FOOD PROCESSING INGREDIENT MARKET PROJECTED TO ROCKET TO $71.5BN BY 2030, SAYS NEW REPORT
The food processing ingredient market is set to grow by a third in the next seven years, from $46.47bn in 2021 to $71.54bn in 2030, according to a new report by Verified Market Research.
According to the report, active companies in the markets today include AgriFORCE Growing Systems Ltd. (NASDAQ: AGRI), ADM (NYSE:ADM), Conagra Brands, Inc. (NYSE: CAG), Tyson Foods, Inc. (NYSE: TSN), McCormick & Company, Incorporated (NYSE: MKC).
The report said: “The marketplace for food processing ingredients is being driven by the speedy rise in demand for processed foods among customers everywhere on the planet. Food processing ingredients additionally provide extra health advantages, that is expected to own a considerable impact on food process ingredients. The rising beverage consumption in developed countries is predicted to have a major impact on the Food Processing Ingredient Market.”
“Global market revenue growth is expected to be majorly driven by… preference for healthy merchandise. Business analysis is indicative that rising preference for the superior quality of food products and raising awareness concerning the advantages of processed foods are alternative key factors expected to drive market growth. Food process ingredients change flavour improvement of foods and beverages, at the same time maintaining the nutrition in food and beverages. There has been an increasing demand for processed food things in today’s world. The bakery and confectionery category accounted for the greatest revenue share in the Global Food Processing Ingredient Market among application categories. To address the growing demand for high-quality food, major corporations are investing in the development of creative products that use high-quality ingredients.”
Recent developments are helping to drive growth in the market, including:
A new project from AgriFORCE Growing Systems Ltd, which recently announced the commercialisation of its UN(THINK) Awakened Flour after a successful trial. According to the brand, the “better for you” flour leverages a patent-pending process to produce a tastier, more nutritious, easier-to-digest product and is now launching in Canada and the U.S. The 100% natural patent-pending process to create a gently germinated flour that is more nutritious, easier to digest, and better tasting with two times the protein of regular wheat flour. AgriFORCE’s highly precise sprouting process increases the bioavailability of vitamins and minerals, allowing them to be absorbed by the body, while changing the total amount of fibre in whole grains, helping to improve gut health.
“UN(THINK)’s Awakened Flour has the ability to become the gold standard of sprouted flour,” commented Hernando Ruiz-Jimenez, UN(THINK) Food Co.’s general manager. “Consumers are eager for products that offer enhanced nutritional value and better digestion, and no product currently on the market matches Awakened Flour’s nutritional and flavour profile. We’re thrilled to have the opportunity to begin our relationship with bakeries, restaurants and other B2B customers throughout North America.”
Other recent developments in the markets include:
An announcement from ADM that it has won the Environmental Initiatives category of the 2022 SEAL Business Sustainability Awards for expanding its regenerative agriculture programs supporting farmers across North America.
An announcement from Tyson Foods, Inc. (NYSE: TSN), one of the world’s largest food companies and a recognised leader in protein, stating that it recently delivered record annual sales and earnings performance.
Fiscal 2022 Highlights Were: GAAP EPS of $8.92, up 7% from prior year; Adjusted EPS of $8.73, up 5% from prior year; GAAP operating income of $4,410 million, up slightly from prior year; Adjusted operating income of $4,414 million, up 3% from prior year; Total Company GAAP operating margin and adjusted operating margin of 8.3%; Repurchased 8.2 million shares for $702 million; and Reduced total debt by approximately $1 billion.
“We delivered record sales and earnings for the full year, which was supported by our diverse portfolio and continued strength in consumer demand for protein,” said Donnie King, president and CEO of Tyson Foods. “Our results were supported by historically strong operations in our Beef segment and improved performance in our Chicken segment. We also experienced share gains in both our foodservice Focus 6 categories and retail core business lines, which include our Tyson, Jimmy Dean, Hillshire Farm and Ball Park iconic brands.”
Finally, Conagra Brands, Inc. (NYSE: CAG) also recently announced that it will host a webcast and conference call to review its fiscal 2023 second quarter results on Thursday, January 5, 2023, at 9:30 a.m. ET. The company’s news release will be issued at approximately 7:30 a.m. ET.
A replay of the webcast will be available until January 5, 2024.
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