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Food Ingredients Market Key Drivers, Size, Trends, Growth, Outlook 2024-2033
Food Ingredients Market Key Drivers
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According to The Business Research Company's, The food ingredients market size has grown strongly in recent years. It will grow from $66.08 billion in 2023 to $70.5 billion in 2024 at a compound annual growth rate (CAGR) of 6.7%. The growth in the historic period can be attributed to strong economic growth in emerging markets, the increased demand for processed foods, the rise in awareness of the benefits of organic products and growth in the number of health-conscious consumers.
The food ingredients market size is expected to see strong growth in the next few years. It will grow to $91.11 billion in 2028 at a compound annual growth rate (CAGR) of 6.6%. The growth in the forecast period can be attributed to the rise in global population, rising urbanization, the increasing demand for ready-to-eat products and the increasing demand from the food processing industry. Major trends in the forecast period include introduction of natural food colors, facility expansions, development of 'plug and play' solutions to develop innovative products, development of sustainable products and focus on partnerships and collaborations.
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Market Drivers and Trends:
The increase in the awareness of fitness among people and the growing number of health-conscious consumers are expected to drive the market for food ingredients during the forecast period. Consumers are incorporating bioactive food ingredients such as omega-3 fatty acids, antioxidants, probiotics, soy protein, and beta-carotene into their meals to maintain good health. For instance, in June 2022, according to the reports shared by the Sports Business Journal, a US-based national weekly trade sports magazine, the total number of active sports and fitness participants in the US was 229.7 million in 2020, and it increased to 232.6 million by 2021, or 76.3%. Therefore, the increase in the awareness of fitness among people and the growing number of health-conscious consumers are expected to propel the growth of the food ingredients market.
The introduction of technologically advanced solutions is an emerging trend in the food ingredients market. Major food ingredients firms are concentrating on developing innovative solutions for food ingredients to provide global food industries with next-generation alternative proteins and other ingredients. For instance, in August 2022, Kalsec, a US-based food ingredient company partnered with Infinome Biosciences, a US-based bioengineering company, to use a precision fermentation technique to develop microbial-based food ingredients.
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Major Key Players of the Market:
Airbus SE, Textron Inc, Embraer SA, Wisk Aero, Volocopter GmbH, Volkswagen Group China, Zerog, Aerofugia, AutoFlight, TCab, Volant Aerotech, MuYu Aero, Pantuo, Plana, MintAir, Tetra Aviation, SkyDrive, XPeng HT Aero, Vertical Aerospace, Zuri, United Aircraft Corporation, Urban Aeronautics Ltd, Moog Inc, Boeing, Bombardier, McDonnell Douglas, Cessna, Joby Aviation, Lift Aircraft, Neva Aerospace, Uber Technologies Inc, Archer Aviation Inc, Jaunt Air Mobility LLC, Overair Inc.
Food Ingredients Market 2024 Key Insights:
• The food ingredients market size is expected to see strong growth in the next few years. It will grow to $91.11 billion in 2028 at a compound annual growth rate (CAGR) of 6.6%.
• Rising Health Awareness And Growing Fitness Trends Drive The Food Ingredients Market
• Food Ingredients Market Embraces Technological Advancements For Next-Generation Solutions
• North America was the largest region in the food ingredients market in 2022
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