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Specialty Food Ingredients Market is Anticipated to Touch USD 211 billion by 2027, Expanding a 5.7% CAGR till 2027 | Size, Industry Analysis & Forecast

09-16-2022 03:41 PM CET | Advertising, Media Consulting, Marketing Research

Press release from: GMI Research

Specialty Food Ingredients Market

Specialty Food Ingredients Market

Specialty Food Ingredients Market

The Specialty Food Ingredients Market is predicted to reach USD 211 billion by 2027, growing at a CAGR of 5.7% over the forecast period (2020-2027).

For Additional Insights, Click to Access Complete Report - https://www.gmiresearch.com/report/specialty-food-ingredients-market-size-analysis-industry-research/

The factors driving the growth of Specialty Food Ingredients Market includes growing demand for convenient food products around the world, rising consumers inclination towards adopting healthy diets and rising preference for clean labelled products. According to the report published by Statista, the Convenient Food Market in India is calculated around USD 57.56 billion in 2022 and the Market volume is expected to reach 20,113.2mkg by 2027, growing at a CAGR of 9.55% over the forecast period (2022-2027), which will accelerate the Specialty Food Ingredients Market size in the approaching years. Moreover, rise in the prevalence of chronic diseases such as obesity and diabetes, technological advancements in the food ingredient manufacturing, increasing investments by leading players on research and development and rapid urbanization, are some of the additional factors supplementing the market growth.  As per the World Health Organization (WHO), the prevalence of obesity worldwide has tripled between 1975 to 2016, over 1.9 billion adults were overweight in 2016, around 2.8 million people die every year due to obesity, which is pushing consumers to adopt healthy lifestyles.

However, the growth of Specialty Food Ingredients Market is hindered due to synthetic ingredients used in specialty food ingredients.

The major players operating in the market are Ingredion Incorporated, Sensient Technologies Corporation, Kerry, DuPont, GIVAUDAN, Tate & Lyle, Cargill, Incorporated, ADM, DSM, and CHR. HANSEN, among others.

Based on Type, the Enzymes segment is expected to grow at a significant CAGR during the forecast period

Increasing use of enzymes in the bakery products because it enhances the flavor and texture of chemical additives, is responsible for the segment's growth.

Based on Application, the Beverages segment is estimated to expand at a remarkable CAGR over the forecast period

Specialty ingredients reduces the sugar content and provides nutritional value to the beverages, are propelling the growth of the segment.

Based on Region, the Asia-Pacific region is anticipated to capture the largest market share during the forecast period

Growing demand for functional food ingredients such as specialty enzymes and proteins, rising popularity of fortified food products, increasing prevalence of chronic diseases, rapid urbanization and high population growth rates, are some of the important factors augmenting the market growth in Asia-Pacific.

Key Development

In 2020, Cargill, Incorporated launched a new sweetener C TruSweet 01795 to cater consumers demand for label-friendly and reduced sugar alternatives in Europe.
In 2019, DSM launched BakeZyme product, which will help in meeting the changing demand of the consumers
In 2020, Kerry introduced 13 new plant-based protein ingredients made form pea, rice, and sunflower under its product line known as Hyprol and ProDiem.

Market Segmentation

Segmentation by Type

Functional Food Ingredient
Specialty Starch and Texturant
Sweetener
Preservative
Colorants
Enzymes
Others

Segmentation by Application

Beverages
Sauces, Dressings, and Condiments
Bakery
Dairy
Confectionery
Processed Food
Others

Specialty Food Ingredients Market by Region

Asia Pacific
China
Japan
India
Rest of APAC

North America
United States of America
Canada

Europe
United Kingdom
Germany
France
Spain
Rest of Europe

RoW
Brazil
South Africa
Saudi Arabia
UAE
About GMI Research

GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.

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Contact Person: Sarah Nash
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