PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1125973
PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1125973
According to MarketsandMarkets, the food inclusions market size is estimated to be valued at USD 13.4 billion in 2022 and is projected to reach USD 18.7 billion by 2027, recording a CAGR of 6.9% during the forecast period in terms of value. There has been a significant change in the food consumption pattern of consumers. Consumers are becoming more concerned and educated about the products they are consuming across the globe. Consumers are demanding clean label products, products that are free from synthetic ingredients, and demand for more nutritious products is also gaining traction in various countries. Owing to these factors, the demand for food inclusions especially natural fruits and nuts is gaining traction during the forecast period.
"By type, the fruits and nuts segment is estimated to grow at the highest CAGR during the forecasted period."
Fruits and nuts are gaining importance in various applications as consumers are more focused on nutritional content of the food and beverage products. Fruits and nuts segment is finding popularity for the products that are an integral part of the consumer's diet such as bakery products, breakfast cereals, snack bars owing to their nutritional contents and freshness attribute of the fruits. Nuts such as pecan, almond, walnut, hazelnut, pistachio, and peanut are becoming more popular across the globe. As per the source USDA, tree nut consumption increased from 1.38 pounds per person to 3.69 pounds per person between 1970 and 2016. The country's government has launched various programs. The FDA has announced the Nutrition Innovation Strategy, an initiative to make consumers aware of the nutritional values of packaged products by introducing the nutrition fact label. Consumers' increasing awareness of the food intake will boost the food inclusions market during the forecast period.
"By application, cereal products, snacks & bars segment holds the largest share during the estimated year."
The surge in interest for breakfast cereals is creating exciting opportunities for manufacturers. Changing lifestyle and an increasing number of working women is replacing traditional breakfasts with convenience breakfast options which is a combination of both taste and nutrition is getting more popularity across the globe which will increase the consumption of food inclusions in cereal products, snacks & bars. As per the Australian Bureau of Statistics, household proportions in terms of members in a family are continuously changing and the trend of nuclear families is increasing. According to the United Nation's Progress of the World's Women 2019 report, the percentage of single-mother households is rising with the increasing trend of nuclear families in India. As per the report, nuclear families hold around 41.5%, which is the highest percentage of household types in India. Changing lifestyle will drive the consumption of food inclusions in cereal products, snacks & bars application during the forecast period.
"By form, nuts segment is estimated to witness the steady growth rate over the forecast period."
Nuts form are popular among end consumers and largely used in major food & beverage applications, including bakery, chocolate & confectionery products, dairy & frozen desserts, cereal products, snacks & bars, and beverage products. As per the Active Nutrition Survey, 2019, around 79% of consumers have snacked on bars in the last 12 months as the product seems healthier and more nutritious. Similarly, according to the US Snacking Survey, 2018, 65% of the consumers demand a protein drink, while 40% demand snacks with probiotics for digestive health. The COVID-19 pandemic has hugely impacted the eating pattern of consumers across the globe.
"Asia Pacific is estimated to be the fastest growing region over the forecast period. "
The Asia Pacific is estimated to be the fastest growing region in the global food inclusions market in 2021. The countries considered in the Asia Pacific food inclusions market include China, India, Japan, Australia and New Zealand, and the Rest of Asia Pacific.
The immense growth in the processed food industry and the growing consumer demand for convenience food such as bakery products, breakfast cereals, and snack bars in food products are the major factors driving the food inclusions market growth. Other major factors that drive the food inclusions market growth are changes in consumer tastes and preferences; and increasing population density and education level, increasing health awareness of the population, and rising economic status and living standard of people.
The food inclusions market is segmented region-wise, with a detailed analysis of each region. These regions include North America, Europe, Asia Pacific, South America, and RoW (Africa and Middle East).
By Company Type: Tier 1- 30%, Tier 2- 30%, and Tier 3- 40%
By Designation: CXOs- 40%, Manager- 25%, and Executive- 35%
By Region: Asia Pacific- 40%, Europe- 30%, North America- 16%, and RoW- 14%
This report segments the food inclusions market on the basis of type, application, form, and region. In terms of insights, this research report focuses on various levels of analyses-competitive landscape, and company profiles-which together comprise and discuss the basic views on the emerging and high-growth segments of the food inclusions market, high-growth regions, countries, drivers, restraints, opportunities, and challenges.
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