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).