The Food Processing Ingredients Market is estimated to reach $52.65 billion by 2024, growing at a CAGR of 8.0% during the forecast period 2019-2024. The growth of the food processing ingredients market is attributed to the increasing demand for processed foods and growing focus towards organic food and clean label food products. Further, increasing demand for branded and food products and rising disposable incomes are also helping in the growth of the food processing ingredients market.
Key Takeaways
Detailed analysis on the Strength, Weakness and opportunities of the prominent players operating in the food processing ingredients market will be provided in the report.
Key sustainability strategies such as acquisitions or partnerships are being adopted by the market players to ensure the growth of food processing ingredients market. Further, detailed analysis is provided in report.
It is evaluated that Asia Pacific is showing highest potential to become an evolving market for food processing ingredients as food companies are slowing entering the market and disposable incomes is increasing and will record the fastest CAGR over the forecast period. Additional drivers, trends, and opportunities related to APAC region is provided in the report.
Type – Segment Analysis
On the basis of type, the modified starch & starch derivatives is dominating the market and is estimated to grow at a CAGR of 5.6% during the forecast period from 2019-2024. The demand for these products is mainly due to its usage in cream fillings, canned products, sauces and soup mixes. These products are usually used as thickeners and stabilizers in many food products. The abundant availability of raw materials such as corn and wheat have been helping in the market growth for this segment. The yeast segment is estimated to grow at the highest rate in food processing ingredients market owing to increase in consumer demand for newer tastes of wine and technological advancements for innovations in the wine market which has been propelling the importance of yeast in food processing ingredients; this, in turn, is driving the market for food processing ingredients.
Form – Segment Analysis
Dry Food Processing Ingredients is dominating the market. The market for dry food processing ingredients is estimated to grow at a CAGR of 4.8% during the forecast period from 2019-2024. The market for dry food processing ingredients is increasing because dry food processing products are commonly used on the market due to their improved stabilization and ease of handling in food processing methods. There is also minimal thermal damage to dry handling components.