Food Contract Manufacturing Market Growth & Trends
The global food contract manufacturing market size is expected to reach USD 272.07 billion by 2030, registering a CAGR of 9.5% during the forecast period, according to a new report by Grand View Research, Inc. Rising demand for manufacturing capabilities from OEMs coupled with increasing requirement of convenience foods and dietary supplements are the factors expected to drive the industry growth.
Food Contract Manufacturing Market Segmentation
Grand View Research has segmented the global food contract manufacturing market based on the service and region:
Based on the Service Insights, the market is segmented into Manufacturing, Packaging, Custom formulation and R&D.
- The manufacturing service led the market and accounted for 66.5% of the global revenue share in 2021. Food companies looking to enhance value and efficiency, production constraints, the rise of e-commerce, and private equity investment have been the key factors in augmenting the industry growth.
- Food contract manufacturers, through their manufacturing as a core service, offer different processes, which include dry blending, spray drying, and extrusion. Some food companies also offer a specific recipe for food processing, which is expected to boost the industry's growth.
- The packaging service for these products majorly involves primary forms of packaging those mainly used to protect the product from contamination. These include stand-up pouches, shrink-wrapping, blister packs, and jars. These manufacturers are also focusing on adding secondary packaging to create a one-stop shop for food manufacturing.
- Custom formulation and R&D are estimated to witness growth at a CAGR of 11.2% from 2022 to 2030, in terms of revenue. Small and medium-scale food companies often do not have a dedicated R&D team to formulate new products or the consumer insights needed to further growth. Food contract manufacturers have the personnel, equipment, and expertise to assist them.
Food Contract Manufacturing Regional Outlook
- North America
- Europe
- Asia Pacific
- Central & South America
- Middle East and Africa (MEA)
Key Companies Profile & Market Share Insights
Major manufacturers are witnessing rapid consolidation across the value chain. Moreover, companies have started providing additional value-added services such as packaging, R&D expertise, and storage, which has triggered industry growth. Moreover, the pandemic is highlighted supply chain issues, which also expected to prompt capacity expansion.
Some of the prominent players operating in the global food contract manufacturing market include,
- Fibro Foods
- Hindustan Foods Limited
- Hearthside Food Solutions LLC
- Nikken Foods
- Christy Quality Foods (CQF)
- De Banketgroep B.V.
- HACO AG
- SK Food Group
- Pacmoore Products Inc.
- Cremica
- Kilfera Food Manufacturers Ltd
- Nutrascience Labs, Inc
- Thrive Foods LLC.
- Orion Food Co., Ltd
- Omni blend
Order a free sample PDF of the Food Contract Manufacturing Market Intelligence Study, published by Grand View Research.
No comments:
Post a Comment