The global specialty food ingredients market size is likely to attain over USD 49 billion by the year 2028. Besides, it is likely to project a CAGR of nearly 28% during the forecast years 2021-2028. Food ingredients add color, textures, flavor, functionalities, and nutrients to cooked or processed foods items. Food ingredients are added to processed foods to improve their flavor. The food and beverage industries use specialty food ingredients to improve the taste and flavor of processed foods. Specialty food ingredients are able to meet customer demands because of their distinct characteristics, which include processing aids, nutritional enhancement, preservation, emulsification, and coloring.
Global demand for fortified foods is increasing rapidly. Fortified foods contain functional food ingredients such as vitamins, minerals, antioxidants, hydrocolloids, prebiotics, amino acids, plant extracts, and carotenoids. The health-conscious population is swiftly expanding in emerging markets, fueling demand for food fortification. Differences in nutritional consumption across regions contribute significantly to the apparent differences in population health across countries. The increased demand for fortified foods, is anticipated to further boost the sales of specialty food ingredients.
The growing number of end-use applications, because of the multifunctional characteristics of various ingredients, is anticipated to create opportunities for growth within the specialty food ingredients market. Food processing ingredients such as emulsifiers are mostly utilized in bakery & confectionery, convenience foods, dairy & frozen desserts, and meat products. Emulsifiers are commonly used in, meat products, convenience foods, dairy & frozen desserts, and bakery and confectionery. Colors and flavors are also commonly used in bakery and beverage applications.
The report also emphasizes several distinctiveness of the global specialty food ingredients industry by valuing the market from value chain breakdown. Moreover, the report encompasses numerous qualitative features of the specialty food ingredients industry which comprises market restraints, drivers, as well as key industry opportunities. Furthermore, the report offers an inclusive evaluation of the company profiling along with the market rivalry of local and global vendors.
The specialty food ingredients market has tough competition among the new emerging and pre-established market vendors. Besides, the specialty food ingredients industry vendors are trying to capture the prospective markets to grab a competitive advantage over the remaining industry vendors. To capture the market, market players are forming agreements, acquiring other companies & startups, mergers & acquisitions, partnerships & collaboration, and escalating their business existence.
In terms of application, the market is segmented into beverages, convenience foods, bakery & confectionery, functional foods, dairy & frozen foods, and meat products. The beverages segment hold the maximum market share in 2020 and it is likely to retain its position throughout the forecast years. The growth of this segment is largely ascribed to the shifting consumer preference and growing health awareness.
Asia Pacific region is projected to observe highest growth in the upcoming years. Emerging markets of China, India and Brazil is further anticipated to fuel the global specialty food ingredients market. However, North America is anticipated to dominate the global market in forecasted period due to rising consumption of processed food in the U.S. and Canada.
The major players of the global specialty food ingredients market are Ingredion Incorporated, Kerry Group Plc., Cambrian Solutions Inc., Cargill Inc., Advanced Food Systems Inc., E. I. Dupont De Nemours and Company, Tate & Lyle, Specialty Commodities, Sensient Technologies Corporation, and Koninklijke DSM N.V.
Key Segments of the Global Specialty Food Ingredients Market
Type Overview, 2019-2028 (USD Million)
- F&B Starter Culture
- Functional Food Ingredients
- Sugar Substitute
- Specialty Starches
Application Overview, 2019-2028 (USD Million)
- Convenience Foods
- Bakery & Confectionery
- Functional Foods
- Dairy & Frozen Foods
- Meat Products
Regional Overview, 2019-2028 (USD Million)
- Rest of Europe
- Rest of Asia-Pacific
Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- Rest of South Americ