New revenue pockets: growing number of end-use applications is driving the Integrated Food Ingredients Market
The integrated food ingredients market is estimated at USD 60.90 billion in 2018 and is projected to grow at a CAGR of 4.9%, to reach USD 77.48 billion by 2023. The integrated food ingredients market is driven by the rising demand for flavored beverages, technological advancements in the integrated food systems, and the demand for processed and convenience food products globally.
The Asia Pacific region is projected to grow at the highest CAGR during the forecast period. The increasing consumption of flavored food and beverages such as beer, wine, cheese, and other products in the markets such as China, India, Australia & New Zealand, and Japan, is fueling the market growth of integrated food ingredients. The growing population and increasing disposable income are important drivers for the growth, and increase the demand for convenience food, leading to increased consumption of integrated food ingredients. Other drivers include the increasing demand for natural flavors and fragrances and increasing food encapsulation technologies.
Integrated food ingredients, on the basis of function, mainly constitutes 5 segments taste enhancers, form, texture, preservation, and coloring. The demand for integrated food ingredients is driven by the growth in the changing taste preferences, demand for processed and convenience food, and the increasing awareness of healthy food. With the rise in the demand for integrated food ingredients, various regulations for natural as well as synthetic food coloring, preservatives, and taste enhancers are coming up, ensuring the quality and authenticity of the ingredients.
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The integrated food ingredients market, by ingredient, is segmented into flavors and hydrocolloids which include thickeners, binders, stabilizers, acidulants, emulsifiers, sweeteners, colors, proteins, enzymes, preservatives, antioxidants, and starch. Consumer demand for functional and health beverages has been on the rise since the past few years. For instance, consumer demand for fruit & vegetable drinks high in minerals and vitamins is one of the fast-growing trends in the beverage industry. These factors influence the integrated food ingredients market. Busy and unhealthy lifestyles along with the shrinking household size have accelerated the market growth. Integrated food ingredients are expected to grow in this industry due to the increasing investments in the R&D by savory manufacturing companies to add new flavors to their products.
The increasing investment in R&D along with technological advancements are the main reasons fueling the market growth during the forecast period. Developing countries such as India and China are expected to penetrate the market through the increased cultivation of wheat and corn, which are used for product variations for food gums, starch, and texturing agents.
Related Reports:
Integrated Food Ingredients Market by Function (Taste Enhancers, Form, Texture, Preservation, and Coloring), Integrated Solutions (Dairy, Beverage, Bakery & confectionary, Snacks & Savory and Meat & Meat Products), and Region - Global Forecast to 2023
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