Specialty Food Ingredients Market by Type (Acidulants, Enzymes, Emulsifiers, Flavors, Preservatives, Functional Food Ingredients, Specialty Starch, Others), Application (Bakery & confectionery, Beverages, Dairy & Frozen Desserts, Sweet & Savory Snacks, Others): Global Market Size Estimates and Forecast (2022–2030)
The market crossed US$ 148 billion mark in 2022 and is expected to hit US$ 226 billion by 2030, recording a CAGR of 5.4% during the forecast period.
Specialty food ingredients market has been significantly growing with increasing consumption of fortified food.
Over the past few years, awareness regarding health and nutrition has increased significantly. Because of hectic work schedules and extended working hours, people cannot concentrate on their health and fitness leading to various health issues such as obesity, diabetes, eye problems, skin problems, etc. Therefore, people are increasingly preferring foods and beverages that offer enhanced health benefits. They are changing their dietary habits and are including fortified foods and beverages. Moreover, leading food industries are taking various steps for food fortification to address nutritional deficiencies across the global markets. For instance, Nestlé underwent a partnership with the HarvestPlus program and agricultural research partners in India for the fortification of its products, such as cereals, to address nutrient deficiencies.
Within the report, the market is segmented into type, application, and geography. By type, the market is segmented into acidulants, enzymes, emulsifiers, flavors, preservatives, functional food ingredients, specialty starch, others. By application, the market is categorized into bakery & confectionery, beverages, dairy & frozen desserts, sweet & savory snacks, others. Geographically, the market is segmented into North America, Europe, Asia Pacific, South & Central America, and Middle East & Africa.
Rising demand for specialty food ingredients in the food & beverages sector to drive market growth
Specialty food ingredients are specially used for color, texture, mixing, and preserving food products. The ingredients also used improve the nutritional properties of the food and processed food. The manufacturers in the specialty food ingredients market are focusing on providing all-natural specialty ingredients that increase the product's shelf-life and enable the manufacturer to label its products as 100% all-natural, addressing consumer demand for clean labels. As the popularity of clean label products is increasing with rising health hazards are associated with synthetic food ingredients.
Rising adoption of preservatives and other function food ingredients in various industries is one of the major factors accelerating the market growth.
The application areas for preservatives and functional food ingredients are bakery & confectionery, beverages, dairy & frozen desserts, etc. Functional food ingredients include minerals, vitamins, amino acids, dietary fibers, and probiotics, among others, that enhance the overall physical state of the human body and reduce the risk of disease progression. They act as an instant source of energy and are usually consumed by sportspersons and athletes. The increased participation of people in sports and fitness activities has also leveraged the demand for functional beverages as they help in improving athletic performance. Moreover, preservatives are used to maintain or enhance the shelf life and quality of food products. Thus, it is one of the major specialty food ingredients used in various industries and is expected to drive market growth.
Recent strategic developments in the specialty food ingredients market
The specialty food ingredients market has undergone several significant developments, and a few of these have been mentioned below:
- In 2020, Cargill Inc. launched a specialty and label-friendly sweetener, C✩TruSweet 01795, with 30% sugar and calorie reduction in beverages and various other food applications for the European market.
- In December 2020, Ingredion announced the launch of pea protein isolate, with an aim to meet increasing consumer demand for protein-rich products and offer a broad range of product portfolio for the customers.
The specialty food ingredients market is driven by several players by implementing strategic activities such as investments, new launches, mergers & acquisitions, and partnerships. ADM, Cargill, Incorporated, Ingredion, DSM, and Kerry Group plc are among the prominent players operating in the market.
Target audience for the report:
- Raw material providers
- Specialty food ingredients manufacturer
- Specialty food ingredients-related associations, organizations, forums, and alliances
- Government bodies, such as regulating authorities and policymakers
- Venture capitalists, private equity firms, and start-up companies
- Application industry of specialty food ingredients industry
- Research institutes, organizations, and consulting companies
Scope of the report:
In this report, the market has been segmented on the basis of:
- Functional Food Ingredients
- Specialty Starch
- Bakery and confectionery
- Dairy and Frozen Desserts
- Sweet & Savory Snacks
- North America
- Asia Pacific (APAC)
- South & Central America
- Middle East & Africa
- Companies profiled
- Cargill, Incorporated
- Kerry Group plc
- Cargill, Incorporated
- Kerry Group plc