Bulk Food Ingredients Market worth $454.6 billion by 2028 - Exclusive Report by MarketsandMarkets™

CHICAGO, June 12, 2023 /PRNewswire/ -- The 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% from 2023 to 2028 according to a report published by MarketsandMarkets™. Bulk items are ingredients that go into packaged, processed, and ready-to-eat products like chocolates, candy, and beverages. Dry fruits and nuts, sugar, spices, wheat, rice, herbs, and other edibles make up the majority of these food categories. Due to rising spending on packaged and processed goods, the market for bulk ingredients is booming. A significant shift in lifestyle in developing economies has also increased demand for prepared and processed foods. Additionally, it is predicted that the market will benefit from consumers shifting their preferences from synthetic and pre-packaged consumables to organic, raw, and clean food items, particularly in developed countries. These consumables, such as flour and oils, are also final goods. They are purchased in large quantities from wholesalers and distributed to a variety of retail stores, supermarkets, and hypermarkets.

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The grains, pulses, and cereals segment of the primary processed type segment accounted for the largest share of the bulk food ingredients market in 2023 in terms of value.

Grains, pulses, and cereals are dry, hard, and small seeds that are harvested for animal or human consumption. This segment includes wheat; rice; coarse grains such as rye, barley, corn, oats, and sorghum; and pulses comprising dry beans, peas, chickpeas, and lentils. Food consumption continues to rise due to the population growth, changing diets, rise in disposable income, and increase in urbanization that has resulted in a rise in demand for ready-to-eat or convenience food products. This, in turn, is projected to drive the demand for grains, pulses, and cereals.

The processed herbs & spices segment of the secondary processed bulk food ingredients is projected to grow at the highest share of the bulk food ingredients market from 2023 to 2028 in terms of value.

Processed herbs & spices include grounds & blends of herbs and spices. Currently, North America is projected to dominate the processed herbs & spice market in terms of consumption. However, Asian countries, such as India and China, are the major producers and exporters of processed herbs & spices. Asian countries are projected to become major regional markets that would contribute to the growth of the processed herbs & spices market soon. The US and Germany are the major importers of herbs & spices from Asian countries. Key factors such as the increase in demand for packaged or convenience food products and meat & poultry products due to the changing consumer lifestyles are the key factors that are projected to increase the demand for herbs & spices globally.

The food segment of the application segment is estimated to grow at the highest rate in the bulk food ingredients market.

Due to the changing preferences of the population in developed and developing countries, manufacturers are constantly involved in innovation and launching new products in the market. Food products, such as meat, milk, fruits, and vegetables, are perishable unless frozen, dehydrated, or preserved by some canning technique. Sugar substitutes are suitable alternatives to sugar as they contain a negligible number of calories. In addition, only a fraction is required as compared to the amount of sugar normally used for sweetness. Sugar substitutes are widely used in processed foods, including baked goods, soft drinks, powdered drink mixes, candy, puddings, canned foods, jams and jellies, dairy products, and other foods & beverages. Sugar substitutes are also popular for household applications, and some can even be used in baking or cooking.

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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.

The key players in this include Archer Daniels Midland Company (US), International Flavours & Fragrances Inc. (US), Olam Group (Singapore), Cargill, Incorporated (US), Ingredion  (US), Associated British Foods plc (UK), Tate & Lyle PLC (UK), EHL Ingredients (UK), Batory Foods (US), Graincorp (Australia), Community Foods (UK), McCormick & Company, Inc. (US), The Source Bulk Foods (Australia), Essex Food Ingredients (US), and Subnutra (India). These companies have been focusing on expanding their market presence, enhancing their solutions, and partnering with many channel partners and technology companies to cater to consumers across the globe. The deep roots of these players in the market and their robust offerings are among the major factors that have helped them achieve major sales and revenues in the global bulk food ingredients market.

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