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Ingredients Market Growth Opportunities, Size, Share Analysis, Recent Developments And Forecast To 2033
Ingredients Market
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According to The Business Research Company's, The ingredients market size has grown strongly in recent years. It will grow from $205.41 billion in 2023 to $220.43 billion in 2024 at a compound annual growth rate (CAGR) of 7.3%. The growth in the historic period can be attributed to health and wellness trends, cultural and ethnic influences, economic factors, supply chain dynamics, marketing and consumer education.
The ingredients market size is expected to see strong growth in the next few years. It will grow to $304.86 billion in 2028 at a compound annual growth rate (CAGR) of 8.4%. The growth in the forecast period can be attributed to continued health focus, globalization of tastes, economic growth in emerging markets, supply chain resilience, and educational initiatives. Major trends in the forecast period include personalization of ingredients, culinary and exotic ingredients exploration, clean meat and cultured ingredients, innovative sweeteners and flavor enhancers, and zero-waste ingredient utilization.
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Market Drivers and Trends:
Increased instances of fast-food trends among the millennial population are expected to boost the growth of the ingredients market going forward. Fast foods are defined as quick, convenient, and inexpensive alternatives to home-cooked meals. Fast food making involves many ingredients like salt, sugar, processed chemicals and others, hence, it is expected to boost the sales of ingredients. For instance, according to the Fast-Food Statistics 2021 report, in the USA, 23% of the adults eat fast food meals three or more times a week while 34% of children aged 2 to 19 years eat fast food daily and 80% of Americans visit a fast-food outlet once a month. Furthermore, in February 2022, according to Office for National Statistics, a UK-based independent producer of official statistics, total restaurant revenues climbed by 12.6% in value and 10.0% in volume between the fourth quarters of 2021 and 2020. Fast food restaurants' overall sales increased by 8.6% in value and 6.4% in volume between 2020 and 2021. Therefore, the increased instances of fast-food trends are driving the growth of the ingredients market.
Major companies operating in the ingredient market are focusing on innovative products such as Virslik to keep yogurt innovation alive and healthy. Virslik is a processing aid that delivers a desirable texture and clean taste, specifically designed to enhance the texture and taste of yogurt products. For instance, in February 2021, DuPont, a US-based chemical company, launched Virslik, a new line of ingredients promoting raising the average protein content of healthy yogurts and, similarly, raising standards for product development. The newest product in a line of solutions that includes cultures, proteins, enzymes, and functional solutions is called Versilk. DuPont's product is designed to help companies become more flexible in addition to being nutritious and tasty. This is because Verslik is a versatile ingredient that enables producers to react swiftly to market changes.
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Major Key Players of the Market:
Cargill Incorporated, Nestlé S.A., Archer Daniels Midland Company, PepsiCo Inc., The Coca-Cola Company, Danone S.A., Associated British Foods plc, Kellogg Company, Hermes Sweeteners Ltd., International Flavors & Fragrances Inc., ConAgra Brands Inc., ICL Food Specialties Ltd., Kerry Group plc, Ingredion Incorporated, Koninklijke DSM N.V., Meiji Co. Ltd., Givaudan SA, Symrise AG, Yakult Honsha Co. Ltd., Ashland Global Holdings Inc., Tate & Lyle plc, Corbion Purac N.V., Chr. Hansen Holding A/S, Tata Chemicals Limited, Palsgaard A/S, Essentia Protein Solutions, LycoRed Limited, Symega Food Ingredients Ltd., Glanbia plc, H.C. Brill AG & Co. KG, A.E. Staley Manufacturing Company, ABITEC Corporation, ACH Food Companies Inc., Pacific Harvest Products Inc., Parker Products Inc., Paulaur Corporation, Penford Food Ingredients Co., Sweetener Supply Corp., TeaTech Inc.
Ingredients Market 2024 Key Insights:
• The ingredients market size is expected to see strong growth in the next few years. It will grow to $304.86 billion in 2028 at a compound annual growth rate (CAGR) of 8.4%.
• Millennial Fast-Food Craze A Driving Force Behind The Soaring Growth Of The Ingredients Market
• Innovative Yogurt Advancements With Virslik To Elevate Texture, Taste, And Nutritional Standards
• North America was the largest region in the ingredients market in 2023
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