Global food ingredients market thrives in 2012
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With great strides in global economic development, witnessed in past few decades, significant changes in the social food consumption habits have become a reality. Today, food in numerous forms and varieties is being commercially produced and preserved to meet the varying needs of the modern day society. The food ingredients industry is not only well established but is certain to flourish to meet the requirements of ever expanding food industry and changing social eating preferences. The volume sales of food ingredients, world over, are expected to register a CAGR of approximately 2.7% during 2011-2014.
The major product segments of food ingredients industry include flavors, sweeteners, dairy proteins, cultures, colors, enzymes, and other functional ingredients. The rise in demand for flavors and sweeteners has experienced significant growth in the recent past. With increased consumption of processed food and change in customer preferences, the use of colors and flavors has increased manifold and is expected to further expand in the times to come. Further, the continuing demand for low calorie food would ensure a strong growth in the market for high intensity sweeteners. The important application areas of food ingredients are savory, beverages, dairy, supplements, and bakery products, among others.
When there is general economic development all business activities grow. Growth of food ingredients market is no exception in the wake of global economic development. Further, as global population is on the rise, especially that of middle class, food ingredient market is inevitably growing to meet the increased food requirement. Demand for food ingredients is also fast accelerating to meet the requirements of growing retail food and beverage industry. Moreover, in the present scenario, as people are showing greater concern and focus on health aspects, the food ingredients industry is positively responding by offering solutions addressing this need. However, the industry also faces certain challenges which could dampen its growth prospects. It is established off late, that the numerous food ingredients used in the preparation and preservation of food are also causing health hazards. This is compelling the food ingredient manufacturers to invest in R&D and bring forth non-hazardous ingredients, suitable for use. In addition, the global ingredients industry struggles to meet the challenge of strict regulatory requirements being imposed by authorities world over.
Food ingredients industry is an intensely competitive marketplce with numerous companies operating in the market, ranging from specialist manufacturers to diversified players. Kerry Group is the leading player in the global food ingredients market, offering the broadest portfolio of products. The other significant players include DSM, DuPont, Tate & Lyle, Givaudan, and Chr Hansen, among others.