The integrated food ingredients market is estimated at USD 60.90 billion in 2018 and is projected to reach USD 77.48 billion by 2023, growing at a CAGR of 4.9% during the forecast period. The increasing disposable incomes, growing population, busy lifestyles, and a shift in the focus for highly convenient processed food are some of the key trends influencing the growth of the integrated food ingredients market.
The taste enhancers segment is estimated to account for the largest share, by function, in 2017.
Based on function, the integrated food ingredients market has been segmented into taste enhancers, form, texture, preservation, and coloring. The taste enhancers segment is estimated to account for the largest share by function of the integrated food ingredients market. Taste enhancers are used in various applications such as dairy products, beverages, savories, and meat products to enhance the taste of food products. In order to serve tastier food to the consumers, various manufacturers in the food & beverage industry are using taste enhancers thereby fueling the market for flavors. Various taste enhancers such as monosodium glutamate, monopotassium glutamate, and calcium di-glutamate are used to enhance the flavor of food products.
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The beverages segment, by integrated solutions, is estimated to account for the largest share of the integrated food ingredients market in 2017.
Based on integrated solutions, the integrated food ingredients market has been segmented into beverages, bakery & confectionery, snacks, meat products, and dairy. The beverages segment is estimated to account for the largest share of the global integrated food ingredients market in 2018. Consumer demand for functional and health beverages has been on the rise for the past few years. For instance, consumer demand for beverages made of fruits & vegetables that have a high content of minerals and vitamins is one of the fast-growing trends in the beverage industry. These factors influence the integrated food ingredients market. The increasing consumption of fruit juices, vegetable juices, and energy drinks also spurs the growth of natural integrated food ingredients.
Asia Pacific is projected to be the fastest-growing market for integrated food ingredients during the forecast period. The processed food industry in the Asia Pacific region is experiencing growth, owing to the changing lifestyles of customers. Additionally, the processed food market in the region is also highly dynamic in nature. Consumer preferences are constantly changing in response to rapid urbanization, diet diversification, and liberalization of foreign direct investment in the food sector. The rise in incomes, increase in purchasing power, and significant consumer demand for nutritional & healthy products are expected to provide promising prospects for the growth and diversification of the integrated food ingredient sector in this region. Food items such as breakfast snacks & savories, infant formula, confectionery products, and bakery & confectionery products are widely consumed in this region. They have intrinsic properties of integrated foods, which makes the consumers receptive to these products.
The challenges faced by the integrated food ingredient processors/wholesalers require them to maximize the available space, manage different storage temperatures, and respond to a high turnover of stock while maintaining hygiene levels and product traceability. In developing countries such as China, India, and South Africa, development in the infrastructure of manufacturing units is less, which hampers the production process. The storage facilities in these countries are not technologically developed, which impacts the shelf life of products.
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Players such as Cargill (US), Archer Daniels Midland (ADM) (US), Associated British Foods (UK), and Tate & Lyle (UK) have been actively strategizing their growth plans to expand in the integrated food ingredients market. These companies have a strong presence in Europe and North America, and also have manufacturing facilities and a strong distribution network across these regions.