Pune: The Food Processing Ingredients Market is estimated to be valued at USD 41.40 Billion in 2018 and is projected to reach USD 55.99 Billion by 2023 at a Compound Annual Growth Rate (CAGR) of 6.2%, a latest study report said.
The report "Food Processing Ingredients Market by Type, Form, Source, Application, and Region - Global Forecast to 2023 ", published by MarketsandMarkets, also projected Asia Pacific to be the fastest-growing market during the forecast period.
"The market is growing, due to a rising global awareness toward the consumption of healthy products, and a booming trend of adopting clean labels, which has led to the increase in the demand for natural food processing ingredients", the report said.
"Additionally, a rapid increase in the adoption of processed food products, due to changing lifestyles, an increase in the number of dual-income households, and working women population have led to the growing demand for food processing ingredients", it said.
The report covered Food Processing Ingredients Market by types Modified Starch & Starch Derivatives, Proteins, Food Stabilizers, Emulsifiers, Yeast, Enzymes, Acidity Regulators, Antioxidants, and Release Agents. It said that Modified starch & starch derivatives are estimated to form the largest segment in 2018.
"The Food Processing Ingredients Market by type is estimated to be dominated by the modified starch & starch derivatives segment. The demand for this type of food processing ingredient is majorly derived from various processed food products such as cream fillings, canned products, sauces, and soup mixes", the report said.
"These are typically used as thickeners and stabilizers in such products. The increase in population, a rise in demand for processed food products, and abundant availability of raw materials such as corn and wheat have been aiding market growth for the segment", it said.
According to the report, dry food processing ingredients are estimated to form the larger segment in 2018. "The dry Food Processing Ingredients Market, by form, is estimated to be the larger segment in 2018. The market for dry food processing ingredients is estimated to dominate the market", the report said.
"Dry food processing ingredients are widely used in the market, owing to their provision of better stability in food processing techniques and their ease of handling. Additionally, dry processing ingredients are also subject to minimal thermal damage", the report by MarketsandMarkets, which provides quantified Business to Business (B2B) research on 30,000 high growth niche opportunities and threats which will impact 70% to 80% of worldwide companies, said.
Stating that the natural food processing ingredients segment is estimated to dominate in 2018 and is also projected to be the fastest-growing through 2023, the reports said, "Increase in consumer preferences for healthy and natural food processing ingredients is expected to be favoring the growth for the market. Consumption patterns in urban areas, influenced by busy lifestyles, represent the enhanced need for food products with health benefits, which are propelling the growth of the natural Food Processing Ingredients Market."
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