18th May 2021 By Staff Reporter | email@example.com | @foodtickernz
Increasing demand for processed food from consumers seeking healthy options is set to propel the worldwide food processing ingredient industry to grow by nearly 60% by 2028.
A new report on the sector shows that the current US$47bn market would grow to US$75.6bn in 2028, driven by trends such as a preference for clean label products, which generally means ingredients that consumers understand and recognise and that are natural and minimally processed.
This increased preference for clean label products will lead to high demand for natural ingredients-based processed food, according to Research and Markets’ findings.
“The global food processing ingredients market size is expected to reach US$75.56bn in 2028, and register a CAGR of 5.8% during the forecast period,” it said.
“Global market revenue growth is expected to be majorly driven by factors including increasing number of gymnasts and sportspersons and shifting preference for healthy products.”
Increased consumption of confectionary and bakery foods and various beverages were also identified as key factors set to drive market revenue growth.
Regionally, the $US11bn Asia Pacific market is expected to account for considerably high revenue share during the forecast period, due to increasing per capita income, shifting preference towards processed food products owing to hectic work-life, and need for ready-to-eat nutritional foods.
Food processing ingredients such as spices, enzymes, emulsifiers, flavours, stabilisers, texturisers and preservatives enable flavour enhancement of foods and beverages, simultaneously maintaining nutritional value of food and beverages.
Big global players include the UK’s Tate & Lyle PLC, Ireland’s Kerry Group, and the US’s Archer Daniels Midland Company, as well as Dupont, Associated British Foods and Arla Foods.
The report comes as Kerry Group announced that it would develop a purpose-built food technology and innovation centre in Queensland, Australia.
The new Brisbane hub, the Kerry Australia and New Zealand Development and Application Centre, would also serve as the new headquarters for the company in Australia and New Zealand.
Kerry said the site’s capabilities would include pilot plants, laboratories and testing facilities with the aim of bringing the end-to-end food innovation cycle under one roof.
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