Ingredients market fuelled by ongoing innovation

THE market for food ingredients worldwide is a sizable and expanding industry that includes a variety of goods and uses. In 2023, the market for speciality food ingredients was valued at $101.9 billion.

- DR ANOOP KUMAR

Consequently, the compound annual growth rate for its expansion from 2024 to 2030 is predicted to be 5.2%. The growing food and beverage sector, growing consumer health consciousness, and convenience foods are some of the drivers driving the market. Typically, speciality food additives help to digest food, give it a new dimension of health, preserve, texture, emulsify, and colour it. All of them play a crucial role in ensuring that consumers can also choose from a variety of processed meals. Micro-ingredients like vitamins, minerals and enzymes are among them. As a result, clean-label ingredients that use basic and natural ingredients have been developed.

Evolution of the Market

The market for food ingredients is undergoing tremendous change as a result of shifting consumer tastes, advances in technology, and an increased emphasis on sustainability and health. The emergence of functional foods, clean label ingredients, and integrated solutions, as well as the growing desire for sustainable and natural sourcing, are important trends. The market for food ingredients includes firms such as Cargill, Incorporated, Tate & Lyle PLC, Ingredion, Givaudan, BASF, Corbion, Symrise, Novonesis, and others.

Growing customer inclination towards nutrient-dense and clean label products