Colombia Food Ingredient Market - Segmented by Type, Application and Geography (2017 - 2022)
Colombia food Ingredient market was valued at USD XX billion in 2016and is expected to reach USD XX billion by 2022, registering a CAGR of 6.3 %, during 2017-2022 (the forecast period).
Food additives are used in the food processing industry, for specific purposes such as getting different colour, taste, texture, preservation, and aroma.
MORE PROCESSED FOODS = INCREASED FOOD INGREDIENTS DEMAND
As per the national statistical data, Colombian consumers spent almost USD 337 annually on processed food per capita. International entrepreneurs, especially food manufacturers, are exploring opportunities to develop the Colombian food ingredient market. Along with food manufacturing, the market has a great potential as a various food ingredient trade platform in the global market. Moreover, it has a specific geographical position ingredient production, as well as Free Trade Agreements (FTA) with the United States, Brazil, Mexico, Canada, Liechtenstein, and Switzerland; further, assisting foreign food companies to enter market competitiveness, by accessing tariff preferences of Colombia.
FUNCTIONAL FOOD INGREDIENT DRIVING THE MARKET
The Columbian food ingredients market consists of preservatives, sweeteners, emulsifiers, anti-caking agents, enzymes, hydrocolloids, food flavors & enhancers, food colorants, speciality ingredients, functional food ingredients, nutraceuticals & dietary supplements, coffee, acidulants, fruits, juices, honey, chocolates, meat & poultry, protein, and tea.
The Columbian functional food products market is accelerating at a great pace, owing to the several health benefits possessed by the products.
The rising health concerns, regarding the usage of synthetic ingredients in food, are alarming the food product manufacturers. The growing demand of speciality & functional food ingredient has boosted the market growth. Moreover, expanding processed food sector and rising health awareness, among consumers, are the major driving factors of the market; however, the fluctuating Columbian economic condition is a restraint, as it is affecting the food ingredients’ prices. In Colombia, natural food ingredients accounts for one-third of the total food & beverage ingredients market. Natural and organic products are driving the market growth, owing to their various health benefits, environment friendly and sustainable production.
LARGER INTERNATIONAL TRADE SUPPORT
The Columbian government is in a pact of Free Trade Agreements (FTAs) with many countries, worldwide, for food products’ and ingredients’ export. The countries associated with this pact include Mexico, Canada, Chile, the European Union, Switzerland, Venezuela, Japan, China, Turkey, Panama, Costa Rica, and Israel. Moreover, the Pacific Alliance was formed to promote regional trade in South America, which includes Mexico, Chile, Peru, and Colombia. These countries are the major suppliers of food ingredient in for the Colombian food market. Such tariff agreements are the key drivers for food ingredient trade in South America and the global market. Moreover, these supports and alliances are boosting the food ingredient market in Colombia.
NOTABLE MARKET DEVELOPMENTS
Cargill acquired, Colombian-based, Pollos El Bucanero S.A, to expand its protein business.
Cargill Inc., is anticipated to invest around USD 300 million to USD 500 million in the Columbian food processing sector.
Our Global Food Ingredient Market Report Covers:
Market trends & dynamics
Latest News & developments
Porter’s five force analysis