Tag: specialty food ingredients market size

Specialty Food Ingredients Market Size, Share Report 2028

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.

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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.

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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)

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Specialty food ingredients market segmentation:

By Ingredient Type

By Distribution Channel

  • Distributors
  • Manufacturers

By Region:

  • North America
  • Europe
  • Asia Pacific
  • South America
  • Rest of the World (RoW)

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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.

Specialty Food Ingredients Market: Size, Revenue, Trends, Research Report

The Specialty Food Ingredients Market is estimated at USD 179.8 billion in 2023 and is projected to reach USD 240.9 billion by 2028, at a CAGR of 6.0%.

The Specialty Food Ingredients Market refers to the segment of the food industry that deals with specialized ingredients used in food processing and manufacturing. These ingredients serve various purposes such as enhancing flavor, improving texture, extending shelf life, fortifying nutritional content, or providing functional properties like emulsification or stabilization. The global specialty food ingredients market size is estimated at USD 179.8 billion in 2023 and is projected to reach USD 240.9 billion by 2028, at a CAGR of 6.0% from 2023 to 2028.

Specialty food ingredients often cater to specific dietary needs or preferences, such as gluten-free, organic, non-GMO, or vegan products. They may also include ingredients used in functional foods and beverages, which offer health benefits beyond basic nutrition.

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The functional food ingredients segment is expected to grow at the highest CAGR during the forecast period

There is an increasing demand for food products that provide functional benefits beyond basic nutrition as people become more health conscious. Functional food components with the potential to improve health include probiotics, prebiotics, antioxidants, and omega-3 fatty acids. They promote cognitive performance, support cardiovascular health, improve digestion, and boost immunity. The market for functional food components is being driven by rising knowledge of these advantages and a desire for preventive healthcare.

Food flavors emerge as a driving force in the specialty food ingredients market

The industry of food is quite competitive, and producers are always looking for ways to distinguish the products they produce. Food flavors are a useful tool for product innovation and distinction. Manufacturers are able to create fresh and appealing food and beverage products that evoke interest in customers by combining distinctive and trendy flavors. Additionally, flavors can be mixed to create unique or customized taste profiles, giving firms the opportunity to stand out from the competition and earn over customers. Food flavors prominence in the market is largely due to their capacity to improve product appeal and distinction.

Specialty Food Ingredients Market Share

  • 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)

Specialty Food Ingredients Market Forecast

  • Increasing Consumer Demand for Health and Wellness Products: As consumers become more health-conscious, there is a growing demand for specialty food ingredients that offer nutritional benefits, such as probiotics, plant-based proteins, and functional ingredients promoting gut health and immunity.
  • Rising Preference for Natural and Clean Label Products: Consumers are increasingly seeking natural, clean label ingredients, free from artificial additives and preservatives. Specialty food ingredients derived from natural sources, organic sources, and non-GMO ingredients are expected to gain traction in the market.
  • Expansion of Specialty Dietary Markets: Specialty food ingredients catering to specific dietary needs, such as gluten-free, vegan, and keto-friendly products, are anticipated to experience robust growth due to the rising prevalence of food sensitivities, allergies, and lifestyle preferences.
  • Technological Advancements in Food Processing: Ongoing advancements in food technology, including novel extraction techniques, fermentation processes, and encapsulation technologies, are driving innovation in specialty food ingredients, enabling manufacturers to develop products with improved functionality, taste, and nutritional profiles.
  • Growing Food Industry and Urbanization: Rapid urbanization, changing lifestyles, and increasing disposable incomes in emerging economies are fueling the demand for convenience foods, ready-to-eat meals, and packaged foods, thereby driving the need for specialty food ingredients for formulation and product differentiation.
  • Expanding Application Scope in Food and Beverage Industry: Specialty food ingredients find applications across a wide range of food and beverage categories, including bakery, confectionery, dairy, beverages, snacks, and convenience foods. The diversification of product offerings and the introduction of novel ingredients are expected to contribute to market growth.
  • Focus on Sustainable and Ethical Sourcing: There is a growing emphasis on sustainability, ethical sourcing practices, and environmental responsibility in the food industry. Specialty food ingredient suppliers are increasingly adopting sustainable sourcing methods, reducing food waste, and promoting transparency in their supply chains to meet consumer preferences and regulatory requirements.

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Global Outlook: Key Players in the Specialty Food Ingredients Market

The specialty food ingredients market is estimated at USD 179.8 billion in 2023; it is projected to grow at a CAGR of 6.0% to reach USD 240.9 billion by 2028. Due to population expansion, specialty food ingredients are experiencing huge demand across the world. Some of the key factors boosting demand for specialty food ingredients are the introduction of new products, increasing consumer preference, and the acceptance of new trends across the globe.

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Specialty Food Ingredients Market Size Estimation

Both the top-down and bottom-up approaches were used to estimate and validate the total size of the specialty food ingredients market. These approaches were also used extensively to determine the size of various subsegments in the market. The research methodology used to estimate the market size includes the following details:

  • The key players in the industry and the overall markets were identified through extensive secondary research.
  • The revenues of the major specialty food ingredient players were determined through primary and secondary research, which were used as the basis for market sizing and estimation.
  • All percentage shares, splits, and breakdowns were determined using secondary sources and verified through primary sources.
  • All macroeconomic and microeconomic factors affecting the growth of the specialty food ingredients market were considered while estimating the market size.
  • All possible parameters that affect the market covered in this research study were accounted for, viewed in extensive detail, verified through primary research, and analyzed to obtain final quantitative and qualitative data.

Food Flavors is one of the Ingredient Types Which Accounted Highest Specialty Food Ingredients Market Share in North America

Food flavors are a dominant ingredient type that has accounted for the highest market share in North America’s specialty food ingredients industry. Several driving factors that influence the region’s need for food flavors can be attributed to its dominance.

Manufacturers operate constantly to set themselves apart from the competition and satisfy shifting consumer tastes. Food flavors offer an essential channel for innovation, enabling producers to launch novel and alluring flavor profiles that pique consumer interest. The demand for food flavors in North America has been encouraged by this need for unique and unusual flavors, which has helped to increase their market share.

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India is One of the Fastest Growing Markets for Specialty Food Ingredients in Asia Pacific

India is one of the most populated nations in the world due to its enormous population. Due to the large consumer base, there is a strong need for a variety of specialty food ingredients market to accommodate varying tastes and preferences. Due to the nation’s economic expansion, the middle class is now larger and has more disposable money. The demand for specialty food components is consequently driven by the rise in interest in premium and specialty food items. There is an increasing need for useful and healthier food options due to consumers increased health consciousness. Specialty food ingredients with distinctive health advantages are becoming more and more popular in the Asia Pacific region. Moreover, the Indian government is making every effort to increase investments in the food processing sector through the Ministry of Food Processing Industries (MoFPI). The government of India has allocated Rs 4,600 crore to the umbrella PMKSY plan till March 2026. One of the largest sectors in India, food processing contributes 32% of the nation’s total food market and is rated fifth in terms of production, consumption, export, and projected growth.



Trends and Innovations Shaping the Future of Specialty Food Ingredients

The specialty food ingredients market size is estimated at USD 179.8 billion in 2023 and is projected to reach USD 240.9 billion by 2028, at a CAGR of 6.0% from 2023 to 2028. The key factor contributing to the growing demand for specialty food ingredients is the increasing consumer awareness and demand for healthier and functional food options. Manufacturers can adapt their products to the changing desires and tastes of consumers through technological developments and innovative product formulations, which is fueling the market’s growth.

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The functional food ingredients segment is expected to grow at the highest CAGR during the forecast period.

There is an increasing demand for food products that provide functional benefits beyond basic nutrition as people become more health conscious. Functional food components with the potential to improve health include probiotics, prebiotics, antioxidants, and omega-3 fatty acids. They promote cognitive performance, support cardiovascular health, improve digestion, and boost immunity. The market for functional food components is being driven by rising knowledge of these advantages and a desire for preventive healthcare.

Food flavors emerge as a driving force in the specialty food ingredients industry in 2023.

The industry of food is quite competitive, and producers are always looking for ways to distinguish the products they produce. Food flavors are a useful tool for product innovation and distinction. Manufacturers can create fresh and appealing food and beverage products that evoke interest in customers by combining distinctive and trendy flavors. Additionally, flavors can be mixed to create unique or customized taste profiles, giving firms the opportunity to stand out from the competition and earn over customers. Food flavors prominence in the market is largely due to their capacity to improve product appeal and distinction.

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US is expected to account for the largest market share in 2023.

The US has a significant, wealthy consumer base with significant purchasing power. American consumers are renowned for their openness to trying out novel goods and experimenting with emerging culinary trends. The need for specialty food ingredients is driven by consumers values for convenience, quality, and diversity in their food options. The demand for a wide variety of specialty ingredients, such as flavors, functional ingredients, and natural additives, is further fueled by the different culinary preferences and multicultural populations. The US market is a leader in specialty food ingredients due to the strong customer demand and considerable purchasing power. According to the USDA Food Processing report of April 2023, in the U.S. market, food processing ingredients hold a significant share of 60 percent. Within this sector, specialty food ingredients play a crucial role in shaping the diverse and innovative landscape of the food industry. As consumers increasingly prefer innovative products, the demand for specialty food ingredients continues to grow, further driving the development and expansion of this dynamic sector.

Major players operating in the specialty food ingredients market report are 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), and Tate & Lyle (UK).