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The food processing ingredients market is projected to be valued at 41 USD Billion in 2018 and is projected to reach 55 USD Billion. The market is growing, due to a rising global awareness toward the consumption of healthy products, and a booming trend of adopting clean labels, which has led to the increase in the demand for natural food processing ingredients. Additionally, a rapid increase in the adoption of processed food products, due to changing lifestyles, an increase in the number of dual-income households, and working women population have led to the growing demand for food processing ingredients.
The food processing industry is projected to expand at a compound annual growth rate of ~11.5% between FY 2018 and FY 2023. This has led to a subsequent market value reaching INR 15,971.9 Bn in FY 2023.
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