The incessantly increasing food and beverage consumption across the world as a consequence of proliferating global population is the prime dynamics for the growth of the bulk food ingredients market size. The world population is expected to increase from 7.7 billion in 2019 to 9.7 billion in 2050. This, in turn, is estimated to increase the global food consumption from 2940 kcal per capita per day, as of 2015, to 3050 kcal per capita per day by 2030. Thus the growing food consumption will directly benefit the growth of the bulk food ingredients market size. Bulk food ingredients such as nuts, oilseeds, grains, pulses, cereals, sugar, salt, tea, flour, oil, dried fruits, and other baking ingredients are used as raw materials for the making of food products such as biscuits, chocolates, bulk snacks, confectioneries, and beverages. These are purchased in bulk quantities from the wholesale food distributors and stored in bulk bins by retailers and customers. Bulk food ingredients are preferably used in the preparation of packaged, processed and ready to eat food products. On the wake of rapid industrialization across the world, the urban population accounting to 55% of the total population, in 2018, is projected to reach 68% by 2050. Rapid urbanization coupled with hectic lifestyles are eventually instigating the people to opt for packaged and processed food products. The processed food market is anticipated to propel at a CAGR of 14.6% to reach $543 billion by 2020 from $322 billion in 2016. This is an attenuated representation of the fortifying global demand for packaged and processed food products. Owing to these factors, the bulk food ingredients market is going to grow at a significant pace.
The Bulk Food Ingredients Market share in the global food market was valued at $418 billion in 2018. Furthermore, the growing demand for food products is poised to propel the growth of the market at a CAGR of 4% during the forecast period 2019-2025.
Bulk Food Ingredients Market Size Fortifies with the Growing Inclination towards Health food—
Due to the global urbanization and increasing disposable income, there is a considerable rise in the purchasing power of people across the world. The world per capita income experienced a growth rate of 5% during 2017-18 and attained a value of $11,297 in 2018. The rising income levels, from the past two decades, has prompted the consumers to invest in healthy food habits, consequently paving the way to consume high nutritious and protein-rich food with low fat, low cholesterol, and low sugar. This, in turn, is increasing the demand for bulk food ingredients, as these are considered to be a more holistic approach to a healthy diet due to their organic properties. Therefore, the rise in health awareness among consumers is considered to be another prominent factor fueling the growth of the bulk food ingredients market.
Bakery Products Emerge as the Key Application Segment of the Bulk Food Ingredients Market—
On the basis of applications, bakery products are anticipated to be the key sector in the bulk food ingredients market that is poised to propel with the highest growth rate. This is mainly attributed to the increasing consumption of bakery products such as bread, cookies, pastries, and biscuits, as a result of the convenience, affordability, and health benefits to cope up with the hectic lifestyles and maintain fitness. Furthermore, due to the decreasing personal time, there is a paradigm shift towards the baked products such as wraps, burgers, sandwiches, and rolls. Thus the key application segment is poised to accelerate at a CAGR of 2.3% through to 2025.
Burgeoning Food and Beverage Industry in Asia-Pacific Region Providing Prospects for Growth of the Bulk Food Ingredients Market—
Geographically, Asia-Pacific region is projected to capture the largest bulk food ingredients market share during the forecast period and was responsible for 41% of the total revenues generated in 2018. This is credited to the increasing food consumption due to the presence of highly populous countries, such as India and China in this region. The total population in India and China reached 1.35 billion and 1.39 billion respectively in 2018. Thus, the propitious growth of the parent market, the food and beverage sector is going to benefit the bulk food ingredients market in the upcoming years. Moreover, with the rapid urbanization, there is a rise in the disposable income of the people in emerging countries. For instance, the GDP per capita in India increased by 5.5% from 2016 and reached $1,963 in 2017. Therefore, it shows that the people started spending more on healthy food products. Consequently, whey protein ingredients, which are organic in nature, gained significant attention. Furthermore, on the wake of globalization, there is an increased exposure to western lifestyle patterns such as unprecedented endorsement for packaged and processed food. For instance, in China, the food processing industry continued to grow in 2017 and attained $1.47 trillion, an increase of 6.3% compared with the previous year. Thus, the increasing consumption of processed and packaged food is considered to be the significant factor fortifying Asia-Pacific’s bulk food ingredients market share.
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Bulk Food Ingredients Market Companies’ Strategies—
Major companies that are constantly involved in adopting business strategies to stay ahead of the curve in the global food ingredients market are Archer Daniels Midland Company, Associated British Foods plc, Cargill Incorporated, Community Foods Limited, DMH Ingredients, DuPont, EHL Ingredients, Olam International, Onset Worldwide, and Tate & Lyle PLC. Some of the strategies include mergers, acquisitions, partnerships, new product innovation, and collaborations. These strategies are intended to build their brand name and consolidate their presence in the global market.
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