Food Inclusions Market to Grow US$ 18,055.32 million, Globally, by 2028 at 5.7% CAGR, COVID-19 Impact and Global Analysis by The Insight Partners

NEW YORK, Sept. 6, 2021 /PRNewswire/ --  According to new research study on "Food Inclusions Market to 2028 – Global Analysis and Forecast – by Type, Form, and Application," the market is expected to grow from US$ 12,282.65 million in 2021 to US$ 18,055.32 million by 2028; it is likely to register a CAGR of 5.7% during 2021–2028. The market for food inclusions is significantly competitive due to the presence of several regional and local manufacturers and buyers. The market is expected to remain lucrative during the upcoming years due to the widening applications of food inclusions. Food inclusions are used in varied applications, including bakery items, confectionery products, breakfast cereals, beverages, and snacks. Food inclusion manufacturers compete in the global market based on product quality, price, and product differentiation. The market players are investing heavily in their R&D activities to cater to changing consumer preferences and introduce innovative products. The rising demand for food inclusions is expected to broaden during the upcoming years.

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In 2020, Europe held the largest share of the global food inclusions market. The growth of the food inclusions market in Europe is mainly attributed to the region's large-scale production and domestic consumption of food inclusions, which is fueled by food & beverage manufacturers' urge for product innovation with the use of novel ingredients. According to a report published by Food Drink Europe, the food & beverages industry in Europe accounted for ~US$ 1,463.5 billion in 2020, making it one of the largest manufacturing industries in Europe. The growth of this industry is driven by the rising demand for convenience food, frozen food, and RTE meals, which is subsequently boosting the demand for food inclusions. However, Asia Pacific is expected to register the highest CAGR in the market during the forecast period. The high demand for packaged food such as cakes, bread, chocolates, jellies, and frozen desserts is projected to expand the food inclusion market in the region.

Value Addition to Achieve Product Differentiation to Influence Market Growth

The food & beverages industry players must differentiate their products, along with adding value to their existing product line, to sustain market competition. Food & beverage manufacturers identify food inclusions as a time-saving and economical way of bringing innovations in their existing products, as these ingredients can skip the step of formulating an entirely new product recipe. Food inclusions are used as mix-ins in the existing product recipe to achieve an altered texture, color, aroma, or flavor. Food manufacturers use standout colors, shaped inclusions, and indulgent inclusions in their products during Halloween and Easter to achieve product differentiation in the market. In April 2021, Marks and Spencer plc issued a legal complaint against its supermarket rival, Aldi Stores Limited, on the grounds of copyright infringement. Marks and Spencer plc sued Aldi Stores Limited on the claim that the latter's Cuthbert the Caterpillar cake was similar to the former's Colin the Caterpillar cake. However, the only factor differentiating their cakes is the food inclusions used in them. Thus, food inclusions are widely being used to add value and differentiate products from competitors, which is catalyzing market growth.

Food Inclusions Market: Segmental Overview

Based on type, the food inclusions market is segmented into chocolates, fruit and nuts, flavored sugar and caramels, and others. In 2020, the chocolates segment accounted for the largest revenue share. However, the fruits and nuts segment is expected to register the highest CAGR during 2021–2028.

The food inclusions market, by form, is segmented into solid and semi-solid. The solid segment dominated the market in 2020 and is expected to register a higher CAGR during the forecast period.

By application, the market is segregated into dairy and frozen desserts, bakery products, breakfast cereals, chocolate and confectionery products, and others. In 2020, the bakery products segment accounted for the lion's share in the global food inclusions market. However, the breakfast cereals segment is expected to register the highest CAGR during the forecast period.

Strategic Insights

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Impact of COVID-19 Pandemic on Food Inclusions Market

The COVID-19 pandemic has propelled consumers to opt for healthy food products with various functional properties. Additionally, to adapt to the new routine imposed due to lockdown, the consumer's desire for new and innovative products to experience different culinary cuisines is influencing the market trends for food inclusions. Fruits and nuts are expected to witness an increasing demand during the upcoming years owing to the health benefits. Travel restrictions are influencing the flavor trends in food products and beverages as people cannot travel and experience the exotic flavors of different regions and countries. Owing to which, food manufacturers are incorporating exotic flavor ingredients in their products. For instance, Asian-inspired food inclusions such as mocha and taro are witnessing a surging demand among consumers. Therefore, despite the COVID-19 pandemic has had a negative impact on the production and supply of food inclusions, it has positively influenced the product trends in the market.

Food Inclusions Market: Competition Landscape and Key Developments

ADM; AGRANA BETEILIGUNGS-AG; Barry Callebaut; Cargill, Incorporated; Georgia Nut Company; Kerry Group PLC; Puratos; Sensient Technologies; Taura Natural Ingredients LTD; and Meadow Foods are among the key companies operating in the global food inclusions market. The major players in the food inclusions market are focused on strategies such as mergers & acquisitions and R&D to increase their geographic presence and consumer base globally.

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