Colombia Food Ingredient Market size is estimated to reach $1.2 billion by 2025 and is poised to grow at a CAGR of 5.29% during the forecast period 2020-2025. A food ingredient is a substance added to food for specific functional purposes during processing, storage, or packaging. These are used as food additives, food enzymes, flavorings and sources of vitamins and minerals. Food ingredients are widely applicable in Beverages, Sauces, Dressings, and Condiments, Bakery, Dairy, Confectionery, Dried Processed Food, Frozen/Chilled Processed Food, and others. The Colombia food ingredients market is growing owing to factors such as changes in consumer lifestyles, increasing demand for prepared and processed foods and beverages, rising consumer health awareness, a growing population of female workers, and increasing disposable income of individuals in the country.
Colombia Food Ingredient Market Segment Analysis - By Type
The Colombia Food Ingredient Market based on Type, can be further segmented into Starch and Texturants, Acidulants, Flavors, Color, Preservative, Emulsifier, Sweetener, Enzymes, and others. The Acidulants segment held the largest share in 2019 owing to the growing demand from food and beverage industry and rising awareness regarding the functional benefits provided by food acidulants. Starch segment is set to be the fastest growing with a CAGR of 5.8% during the forecast period 2020-2025. This is owing to its application in different food and beverage items.
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Colombia Food Ingredient Market Segment Analysis - By Application
The Colombia Food Ingredient Market based on Application, can be further segmented into Beverages, Confectionery, Sauces, Condiments, Bakery, Dairy, Dressings, Dried Processed Food, Frozen/Chilled Processed Food, Sweet and Savory Snacks, and others. The Beverages segment held the largest share in 2019. The Beverage segment is also set to be the fastest growing CAGR during the forecast period 2020-2025. This is owing to the increasing consumption of non-alcoholic beverages in Colombia, which is driving the growth during the forecast period 2020-2025.
Colombia Food Ingredient Market Drivers
Rapid urbanization in Colombia
The rapid urbanization and increasing population density coupled with increasing purchasing power has led to a rapid adoption of prepared foods, which has led to a demand for different food ingredients. Consumers are shifting focus towards healthier products and demanding natural food ingredients, which is estimated to drive the Colombia Food Ingredient market growth over the forecast period 2020-2025.
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Colombia Food Ingredient Market Challenges
High cost of organic food ingredients
Stringent regulations on food additives are projected to hamper the market growth. However, the high cost of naturally sourced food ingredients is acting as a major challenge for the growth of the Colombia Food Ingredient Market during the forecast period 2020-2025.
Colombia Food Ingredient Market Industry outlook:
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Colombia Food Ingredient Market. Key companies of this market DSM, Firmenich SA, Cargill Incorporated, Archer Daniels Midland Company, Barentz International, Dupont, Ingredion Incorporated, Deltagen Group, Associated British Foods PLC, and BASF SE.
Acquisitions/Product Launches:
In May 2020, Archer Daniels Midland Company has entered into an agreement with Marfrig Global Foods to expand plant-based food ingredients in Colombia.
In February 2018, Barentz International has announced the establishment of a Joint Venture with Deltagen Group. This joint venture helped Barentz to expand its business in Colombia.
Key Takeaways
The demand for the Colombia Food Ingredient Market is owing to the rapid urbanization in Colombia.
The high cost of organic food ingredients is estimated to restrain the market growth during the forecast period 2020-2025.
The increase in consumption of non-alcoholic beverages is the major factor contributing to the growth of the market.
Detailed analysis on the Strength, Weakness, and Opportunities of the prominent players operating in the market will be provided in the Colombia Food Ingredient Market report.
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