The bulk food ingredients market is expected to be valued at US$736.90 billion in 2023 and to reach US$1,071.8 billion by 2033. During the forecast period, the market is expected to grow at a CAGR of 3.9%.
The Bulk Food Ingredients market is witnessing significant growth as the food industry embraces cost-effective and efficient sourcing practices. With a focus on reducing waste and ensuring consistent supply chains, bulk food ingredients offer practical solutions. The market’s expansion is fueled by increased demand for processed foods and convenience products across the globe.
The packaged food business is seeing opportunities for innovation as a result of the rising urbanisation in emerging economies. This reason is motivating food manufacturers to release fresh goods that are in line with shifting consumer expectations, which is driving up demand for premium bulk food components.
Customers’ rising preference for plant-based ingredients and cleaner labelling are also shaping the demand outlook for premium bulk food components. New dietary trends such as veganism, keto, and glutton-free will drive up demand for luxury processed foods. As a result, demand for premium bulk food components is likely to rise during the evaluation period.
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Besides this, high consumption of ready meals due to hectic schedules and increasing per capita expenditure are urging brands to expand production operations to meet the growing consumers’ demand, which in turn is augmenting the bulk food ingredients market growth.
“Convenience and longer shelf life associated with packaged food are propelling sales in the market. Apart from this, sales of bulk food ingredients through online channels, along with demand for gourmet and ready-to-eat meals will continue augmenting market growth,” says the FMI analyst.
Key Takeaways:
Processed herbs and spices will generate the most revenue throughout the projection period, according to product type. The use of bulk food items in prepared meals will keep gaining popularity. Due to the existence of important stakeholders, there will likely be a significant demand for bulk food ingredients in the United States. The high desire for upscale sauces and condiments in the U.K. is expected to boost growth opportunities. With rising sales of quick global cuisines, China is predicted to become a lucrative industry. The rising popularity of ready-to-eat meals is predicted to increase demand for bulk food ingredients in India. The market share for Japan and South Korea will be 6.2% and 4.8%, respectively.
Competitive Landscape
DuPont, Archer Daniels Midland Company, Cargill Foods Inc., Tate & Lyle PLC, Associated British Foods plc, Olam International, Ingredion Incorporated, EHL Ingredients, Wilmar International, Suntory, Koninklijke DSM N.V., Symrise AG, Kerry Group Plc, Bunge Limited, Ajinomoto, George Weston, Sysco Corporation, Conagra Brands and Kirin Holdings and CHS Ltd. are among the leading players operating in the bulk food ingredients market.
As a part of their growth strategies, key stakeholders in the bulk food ingredients market are enhancing their product portfolios to improve sales. Besides this, mergers, acquisitions, and production facility expansions will gain high significance during the forecast period. For instance:
In April 2021, Olam Food ingredients acquired Olde Thompson, a private label manufacturer of dry spices and seasonings, from private equity firm Kainos Capital for US$ 950 Mn. The acquisition marked a 15-yearlong partnership with Olde Thompson to supply premium retail spice solutions to major US retailers. In July 2021, Ingredion, Inc., unveiled a new textured protein at the Institute of Food Technologists’ FIRST virtual conference. The company added VITESSENSE TEX Crumbles 102 protein to its wide range of plant-based solution for the United States and Canada.
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Bulk Food Ingredients Market by Category
By Product Type:
- Vegetable Oil
- Sea Salt
- Sugar & Sweeteners
- Tea, Coffee & Cocoa
- Flours
- Processed Grains, Pulses & Cereals
- Dried Fruits & Processed Nuts
- Processed Herbs & Spices
By Application Type:
- Bakery & Confectionery
- Beverages
- Meat & Poultry
- Sea Food
- Ready Meals
- Dairy Products
- Snacks & Savory
- Sauces & Dressings and Condiments
- Frozen Foods
By Region:
- North America
- Latin America
- Europe
- East Asia
- Oceania
- Middle East & Africa (MEA)
Key Questions Answered in the Report
What is the current bulk food ingredients market value?
The bulk food ingredients market reached a valuation of US$ 771.6 Bn in 2021.
At what rate did the bulk food ingredients market grow between 2016 and 2020?
The bulk food ingredients market experienced modest growth, exhibiting a 4.30% CAGR between 2016 and 2020.
What are the key trends driving bulk food ingredients sales?
Growing demand for instant food products and ready meals, coupled with longer shelf life and convenience offered by processed food is driving the bulk food ingredients market.
Who are the leading players in the Bulk food ingredients market?
Leading players operating in the bulk food ingredients market include DuPont, Cargill Foods Inc., Archer Daniels Midland Company, Associated British Foods plc and Koninklijke DSM N.V.
What is the current market share of Japan and South Korea in the global bulk food ingredients market?
Japan and South Korea will collectively account for 6.2% and 4.8% of the total market share respectively.
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