The global specialty food ingredients market is projected to reach USD 179.8 billion by 2023 from USD 240.9 billion by 2028, at a CAGR of 6.0% during the forecast period in terms of value. The specialty food ingredients market has witnessed significant growth and established its dominance in the global food industry. Specialty food ingredients are expanding significantly on a global scale due to several factors. These include a variety of additives, flavors, sweeteners, colors, functional ingredients, and other components that improve the overall quality, taste, and nutritional profile of food and beverage items.
What are specialty food ingredients?
Specialty food ingredients refer to unique and high-quality ingredients that are used in the food and beverage industry to enhance the flavor, texture, appearance, or nutritional profile of a product. These ingredients are often chosen for their specific characteristics and may not be commonly found in everyday recipes. Specialty food ingredients play a crucial role in creating distinctive and premium food products, setting them apart from standard offerings.
In addition to enhancing the sensory aspects of food, specialty ingredients may also serve functional purposes, such as improving shelf life, stability, or nutritional content. As consumer demand for diverse and unique food experiences continues to grow, the use of specialty food ingredients has become more prevalent in both artisanal and mainstream food production.
Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=252775011
Specialty Food Ingredients Market Growth Drivers:
- Changing Consumer Preferences: Consumer preferences are shifting towards healthier and more diverse food options. Specialty food ingredients cater to this demand by offering functional and nutritional benefits.
- Rising Health Awareness: Increasing awareness about health and wellness is prompting consumers to choose food products with specific health benefits. Specialty ingredients, such as probiotics, prebiotics, and functional fibers, are gaining popularity due to their positive impact on health.
- Innovation in Product Development: Ongoing research and development efforts in the food industry lead to the creation of innovative products with unique flavors, textures, and nutritional profiles. Specialty ingredients play a crucial role in these advancements.
- Clean Label Trends: Consumers are becoming more conscious of the ingredients in their food, leading to a preference for clean-label products. Specialty ingredients that are perceived as natural, organic, and free from additives contribute to this trend.
- Globalization of Food Supply Chains: The globalization of food supply chains has increased the accessibility of diverse and exotic ingredients. Specialty ingredients from different regions and cultures are now more readily available, contributing to the diversity of food products.
- Increasing Disposable Income: As disposable incomes rise, consumers are willing to spend more on premium and specialty food products. This has a positive impact on the market as it allows for the production and consumption of higher-value food items.
- Rise in Food Intolerances and Allergies: The growing awareness of food intolerances and allergies has led to an increased demand for specialty ingredients that cater to specific dietary needs, such as gluten-free, dairy-free, and nut-free alternatives.
- Functional and Fortified Foods: Consumers are seeking foods that not only provide basic nutrition but also offer additional functional benefits. Specialty ingredients, such as vitamins, minerals, and bioactive compounds, contribute to the fortification of food products.
- Technological Advancements: Advances in food processing technologies allow for the incorporation of specialty ingredients into a wider range of products without compromising taste or quality. This has expanded the market for specialty food ingredients.
Make an Inquiry: https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=252775011
Specialty Food Ingredients Market Challenges:
- Lack of consistency in regulations about various ingredients
- Increase in competition due to presence of low-cost ingredients
- Growth in pressure on global resources and need to tap new raw materials
Specialty Food Ingredients Market Leading Players:
- ADM (US)
- DSM (Netherlands)
- International Flavors & Fragrances Inc. IFF (US)
- Kerry Group plc. (Ireland)
- Givaudan (Switzerland)
- Cargill, Incorporated (US)
- Sensient Technologies Corporation (US)
- Ingredion. (US)
- Chr. Hansen Holding A/S (Denmark)
- Tate & Lyle (UK)
- Amano Enzyme Inc. (Japan)
- Biocatalysts (UK)
- Enzyme Supplies (UK)
- Roquette Freres (France)
Request for Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=252775011
Specialty food ingredients market segmentation:
By Ingredient Type
- Specialty Starches
- Sugar Substitutes
- Functional Food Ingredients
- Emulsifiers
- Acidulants
- Food Colors
- Food Flavors
- Enzymes
- F&B Starter cultures
- Preservatives
By Distribution Channel
- Distributors
- Manufacturers
By Region:
- North America
- Europe
- Asia Pacific
- South America
- Rest of the World (RoW)
Get 10% Free Customization on this Report: https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=252775011
Recent Developments:
- In March 2023, ADM launched the Knwble Grwn brand to provide consumers with wholesome, plant-based food ingredients that are sustainably sourced. Knwble Grwn products are produced by small or underrepresented farmers using regenerative agricultural practices that help to protect the environment. The new brand complements ADM’s other sustainability initiatives.
