Bulk Food Ingredients Market to Witness Rise in Revenues By 2030

According to the Market Statsville Group (MSG), the global Bulk Food Ingredients Market size is expected to grow from USD 320.1 billion in 2021 to USD 467.7 billion by 2030, at a CAGR of 4.3% from 2022 to 2030. Bulk food ingredients are those used in packaged and processed foods, as well as ready-to-eat foods such as chocolates, beverages, biscuits, and confectionery. Wheat and rice, dehydrated vegetables, spices and herbs, artificial sweeteners, dry fruits, nuts and seeds, coffee and tea extracts, and sugars are also included. Food ingredients are whole food ingredients that can be processed or unprocessed.

The shift in consumer preference from artificial and pre-packaged foods to organic, natural, and simple ingredients, particularly in developed countries, is expected to impact market demand positively. Commodity/bulk ingredients are primarily final products such as flours and oils, which are traded in large quantities for low-value additions to the final product. These items are purchased in large or bulk quantities from wholesale suppliers and delivered to convenience and retail stores.

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COVID-19 Impact on the Global Bulk Food Ingredients Market

Raw material costs are anticipated to increase with trade restrictions, disruptions in the raw material supply, and ineffective distribution systems brought on by COVID-19. The growth of the worldwide bulk ingredients market is anticipated to be hampered by the scarcity and high price of raw materials, and high production costs. In the COVID-19 world, food supply chain security is becoming more and more crucial. There is a shortage of ingredients like palm oils as a result of the closure of plantations in Malaysia and Indonesia that produced vegetable oils. Due to the pandemic's quarantine, Indian savory ingredients like pepper were unavailable to European food manufacturers.

Global Bulk Food Ingredients Market Dynamics

Drivers: Rapid expansion in the packaged food and beverage industry

Consumers' changing lifestyles and preferences drive the convenience food sector. The global packaged food market expanded due to increased urbanization, disposable income, and improved lifestyles. Packaged food is no longer preserved in developed countries. Consumers' increasingly hectic lifestyles result in less time spent cooking from scratch. Companies are capitalizing on a significant trend in packaged food products that can be enjoyed on the move by recognizing consumer demands and tastes in various locations. Key players in the market now generate nearly as much revenue from developing economies as they do from developed economies.

Restraints: Storage management and infrastructure issues

Bulk food ingredients processors/wholesalers face challenges such as maximizing available space, managing different storage temperatures, and responding to a high stock turnover while maintaining hygiene levels and product traceability. Additionally, a sizable fraction of the leftover food that is dumped in landfills gets transformed into greenhouse gases, particularly methane, which has the potential to cause 25 times more global warming than carbon dioxide.

Opportunities: Untapped markets in emerging economies

Demand for food ingredients is expected to grow moderately in established countries such as Japan and Germany due to an aging population. In contrast, exponential growth is expected in new and emerging markets in other Asia Pacific countries due to population growth and demand for food products. Furthermore, Asia offers cost advantages in terms of production and processing. Food ingredient demand is expected to remain high in developed markets such as North America and Europe. Food ingredient demand is expected to rise in developing countries such as China and India in the coming years.

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Scope of the Global Bulk Food Ingredients Market

The study categorizes the bulk food ingredients market based on type, category and application at the regional and global levels.

By Category Outlook (Sales, USD Billion, 2017-2030)

• Primary processed
• Secondary Processed

By Type Outlook (Sales, USD Billion, 2017-2030)

• Grains, Pulses, and Cereals
• Tea, Coffee, and Cocoa
• Herbs and Spices
• Oilseeds
• Sugar and Sweeteners
• Edible Oil
• Other Types

By Application Outlook (Sales, USD Billion, 2017-2030)

• Bakery and Confectionery
• Snacks and Spreads
• Ready Meals
• Other Applications

By Region Outlook (Sales, USD Billion, 2017-2030)

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • Italy
  • France
  • UK
  • Spain
  • Poland
  • Russia
  • The Netherlands
  • Norway
  • Czech Republic
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Indonesia
  • Malaysia
  • Thailand
  • Singapore
  • Australia & New Zealand
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Colombia
  • Rest of South America
• The Middle East & Africa
  • Saudi Arabia
  • UAE
  • South Africa
  • Northern Africa
  • Rest of MEA

Bakery and confectionary segment is projected to account for the largest market share by application

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Based on application, the global bulk food ingredients market is divided into bakery and confectionery, snacks and spreads, ready meals, and other applications. Bakery and confectionary applications accounted for the highest market revenue in 2021. Rising consumer awareness of health and nutrition-related products has prompted bakery and confectionery manufacturers to include functional ingredients such as probiotics, legumes, oats, fortified margarine, and cereals. The Asia Pacific bakery and confectionery market is primarily driven by rising demand for processed bakery products and rising consumer awareness of clean labels and healthy products.

Asia Pacific accounts for the highest CAGR during the forecast period

Based on the regions, the global bulk food ingredients market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. Asia Pacific is expected to be the most profitable market with the highest growth rate during the forecast period due to increased spending on convenient and ready-to-eat processed foods and improved living standards in countries such as China, India, Malaysia, Australia, and New Zealand. This region's increasing popularity of packaged, processed, and ready-to-eat foods can be attributed to increased global exposure and western lifestyle influence. Furthermore, Asia-Pacific countries have low-cost labour and lower ingredient prices, which appeals to the market.

Key Market Players in the Global Bulk Food Ingredients Market

The global bulk food ingredients market is highly competitive, with key industry players adopting strategies such as product development, partnerships, acquisitions, agreements, and expansion to strengthen their market positions. Most market companies focus on expanding operations across regions, augmenting their capabilities, and building strong partner relations.

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Major players in the global bulk food ingredients market are:

• Cargill, Incorporated
• Archer-Daniels-Midland Company
• Bunge Limited
• Associated British Foods plc
• Olam International
• Tate & Lyle
• DUPONT DE NEMOURS, INC
• Essex Food Ingredients
• Ingredients Inc.
• Corbion
• Koninklijke DSM N.V
• EHL Ingredients
• McCormick & Company, Inc
• GCL Food Ingredients
• Dmh Ingredients, Inc.

Article source: https://article-realm.com/article/Finance/25605-Bulk-Food-Ingredients-Market-to-Witness-Rise-in-Revenues-By-2030.html