Global Bulk Food Ingredients Market Size Report, 2023-2028
The global bulk food ingredients market is projected to reach USD 454.6 billion by 2028 from USD 366.7 billion by 2023, at a CAGR of 4.4% during the forecast period in terms of value. The need for packaged ready-to-eat meals like confectionary, biscuits, beverages, and chocolates is one lifestyle element that drives the market for bulk ingredients. The market has been helped by the expansion of food service retail chains and the rise in the number of restaurants and cafés. These businesses buy a substantial amount of food ingredients from wholesalers, including grains, spices, and herbs.
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By primary processed type, herbs & spices segment is projected to have the fastest growing rate during the forecast period.
There is an increasing global demand for natural and organic ingredients, driven by the growing consumer preference for clean label products. Herbs and spices are natural flavor enhancers that provide unique tastes, aromas, and health benefits. They are widely used in various cuisines and food applications, including processed and packaged foods, beverages, sauces, and seasonings. Herbs and spices offer a wide range of flavors and can provide differentiation to food products, allowing manufacturers to create unique and appealing taste profiles. With consumers seeking diverse and exciting flavor experiences, the demand for a variety of herbs and spices is on the rise.
By application, beverage segment is projected to have fastest growing rate during the forecast period.
There is a growing global demand for a wide variety of beverages, including carbonated drinks, juices, sports drinks, ready-to-drink teas and coffees, functional beverages, and alcoholic beverages. As consumers seek convenience and new taste experiences, the beverage industry is constantly innovating to meet these demands. Consumers are increasingly conscious of their health and wellness, driving the demand for healthier beverage options. This includes beverages with natural ingredients, reduced sugar content, functional additives, and botanical extracts. Bulk food ingredients such as natural sweeteners, fruit extracts, natural flavors, and plant-based ingredients are essential in developing healthier and more appealing beverage products.
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The Asia Pacific region accounted for the fastest and the largest growing market, in terms of value, of the global bulk food ingredients market in 2028.
Busy lifestyles are encouraging the consumption of convenience food products and an increase in disposable incomes. This has led to an increase in demand for high-priced fortified nutritional food & beverage products in the region. The application of food ingredients is estimated to increase at a faster pace in the region due to its demand among consumers. Key markets in the Asia Pacific region include China, India, Japan, and Australia. The processed food industry in the Asia Pacific region is witnessing high growth due to the changing lifestyles of customers. In addition, the processed food market in the region witnesses a high demand, wherein consumer preferences constantly change due to rapid urbanization, diet diversification, and the liberalization of foreign direct investment in the food sector. The rise in incomes, increase in purchasing power, and significant consumer demands for nutritional & healthy products are the key factors that are projected to provide high growth prospects and diversification in the region’s functional food and beverage sector.
