiting a 4.30% CAGR between 2016 and 2020.

What are the key trends driving bulk food ingredients sales?

Growing demand for instant food products and ready meals, coupled with longer shelf life and convenience offered by processed food is driving the bulk food ingredients market.

Who are the leading players in the Bulk food ingredients market?

Leading players operating in the bulk food ingredients market include DuPont, Cargill Foods Inc., Archer Daniels Midland Company, Associated British Foods plc and Koninklijke DSM N.V.

What is the current market share of Japan and South Korea in the global bulk food ingredients market?

Japan and South Korea will collectively account for 6.2% and 4.8% of the total market share respectively.

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Future Market Insights, Inc. (ESOMAR certified, Stevie Award - recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

This release was published on openPR.