Northbrook, IL -- (SBWIRE) -- 01/06/2022 -- The bulk food ingredients market is estimated at USD 808.9 billion in 2021 and is projected to grow at a CAGR of 4.5% to reach USD 1,008.1 billion by 2026. The increase in growth of packaged food & beverage industry, rise in end-use applications, the environmental and economic benefits such as low packaging cost, have led to an increase in demand for processed products, and subsequently to the growth of the market.

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The herbs & spices segment is projected to grow at the highest CAGR during the forecast period

Herbs & spices such as capsicum, pepper, cloves, cardamom, cinnamon, ginger, coriander, nutmeg & mace, bay leaves, basil, and oregano have been included in this segment. These are used in a wide range of products—from beverages to frozen foods and meat products. The consumption of processed food products, such as soups, sauces, dressing, and condiments, has increased, which has led to an increase in demand for herbs and spices. The herbs & spices industry has witnessed a consistent growth trend in the last few years. North America, the US in particular, is the largest consumer of spiced snacks and baked products in the world.

The ready meals subsegment is projected to grow at the highest CAGR during the forecast period

Ready meals or convenience food products refer to prepared food products that are designed for ease of consumption. With the increase in population and rise of disposable incomes, particularly in developing economies, such as China, India, and Brazil, the consumption of ready meals is on the rise with the constantly changing lifestyle trends. Ready meals incorporate a variety of bulk food ingredients. The consumption of ready meals in India is on the rise, with easy availability and use of various bulk food ingredients, such as grains, spices, pulses, cereals, nuts, dried fruits, sugar, and salt. The rapid increase in consumption of breakfast cereals in the region also offers growth opportunities to food manufacturers.

The direct from manufacturers segment, by distribution channel, dominated the market

Common factors that drive the growth of the manufacturing market at the local level are raw material prices (fluctuation), prices of competitive/substitute products, sales strategies, economies of scale, specialization advantages, and business laws & regulations. Investments in R&D activities for the development of new products and solutions by manufacturers are projected to drive market growth. The number of research projects on processed & convenience foods is increasing globally. The production of bulk food ingredients is projected to be influenced by the increase in R&D activities for processed & convenience foods.

The Asia Pacific is projected to account for the largest market size during the forecast period

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

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Key players in this market include Tate & Lyle PLC (UK), Archer Daniels Midland Company (US), DuPont (US), Olam International (Singapore), Cargill, Incorporated (US), Ingredion Incorporated (US), Associated British Foods plc (UK), EHL Ingredients (UK), DMH Ingredients, Inc. (US), and Community Foods Limited (UK). Some of the other players include McCormick & Company, Inc. (US), The Source Bulk Foods (Australia), Essex Food Ingredients (US), The Green Labs LLC (US), Ingredients Inc. (US), GCL Food Ingredients (UK), Pure Ingredients (Dublin), and Organic Partners International, LLC (US).

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