Yahoo Finance Bulk Food Ingredients Global Market Report 2022: Ukraine-Russia War Impact
Major players in the bulk food ingredients market are Tate & Lyle PLC, Archer Daniels Midland Company, DuPont, Olam International, Cargill Incorporated, Ingredion Incorporated, Associated British Foods plc, Bunge Limited, DMH Ingredients Inc.
New York, Dec. 01, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Bulk Food Ingredients Global Market Report 2022: Ukraine-Russia War Impact" - https://www.reportlinker.com/p06368685/?utm_source=GNW
, Community Foods Limited, The Source Bulk Foods, Essex Food Ingredients, Ingredients Inc., GCL Food Ingredients, and Organic Partners International LLC.
The global bulk food ingredients market is expected to grow from $644.55 billion in 2021 to $701.74 billion in 2022 at a compound annual growth rate (CAGR) of 8.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, effecting many markets across the globe. The bulk food ingredients market is expected to reach $864.85 billion in 2026 at a CAGR of 5.4%.
The bulk food ingredients market consists of sales of bulk food ingredients by entities (organizations, sole traders, and partnerships) that are the food components used as raw materials in processed foods, ready-to-eat foods, packaged drinks and foods, and others.Bulk food ingredients refer to raw materials that are used at the front end of the food processing industry.
These include all kinds of grains, flour, starches, spices, sugar, cocoa, dry beans and legumes, nuts, and other ingredients used in the production of food and beverage items.
The main types of bulk food ingredients markets are primary processed bulk food ingredients, and secondary processed bulk food ingredients.The primary processed bulk food ingredients refer to the standardization of food ingredients that are commonly used in the food processing industries.
The primary processed bulk food ingredients involve the production and harvesting of food crops and the rearing and slaughter of livestock animals, which include oils, vegetables, grains, meat, sugar, cocoa, and other ingredients. The various applications are ready meals, bakery products, confectionery products, snacks and spreads, and others that are distributed through supermarkets and hypermarkets, convenience stores, specialty stores, e-commerce, and other distribution channels.
North America was the largest region in the bulk food ingredients market in 2021.Asia Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the bulk food ingredients market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The growing demand for convenience food products is expected to propel the growth of the bulk food ingredients market going forward.Convenience foods are processed foods that are ready-to-eat, commonly served in restaurants or sold at grocery stores, and include snacks and frozen foods.
They can be cooked with a minimum or no effort in preparation.Convenience foods are commercially prepared and use bulk food ingredients as raw materials.
These are more suitable for travelers and people who are unacquainted with cooking. For instance, according to the Institute of Food Technologists, a US-based scientific society of professionals engaged in food science and food technology, U.S. snack sales were up 5% in the first half of 2021 when compared with 2020. Also, in 2021, the sales of frozen novelties were up 26% and refrigerated lunch product sales grew by 36.4%. Therefore, growing demand for convenience food products is driving the growth of the bulk food ingredients market.
New product innovations are the key trend gaining popularity in the bulk food ingredients market.Major companies operating in the market are introducing new innovative products such as those made from upcycled feedstocks to increase their market share.
For instance, in December 2019, Cargill, a US-based manufacturer of bulk food ingredients, partnered with Renmatix and launched Nouravant, a plant-based, clean-label food ingredient that is manufactured by using the unique Renmatix’s Plantrose Process.It uses only water, heat, and pressure.
This process efficiently deconstructs plant materials and converts them into functional food ingredients, which helps customers deliver food and beverage products that are label-friendly, sustainable, and cost-effective. Nouravant is used in baked goods, sauces, and processed meats to help improve texture and moisture.
In May 2022, Adani Wilmar Limited (AWL), an India-based agribusiness company, acquired the Kohinoor brand from McCormick & Company for an undisclosed amount.Through this deal, AWL gains exclusive rights over the ’Kohinoor’ basmati rice and other brands under the Kohinoor brand umbrella and expands its portfolio in the higher-margin and food products segment.
McCormick & Company is a US-based manufacturer of spices, seasoning mixes, condiments, and other bulk food ingredients.
The countries covered in the bulk food ingredients market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The bulk food ingredients market research report is one of a series of new reports that provides bulk food ingredients market statistics, including bulk food ingredients industry global market size, regional shares, competitors with a bulk food ingredients market share, detailed bulk food ingredients market segments, market trends and opportunities, and any further data you may need to thrive in the bulk food ingredients industry. This bulk food ingredients market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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