According to a recent analysis, the size of the global market for food ingredients is predicted to reach USD174.15bn in 2030 and grow at a CAGR of 6.7% in terms of revenue during that time.
The population’s growing health consciousness is anticipated to be a key element in the market’s expansion. Over the course of the forecast period, the market is also anticipated to increase as a result of the numerous applications for which food ingredients are used in processed food and beverage products.
Two other significant aspects that are anticipated to positively affect the development of the food ingredients market are the continuously changing consumer preferences and the rapidly advancing technology. Additionally, new chances for market players are anticipated in the upcoming years due to the rising disposable income and changing lifestyle of people in developing nations.
The market for food ingredients is expected to develop as consumers’ preferences for vegan and dietetic food products increase. The majority of customers today exclude all animal products from their diet, including dairy, eggs, and honey. This is because plant-based foods are healthier and there are ethical issues with the meat industry.