The food inclusions market is estimated at USD 10.74 billion in 2018. It is projected to reach USD 15.78 billion by 2023, at a CAGR of 8.0%. The growth in the food inclusions market is attributed to functional properties of food inclusions along with enhanced product appeal; clean label, non-GMO and allergen-free inclusions; and taste trends and responsive development of new flavor profiles offering new avenues for growth. The chocolate segment is projected to dominate the food inclusions market through the forecast period. The market for chocolate inclusions is largely driven by its flavor popularity and consumer inclination toward chocolate components in food products such as confectionery, ice cream, bakery, dairy, beverages, frozen desserts, and cereal products.
The years and periodization considered for the study are as follows:
- Base year: 2017
- Beginning of the projection period: 2018
- End of the projection period: 2023
The food inclusions market, by application, was dominated by cereal products, snacks, and bars in 2018. Food inclusions, with their ability to enhance organoleptic properties and nutritional profile, are ideal ingredients for addition in cereal products, snacks, and 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 factors of product marketing.
The nut form of food inclusions is projected to grow at a higher CAGR between 2018 and 2023. Nuts 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. Furthermore, the addition of nuts not only adds to the flavor and texture but significantly contributes toward the nutritional aspects of food & beverage products, which drives the growth of nut form in the food inclusions market.
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The Asia Pacific region is projected to be the fastest-growing market for food inclusions over the next five years, owing to an increase in overall economic growth, with diversity in income levels, technology, and demand from end consumers leading to enhanced scope for future growth. The main countries contributing significantly toward the growth of the market in this region are China, Japan, and Australia & New Zealand. China has always been a huge consumer base for food products, due to its large population base. The increasing purchasing power of consumers, due to the economic development in China and the influence of the Western culture on the Chinese urban middle-class, has led to an increase in demand for high- & premium-quality food products.
In this region, countries such as China and Japan are expected to account for a major share of the market. India is projected to be one of the fastest-growing markets for food inclusions in the Asia Pacific region.
This report studies the marketing and development strategies, along with the product portfolios of leading companies such Cargill (US), ADM (US), Barry Callebaut (Switzerland), Kerry (Ireland), Tate & Lyle (UK), AGRANA (Austria), Sensient Technologies (US), Puratos Group (Belgium), SensoryEffects (US), Taura Natural Ingredients (New Zealand), Georgia Nut Company (US), Inclusion Technologies (US), Nimbus Foods (UK), IBK Tropic (Spain), TruFoodMfg (US), FoodFlo International (New Zealand), and Confection by Design (UK).