LONDON, June 08, 2023 (GLOBE NEWSWIRE) -- As per The Business Research Company’s Ingredients Market Report 2023, the market will grow from $182 billion in 2022 to $194.6 billion in 2023, at a compound annual growth rate (CAGR) of more than 6%. Further, the market will reach $254.2 billion in 2027, at a CAGR of more than 6%. North America was the largest region in the market in 2022.
The growth of the ingredients industry is being driven by the rising prevalence of fast-food consumption among the millennial population. Fast food, known for its quick, convenient, and affordable nature, requires a variety of ingredients such as salt, sugar, and processed chemicals.
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Major ingredients companies are Kerry Group, Cargill Inc., Archer Daniels Midland, Givaudan, Koninklijke DSM N.V, Corbion Purac, Tate and Lyle PLC., International Flavors and Fragrances Inc., Symrise AG, Hermes Sweeteners Ltd., Ingredion Inc., Ashland Global Holdings Inc., Palsgaard A/S, Glanbia PLC., and Associated British Foods PLC.
Innovation in product development has emerged as a key trend within the ingredients market. Major companies in this industry are actively working on creating innovative solutions to strengthen their market position.
For example, DuPont, a US-based chemical company, introduced Virslik in December 2020, a new line of ingredients designed to enhance the texture and taste of yogurt. This innovation has the potential to introduce new flavors and textures to the yogurt market, making it a standout success in the dairy industry. Notably, the growing popularity of plant-based substitutes for milk and cheese has hindered the growth of dairy-based products. Successful implementation of the Virslik ingredient line can contribute to improving the average protein level in healthy yogurts, setting a new standard for product development.
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The global ingredients market is segmented as-
1) By Product Type: Starches, Vegetable Oils and Fats, Natural Sweeteners, Enzymes and Antioxidants, Natural Flavorings and Colours, Functional Ingredients, Other Product Types
2) By Function: Sweeteners, Emulsifier, Flavors and Color Additives, Preservatives, Fat Replacers, Nutrients, Stabilizers, Thickeners, Binders, Other Functions
3) By Application: Beverages, Fortified Food Products, Bakery, Confectionery, Dairy and Dairy Products, Meat and Fish Products, Other Applications
The ingredients market report provides valuable insights and data-driven analysis for stakeholders, industry professionals, and decision-makers operating in the market. It serves as a valuable resource for understanding the market dynamics, identifying growth opportunities, and making informed business decisions.
Ingredients Global Market Report 2023 by The Business Research Company provides insights on the ingredients market size, ingredients market segments, ingredients market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 4,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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