In terms of revenue, the Global Specialty Food Ingredients Market is expected to reach USD 200.2 Billion by 2028, growing at a Compound Annual Growth Rate (CAGR) of 5.5% from 2022 to 2028.
Specialty ingredients play a crucial role in the safety of many processed foods. Various macronutrients, including carbs, fibers, fats, and different types of proteins, as well as micronutrients like vitamins, enzymes, and minerals, all perform several functional activities that improve the quality and flavor of the diet. Specialty food components contribute to the production of healthier foods by enhancing color, emulsifying, preserving texture, and elevating processing. Such items' nutritional, technological, and health-related features make the diet suitable for consumption—safe, delectable, economical, and healthful. Therefore, these advantages of Specialty Food Ingredients will encourage industry expansion on a global scale.
Key Highlights from Report:
- The Food Flavors category, of the Types segment, is expected to register significant growth in the market during the forecast period. The Small & Medium Enterprises (SMEs) segment is anticipated to propel the growth of the Specialty Food Ingredients Market during the forecast period. Global demand for ready-to-eat meals and fast food is rising, a major factor driving the Food Flavorsegment market. The development of new flavors, innovative technology, and significant investment in Research and Development (R&D) operations are additional drivers supporting the market for food flavors. Due to increased health consciousness, utilizing natural tastes is a rising trend.
- The Beverage sector is estimated to dominate the market in 2021. The global market has always been a source of inspiration for the Beverage sector, which is still growing. The packaged food and RTE meal industries are expanding, which bodes well for the global market. Additionally, the expansion of the Specialty Food Ingredients Market is fuelled using meal replacement supplements like shakes and smoothies.
- North America is estimated to register a significant share in the market during the forecast period. The need for emulsifiers in the food sector has increased due to the popularity of convenience foods, making the United States the largest market in North America. The nation's large population also encourages the growth of the food and beverage, pharmaceutical, and personal care sectors, which are predicted to be major drivers of the industry in the nation.
Specialty Food Ingredients are substances added to food and drinks to improve the flavor or boost the nutritional content of the meal or beverage. The sector of processing food and beverages relies heavily on Specialty Food Ingredients. Today's population has developed a busy lifestyle and a stressful schedule, which presents a big opportunity for the market for Specialty Food Ingredients. People balance their personal and professional obligations. They are seeking quick meals that don't skimp on flavor or nutrients. Scientific advancements, shifting consumer food consumption habits, an ever-increasing population, booming food, and beverage industries that lead to the use of Specialty Food Ingredients, and significant investments in research and development to innovate and develop healthier alternatives are some of the key factors that are anticipated to be a growth opportunity for the Global Specialty Food Ingredients Market.
North America is estimated to hold a significant share in the market by 2021. The changing needs of consumers are forcing the food industry to assess the business environment, increase its focus on innovations, and create new goods, which will result in North America becoming a sizable market in the next years. Consumers in the nation pay close attention to the labels on food goods to determine whether they are made in Canada, according to the Canadian Food Inspection Agency.
The Global Specialty Food Ingredients Market is Segmented as follows:
- Food Flavors
- F&B Starter Cultures
- Functional Food Ingredients
- Specialty Starch
- Sugar Substitutes
- Distribution Channels
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
A list of the Key Players of the Global Specialty Food Ingredients Market is:
Cargill Incorporated (US), ADM (US), DuPont (US), Ingredion (US), Kerry Group (Ireland), DSM (Netherlands), Chr. Hansen (Denmark), Sensient technology corporation (US), Tate & Lyle (UK), Givaudan (Switzerland), Biocatalysts (UK), Omega Protein (US), Enzyme Supplies (UK), FDL Ltd (UK), Nutriati (US), Crespel & Dieters (Germany), Axiom Food (US), Amano Enzymes (Japan), Amco Proteins (US), Aminola (Netherlands)
The Global Specialty Food Ingredients Market Scope can be Tabulated as below:
|Market Size Provided for Years||2016-2028|
|Regions & Counties Covered||
|Report Coverage||Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis|