Market Size of Bulk Food Ingredients Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 4.90 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | High |
Major Players.webp){kind=logo}
*Disclaimer: Major Players sorted in no particular order |
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Bulk Food Ingredients Market Analysis
The bulk food ingredients market is expected to register a CAGR of 4.9% over the next five years.
- The bulk ingredients market is driven by lifestyle factors such as the demand for convenient, packaged, and ready-to-eat foods, including confectionery items, biscuits, beverages, and chocolates. The growth in food service retail chains with an increasing number of eateries and cafes has boosted the market. These establishments purchase a significant quantity of food ingredients such as grains, spices, and herbs from wholesale suppliers. In response to market demand, players are launching new products, such as Emami Group's Mantra Spices, a range of spices launched across India in July 2022.
- Changing lifestyles, western culture adoption, and an increasing working population are also driving the growth of the bulk ingredients market. Additionally, the shift towards tea and coffee beverages over carbonated drinks is expected to drive market growth. Market players are launching different types of herbal and ayurvedic teas that are also beneficial to health, increasing their demand in many parts of the world. For example, Herbal Green Tea launched a range of herbal teas to improve lifestyles in India in October 2021. As a result, the market is expected to grow over the next five years.
- However, the lack of infrastructure facilities and the easy contamination of bulk food ingredients, along with volatile price fluctuations, may restrain the global market growth. Players in the market need to focus on developing robust supply chains and storage facilities and maintaining hygiene standards to mitigate these challenges.
