Global Food Ingredients Market Report and Forecast 2024-2032

Global Food Ingredients Market Size

The global food ingredients market reached approximately USD 315.77 billion in 2023. The market is projected to grow at a CAGR of 5.20% between 2024 and 2032, reaching a value of around USD 499.28 billion by 2032.

Global Food Ingredients Market Outlook

• As per the industry reports, World cereal equivalent (CE) food demand is expected to reach approximately 10,094 million tons in 2030, creating more demand for food ingredients.

• The government of India allocated Rs 3,290 crore to the food processing ministry of India for the year 2024-25, which will positively influence the demand for food ingredients.

• Chinova Bioworks, a Canada-based supplier of natural preservatives, announced on June 6th, 2023, that it aims to increase its expansion capacity fourfold to increase international market penetration.

Global Food Ingredients Market Growth

Growing consumer awareness regarding their health and well-being, the rising popularity of convenience food, and higher consumer spending on food products are some of the crucial factors boosting the market growth. Functional food is gaining prominence in the market as it consists of ingredients such as vitamins, minerals, and probiotics, among others, which can improve gut health and support the overall wellness of a person. Similarly, natural ingredients such as chia seeds and acai berries are popular in the superfood due to their ample health benefits.

Due to the busy lifestyle of the working-class population, there is a high demand for ready-to-eat (RTE) meals and ready-to-drink (RTD) beverages, which further fuels the demand for food ingredients that can preserve the texture, taste, and nutritional content of these food products for a long duration. Speciality diets such as low carbs which consist of sweeteners and alternative flour are further driving the market expansion.

Clean labels have emerged as a significant trend in the market as consumers increasingly seek food products that consist of natural ingredients and do not cause any harmful effects on their consumption. The rise of sustainable farming practices has further led to the growth of ingredients that are sourced responsibly and do not cause any detrimental effects on the environment.

Furthermore, prominent market players are focused on developmental efforts for the production of ingredients with minimal health impact. For instance, Ingredion, a key ingredient provider, announced the launch of a drop-in stevia sweetener in May 2024, which mimics the taste of sugar without any additives.

Global Food Ingredients Industry Segmentation

“Food Ingredients Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:

Market Breakup by Type

• Nutrients 

• Flavour 

• Color additives 

• Preservatives 

• Sweeteners 

• Stabilizers, Emulsifiers, and Binders 

• Thickeners 

• Others 

Market Breakup by Application

• Food 

• Beverages 

Market Breakup by Region

• North America

• Europe

• Asia Pacific

• Latin America

• Middle East and Africa

Global Food Ingredients Market Share

North America occupies a significant market share due to the growing consumers preference towards natural and organic ingredients along with the growing trend toward clean-label ingredients. A growing number of consumers in the region are concerned about their health, which is driving up demand for functional and health-oriented ingredients.

The market for food ingredients in Asia Pacific is expanding rapidly, driven by a strong consumer need for flavor enhancers and distinctive taste profiles. Innovative ingredients are being prioritized more and more to provide a wide range of tastes as culinary preferences become more diverse. There is an increasing need for high-quality and useful ingredients due to population growth and rising disposable incomes.

Leading Companies in Global Food Ingredients Market

The market players are increasing their research and development activities to gain a competitive edge in the market.

• Ingredion Incorporated

• Tate & Lyle PLC 

• BASF 

• Kerry Group plc 

• Archer Daniels Midland Company 

• Symrise AG 

• Novozymes A/S 

• Givaudan SA 

• Cargill, Incorporated 

• Koninklijke DSM N.V. 

• Others

Key Highlights of the Report