USA – GPI Global, a leading ingredient supplier, has appointed Richard Davidson as its new chief executive officer.
Davidson takes over from Kenneth Tan, who will transition to the role of chairman of the board.
Despite stepping down from the CEO position, Tan will maintain a stake in the company and continue to oversee areas such as sales, customer relations, and product development.
Tan is set to collaborate with Davidson to expand the company’s portfolio of products and services.
Davidson joins GPI Global from MAFCO, where he previously served as senior vice president of sales, research and development, and marketing.
In a statement, Tan expressed confidence in Davidson’s ability to lead the company into its next phase, emphasizing that Davidson’s vision is in line with GPI’s goal of providing customized ingredient solutions and technical support to food manufacturers.
GPI Global has been leveraging the growing food ingredients market, which surpassed US$335.32 billion in 2023.
Projections indicate the global market will reach around US$511.33 billion by 2032, with a compound annual growth rate (CAGR) of 4.80% during the forecast period.
In 2022, North America accounted for over 46% of the market’s revenue, while Asia Pacific is expected to record the fastest growth between 2023 and 2032.
By product type, sweeteners held the largest market share at 59% in 2022, while the nutrients segment is expected to grow at a CAGR of 6.2% through 2032.
The food and beverages sector continues to dominate applications, generating over 62% of the market’s revenue in 2022.
GPI Global is known for supplying a range of ingredients in the meat and seafood industry across industries, including marinades, plant-based proteins, alternative proteins, extenders, injections, and antimicrobials to the meat sector.
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