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GCC Bancassurance Market 2024: Trends, Growth Drivers, and Opportunities
GCC Bancassurance Market 2024
According to The Business Research Company's, The food inclusions market size has grown strongly in recent years. It will grow from $13.46 billion in 2023 to $14.54 billion in 2024 at a compound annual growth rate (CAGR) of 8.1%. The growth in the historic period can be attributed to consumer demand for novelty, taste and texture enhancement, growth in snack industry, premiumization of products, bakery and confectionery industry growth, marketing and branding strategies..
The food inclusions market size is expected to see strong growth in the next few years. It will grow to $19.67 billion in 2028 at a compound annual growth rate (CAGR) of 7.8%. The growth in the forecast period can be attributed to clean label movement, plant-based and alternative proteins, globalization of flavors, focus on sustainability, e-commerce growth, functional ingredients demand.. Major trends in the forecast period include innovations in textures, customized and personalized nutrition, technology-driven innovation, partnerships and collaborations, investments in research and development..
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Market Drivers and Trends:
Rising demand for processed food is expected to propel the growth of the food inclusion market going forward. Processed food is any raw agricultural commodity that has been washed, cleansed, milled, chopped, heated, pasteurized, blanched, cooked, canned, frozen, dried, dehydrated, blended, or packed. It includes the addition of preservatives, flavors, nutrients, and other food additives, as well as ingredients allowed for use in food items such as salt, sugars, and fats. Food inclusions contribute in flavor, texture, fragrance, color, and nutrition to the processed food which makes the product unique, capturing the consumer's attention and distinguishing it from other foods. For instance, in July 2022, according to a report published by the Food and Drink Federation, a UK-based organization that represents and consults food and drink manufacturers, the processed food and drink industry had a turnover of £105bn ($113 bn) in 2020 and a turnover of £112 billion ($120 bn) in 2021, it has increased by 3.4% since 2020 and accounting for 20% of the total UK manufacturing. Therefore, the rising demand for processed food will drive the demand for the food inclusion market.
Product innovations are a key trend gaining popularity in the food inclusion market. Major companies operating in the food inclusion market are advancing toward the use of innovative solutions such as new premium flavors, organic and other products for the food inclusion market. For instance, in October 2022, Macphie Ltd., a UK-based ingredient manufacturer launched five new dessert sauces two new fruit-based options, and three indulgent premium flavors to its o.t.t. dessert toppings line, which is utilized in ice cream shops, restaurants, and bakeries. The newly developed product line features speculoos flavor, as well as milk chocolate and white chocolate dessert toppings with a velvety finish reflecting, and mixed berry, mango, and passionfruit variations that are lower in calories.
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Major Key Players of the Market:
Archer Daniels Midland Company; Agarna Beteiligungs AG; Barry Callebaut AG; Cargill Inc.; Foodflo International Ltd.; Georgia Nut Company Inc.; Kerry Group PLC; Puratos N.V.; Sensient Technologies Corporation; Tate And Lyle Plc.; Taura Natural Ingredients Ltd.; Nimbus Foods Ltd; Trufoodmfg LLC.; Inclusion Technologies LLC; Diana Food SAS; Doehler; Olam International; GEA Group; Pecan Deluxe Candy Company; Sensapure; Fona International; Fruut; Kanegrade; PreGel; Skjodt-Barrett; IBIS Bakery Ingredients; Tree Top; DMH Ingredients; The Scoular Company; Chaucer Foods; Paradiesfrucht; Dawn Foods; Candico
Food Inclusions Market 2024 Key Insights:
• The food inclusions market will grow to $19.67 billion in 2028 at a compound annual growth rate (CAGR) of 7.8%.
• Processed Food Boom Fuels Growth In The Food Inclusion Market
• Product Innovations In Food Inclusion Market
• North America was the largest region in the food inclusion market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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