The specialty foods ingredients are used to add a specific benefit to the core recipe of a product. Specialty food ingredients have technological and functional advantages which provide consumers with a wide variety of quality, healthy, tasty, safe, and affordable food. Specialty food ingredients, often known as cleaner ingredients, are used to create high-quality, long-lasting food for human consumption.
Sizing and Forecast
The specialty food ingredients market size has grown strongly in recent years. It will grow from $162.12 billion in 2023 to $173.73 billion in 2024 at a compound annual growth rate (CAGR) of 7.2%. The growth in the historic period can be attributed to changing consumer preferences, growth in food and beverage industry, increasing awareness of health and nutrition, globalization of food trends, clean label and natural products trend.
The specialty food ingredients market size is expected to see strong growth in the next few years. It will grow to $239.2 billion in 2028 at a compound annual growth rate (CAGR) of 8.3%. The growth in the forecast period can be attributed to rising demand for plant-based alternatives, focus on sustainable and ethical sourcing, innovation in functional foods, customization and personalization in food, expansion of convenience food sector. Major trends in the forecast period include growth in functional and fortified ingredients, expansion of exotic and global flavor offerings, incorporation of clean meat and cultured ingredients, focus on texture and mouthfeel enhancers, development of customized and tailor-made solutions.
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Segmentation & Regional Insights
The specialty food ingredients market covered in this report is segmented –
1) By Type: Functional Food Ingredients, Sugar Substitutes, F&B Starter Culture, Specialty Starches, Enzymes, Emulsifiers, Preservatives, Other Types
2) By Distribution Channel: Direct Sales, Indirect Sales
3) By Application: Beverages, Sauces, Dressings And Condiments, Bakery, Dairy, Confectionary, Other Applications
North America was the largest region in the specialty food ingredients market in 2023. Asia-Pacific is expected to be the fastest-growing region in the specialty food ingredients market share during the forecast period. The regions covered in the specialty food ingredients market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The rising consumption of healthy products is driving the growth of the specialty food ingredients market. With a growing demand for healthy food options, the number of health-conscious customers is steadily increasing. Sustainable and healthy diets are predicted to improve gastrointestinal health, cholesterol control, bone strength, and other health issues among the worldwide population. Specialty food components are used to preserve, color, emulsify, texture, and improve the nutritional value of foods. For instance, in September 2023, according to a report published by the CSIRO, a US-based government agency, Australians got to meet the Australian Dietary Guidelines with beverages, achieving a score of 93 out of 100. Therefore, the rising consumption of healthy products is expected to propel the growth of the specialty food ingredients market going forward.
Key Industry Players
Major companies operating in the specialty food ingredients market report are Cargill Incorporated, Archer Daniels Midland Company, BASF SE, Brenntag AG, Evonik Industries AG, International Flavors & Fragrances Inc., Ajinomoto Co Inc., Kerry Group plc, Koninklijke DSM NV, Ingredion Incorporated, Givaudan SA, Lonza Group AG, Firmenich International SA, Symrise AG, DuPont Nutrition & Biosciences, Dohler GmbH, Novozymes A/S, Ashland Global Holdings Inc., Tate & Lyle plc, Corbion NV, Chr. Hansen Holding A/S, Sensient Technologies Corporation, Balchem Corporation, Naturex SA, Kemin Industries Inc., Frutarom Industries Ltd., Kalsec Inc., Amano Enzyme Inc., Axiom Foods Inc., Crespel & Dieters GmbH & Co KG, FMC Corporation, Wacker Chemie AG, Kewpie Corporation, AAK AB, Rousselot BV, CP Kelco U.S. Inc.
The specialty food ingredients market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
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