Bulk Food Ingredients Market Size, Growth, Market Analysis, Segmentation, And Forecast To 2033

The Business Research Company recently released a comprehensive report on the Global Bulk Food Ingredients Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, 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.

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Market Drivers and Trends:

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.

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 including 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-certified, aligning with the demand for clean and sustainable choices.

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Major Key Players of the Market:

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.

Bulk Food Ingredients Market 2024 Key Insights:

• 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%.
• Rising Demand For Convenience Foods Fuels Growth In Bulk Food Ingredients Market
• Groundbreaking Products To Gain A Competitive Edge In The Market
• North America was the largest region in the bulk food ingredients market in 2023

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