The food inclusions market is expected to grow at a CAGR of 6.9% during the forecast period, with a projected size of USD 18.7 billion by 2027. In 2022, the market was estimated to be valued at USD 13.4 billion. The changing dynamics, owing to the factors such as the changing consumer requirements, industrial investments, R&D, increasing stringency of food regulations, and greater urge among industry players to attain the market leadership position, have led to continuous innovations in product offerings by market players, which are aligned with consumer demand.
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Food inclusions have enabled food & beverage manufacturers to improve organoleptic properties, especially in terms of flavor, taste, texture, and appearance. As a result, mass-marketed products and products such as oats and cereal specifically targeted at health-conscious consumers are gaining significant demand from consumers, owing to their inclusion content. The use of inclusion has also aided product manufacturers in adopting and continuing with their marketing strategies and positioning their products as “healthy” without violating the prevailing norms of food labeling.
Opportunities: Product premiumization, functional food products, and resultant new product development to present growth opportunities
Premiumization of products is gaining global significance, with consumers increasingly willing to spend extra on premium products. The word “premium” is associated with the aspect of “quality” and “indulgence” along with other factors, such as “safety.” Owing to this, consumers prefer to pay that little extra in mark-up price. As the trend of premiumization is on the rise, it presents an opportunity for growth in the range of premium products for food inclusion manufacturers. The category of functional food segments within premium products currently offers significant opportunities for growth in the consumption of food inclusions.
By application, the cereals products, snacks & bars segment is projected to dominate the food inclusions market in the forecasted period.
Food inclusions, with their ability to enhance organoleptic properties and nutritional profile, are ideal ingredients for addition in cereal products, snacks & bars, as they enhance product appeal. Consequently, inclusions are significantly consumed for use in products in this category, as their content has become the Unique Selling Proposition (USP) and core factor of product marketing.
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By region, Europe was the largest regional market for the food inclusions industry.
The European market accounted for the largest share in 2021. The largest market share of Europe can primarily be attributed to factors such as the region's large-scale production and domestic consumption of food inclusions. Moreover, food & beverage manufacturers urge product innovation with the use of novel ingredients to cater to consumer indulgence. The market in the Asia Pacific is projected to grow at the highest CAGR of 9.5%, owing to the rising consumption of inclusions and their innovative usage in line with the flavor profile and other consumer requirements, along with the westernization of diets.
Key Market Players:
Key players in this market include Cargill (US), ADM (US), Barry Callebaut (Switzerland), Tate and Lyle (US), Agrana (Austria), and Taura Natural Ingredients Ltd. (New Zealand).