The bulk food ingredients market is recording a CAGR of 4.9% during the forecast period (2020 - 2025).
- The market is majorly driven by the evolving lifestyle factors, such as demand for packaged convenience and ready-to-eat foods like confectionery items, biscuits, beverages, chocolates, etc. The robust growth in foodservice retail chains with an increase in the number of eateries and cafes, which purchases a huge quantity of food ingredients from the wholesale supplier has further boosted the market growth. Furthermore, factors such as increasing disposable incomes and rapid urbanization have also increased the demand for processed foods, thus gearing market growth.
- However, factors such as lack of infrastructure facilities and easy bacterial contamination of bulk food ingredients, along with the volatile price fluctuations of bulk food ingredients are expected to restrain the global market growth.
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Europe animal-based food and beverage market is projected to grow at a CAGR of 2.93% during the forecast period (2020-2025).
The growing need for convenience food supported by factors, such as busy lifestyles, changing consumer preferences, and growing demand for ready-to-eat food products (like processed meat and dairy snacks), are expected to drive the demand for the market studied.
Furthermore, innovations in meat processing technologies have led to the introduction of diverse products in the market, thus, ensuring a bigger consumer base. Cheese and pig meats are the preferred animal-based protein sources in the European Union, followed by poultry, milk, and bovine.