欧晰析HarrisWilliams2024年全球配料市场增长趋势与机遇分析报告英文版22页

October 2024The Ingredients LandscapeOur Perspectives on Ingredientsuncommon sense3| © OC&C Strategy Consultants 20241A Large and Growing Market …Robust aggregate market growth in the long term, with the higher-margin value-added subsegments (30-40% market value) growing ~5%; some supply normalization occurring after rapid growth during COVID … With Attractive Structural DynamicsHigh technical or capital requirements to participate; sticky customer relationships, given low share of cost stack, but high criticality (as many ingredients are formulation specified), and economic resiliency result in attractive category fundamentals and high barriers to entryNuanced Subcategory Trends & Growth Hot Spots …Subcategories align differently to evolving consumer trends (e.g., natural, clean label, etc.), resulting in hot spots of growth, while also seeing differing levels of participation from the major scaled players… Leading to Differing Archetype Business Models (and Value Creation Levers)This