The food and beverage industry globally has experienced significant growth over the past few years. This is majorly attributed to the industry's strong developments and innovations, which have further enhanced and strengthened consumption and spending. There has been a marked movement in consumer preferences and demands, which is further indicated by a drive towards premiumization and customization. Manufacturers of a number of food and beverage products are now looking at creating differentiated products, whereby consumer preferences are being accounted for, to create new market opportunities.

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Furthermore, there is a clear shift in food consumption patterns from unprocessed foods to processed and ultra-processed foods. Hectic lifestyles in developed nations have led to a declining trend of cooking and a growing trend of snacking. Consumers are nowadays more inclined to buying processed foods such as bread & cereals, frozen & packaged meals, and processed meat & fish. This has resulted in the growing demand for various types of convenience foods, which, in turn, is expected to drive the consumption volumes of food processing ingredients in the food & beverage industry.