BURLINGAME, Calif.,
July 4, 2024 /PRNewswire/ -- The
global Specialty Food Ingredients Market, valued at
$107.4 billion in 2024, is on a
trajectory of rapid expansion, with projections indicating it will
soar to $155.2 billion by 2031,
growing at a compound annual growth rate (CAGR) of 5.4% from 2024
to 2031, as per a recent report by Coherent Market Insights.
Consumers are increasingly preferring food and beverages that are
seen as healthy and clean label. This is driving up demand for
specialty ingredients that appeal to health-conscious consumers and
support claims related to non-GMO, organic, gluten-free etc.
Ingredients such as prebiotics, plant-based proteins and other
specialty ingredients are seeing strong demand as they allow food
brands to formulate products aligned with consumer interest in
wellness.
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Market Dynamics:
The growth of the specialty food ingredients market is driven by
the rising health consciousness among consumers and increasing
demand for processed and convenience food products. Consumers are
increasingly preferring food products with additional health
benefits which is prompting manufacturers to develop fortified and
enriched food products using specialty ingredients. Furthermore,
changing consumption patterns and improving lifestyles have
increased the demand for convenience food items that contain
specialty ingredients to provide taste and texture.
Specialty Food Ingredients Market Report Coverage
Report
Coverage
|
Details
|
Market Revenue in
2024
|
$107.4 billion
|
Estimated Value by
2031
|
$155.2 billion
|
Growth
Rate
|
Poised to grow at a
CAGR of 5.4%
|
Historical
Data
|
2019–2023
|
Forecast
Period
|
2024–2031
|
Forecast
Units
|
Value (USD
Million/Billion)
|
Report
Coverage
|
Revenue Forecast,
Competitive Landscape, Growth Factors, and Trends
|
Segments
Covered
|
By Product, By
Functional
|
Geographies
Covered
|
North America, Europe,
Asia Pacific, and Rest of World
|
Growth
Drivers
|
• Growing Health
Consciousness
• Rising Incidences of
Food Allergies and Intolerance
|
Restraints &
Challenges
|
• Health-Conscious
Consumers, Ingredient Transparency, Price Volatility, and
Regulatory Compliance
• Supply Chain
Challenges
|
Market Trends:
Clean Label Trend - Consumers are increasingly looking for label
transparency and prefer food products with simple and
easy-to-understand ingredient lists. This has prompted companies to
focus on clean label specialty ingredients to gain consumer
trust.
Plant-Based Ingredients Trend - Growing preference for vegan and
vegetarian diets is fueling the demand for plant-derived specialty
food ingredients like plant proteins, fibers, minerals etc.
Manufacturers are developing dairy-free, meat-free products using
plant-based specialty ingredients to cater to this dietary
trend.
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Market Opportunities:
The food & beverage application segment accounted for the
largest share of over 35% in the global specialty food ingredients
market in 2024. Increasing demand for processed food products with
added health benefits is driving the demand for specialty food
ingredients from the food & beverage industry. Various
specialty ingredients such as emulsifiers, coloring agents, flavors
and binders are increasingly being used in bakery, dairy, snacks
and other processed food products to enhance their nutritional
value, texture and shelf life.
The sensory products segment held the largest market share of
around 30% in 2024 driven by the widespread use of specialty
ingredients that affect food products' appearance, odor and taste.
Companies in the specialty ingredients market are focused on
developing advanced sensory ingredients to enhance flavors and
textures in a wide variety of food applications. For instance, new
multi-functional flavor systems are gaining popularity as they
allow modifying taste profiles as well as textures of foods.
Key Market Takeaways:
The global specialty food ingredients market is anticipated to
witness a CAGR of 5.4% during the forecast period 2024-2031, owing
to the rising health-consciousness among consumers and demand for
clean-label and organic foods.
On the basis of application, the food & beverage segment is
expected to hold a dominant position, accounting for over 35% share
due to high demand from bakery, dairy and other processed food
sectors. Within products, the sensory segment is projected to
dominate with a share of around 30%, driven by the widespread
application of specialty ingredients that enhance flavors, odors
and textures of food products.
On the basis of region, North
America is expected to hold a dominant position over the
forecast period, with a share of over 30%, due to stringent food
regulations and well-established food processing industry in the
region. Europe is also expected to
account for a significant market share.
Key players operating in the specialty food ingredients market
include Naturex, Givaudan, Eli Fried Inc., KF Specialty
Ingredients, Archer Daniels Midland, Tate & Lyle, Ingredion,
Cargill and DuPont. These players are focusing on new product
developments, mergers & acquisitions and expansion strategies
to strengthen their market position.
Recent Developments:
In Nov 2022, Tate & Lyle
launched a new sweetener, Erytesse erythritol. It announced that
through a strategic partnership distribution agreement with a
leading supplier of erythritol, this addition would expand its
ability to help customers deliver on consumer demand for healthier
and sugar and calorie-reduced products.
In Oct 2022, International Flavors
and Fragrance Inc. invested USD 30
million to expand its regional footprint in Singapore. The Nourish, Health &
Biosciences, Scent, and Pharma Solutions business divisions are all
integrated into the new Singapore
innovation center. It is the largest IFF property in the area at
almost 11,000 sq m.
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Market Segmentation
By Product:
- Sensory
-
- Enzymes
- Emulsifiers
- Flavors
- Colorants
- Others
- Functional
-
- Vitamins
- Minerals
- Antioxidants
- Preservatives
- Others
By Application:
- Food & Beverage
-
- Snacks
- Bakery
- Confectionery
- Dairy Products
- Breakfast Cereals
- Frozen Foods
- Meat, Poultry & Seafood
- Baby Food
- Others (Sauces, Dressings & Condiments, etc.)
- Personal Care
- Pharmaceutical
- Others
By Regional:
North America:
Latin America:
- Brazil
- Argentina
- Mexico
- Rest of Latin America
Europe:
- Germany
- U.K.
- Spain
- France
- Italy
- Russia
- Rest of Europe
Asia Pacific:
- China
- India
- Japan
- Australia
- South Korea
- ASEAN
- Rest of Asia Pacific
Middle East:
- GCC Countries
- Israel
- Rest of Middle East
Africa:
- South Africa
- North Africa
- Central Africa
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