Global Multifunctional Food Ingredients Market set to reach $36.72 billion by 2033 with 7.5% CAGR
From GlobeNewswire: 2024-08-26 16:00:00
The Global Multifunctional Food Ingredients Market is set to grow from USD 17.72 billion in 2023 to USD 36.72 billion by 2033, with a CAGR of 7.5% during the projected period. Multifunctional food ingredients offer multiple benefits to food manufacturers, improving quality, taste, texture, and shelf life. Key ingredients like lecithin and starches act as emulsifiers, stabilizers, and preservatives simultaneously, meeting consumer demand for cleaner labels and quality products.
The hydrocolloids segment dominates the market, enhancing the texture, stability, and mouthfeel of food products. Demand for hydrocolloids is rising due to the popularity of sauces and flavor-enhancing products. The bakery & confectionery products segment is expected to grow rapidly, driven by increasing consumer interest in sweet treats and baked goods. North America leads the market, with extensive adoption of advanced food manufacturing technologies.
Asia Pacific is projected to grow the fastest in the multifunctional food ingredients market, driven by rising demand in countries like the Philippines. Consumers in these emerging markets are seeking convenient and healthy food options, boosting the demand for multifunctional food ingredients. Competitive analysis shows key players like Cargill, Archer Daniels Midland, and Kerry Group leading the market with product innovations and strategic partnerships.
Recent developments include Meala FoodTech raising USD 1.9 million to advance its multifunctional protein platform, focusing on clean-label alternatives for plant-based meats. The market is segmented based on ingredient and application types, with regions like North America, Europe, and Asia-Pacific leading the global market. As consumer preferences evolve, the market for multifunctional food ingredients is expected to continue growing, driven by innovation and demand for high-quality products.
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