Specialty Food Ingredients Market Competitive Analysis, Future Growth, Opportunities and Challenges Forecast To 2028

According to The Insight Partners latest market study on "Specialty Food Ingredients Market Forecast to 2028 - COVID-19 Impact and Global Analysis by Type (Functional Food Ingredients, Specialty Starch, Sweeteners, Flavors, Preservatives, Emulsifiers, Enzymes, and Others), Application (Bakery and Confectioneries, Beverages, Dairy and Frozen Foods, Breakfast Cereals, Meat and Meat Products, and Others), and Geography".

The specialty food ingredients market is expected to grow from US$ 141 billion in 2021 to US$ 206 billion by 2028; it is estimated to grow at a CAGR of 5.6% during 2022-2028.

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Cargill Incorporated, ADM, DuPont, and Kerry Group are among the key specialty food ingredients market players profiled during the study. Several other major companies were also studied and analyzed during this research study to get a holistic view of the specialty food ingredients market and its ecosystem.

The rapid growth of the specialty food ingredients market is primarily attributed to the proliferation of key end-use industries, such as food and beverages, pharmaceuticals, and personal care, and the expanding presence of organized and online retail businesses. Additionally, increased R&D spending for introducing healthier substitutes of existing food and food ingredients is contributing to the market growth.

Specialty food ingredients are usually incorporated into food products to offer additional nutrition levels, and provide the desired texture and color. They are also used as preservatives and emulsifying agents. They range from micro-ingredients such as minerals, vitamins, and enzymes to macro-ingredients such as specific fats, proteins, fibers, and carbohydrates. Specialty food ingredients may also make the food tasty, sustainable, safe, affordable, and healthy. For example, specialty food ingredients can be used to extend the shelf life of food by preventing the undesirable growth of microorganisms or by slowing down the chemical reactions that lead to spoilage. The increasing demand for processed and convenience foodstuffs, with the changing lifestyles of people and the growing purchasing power of the middle-class population, boosts the demand for specialty food ingredients.

The surging awareness of health and fitness is further raising the demand for fresh and high-quality food products. Thus, manufacturers are using large quantities of specialty food ingredients in the production of processed food products. The bakery and confectionery sector is a prime consumer of specialty food ingredients. Fortified food products help consumers meet their nutritional requirements amid their hectic schedules.

The COVID-19 pandemic has had a mixed impact on the overall specialty food ingredients market. The imposition of lockdowns led to temporary discontinuation in manufacturing activities, resulting in a decrease in the supply of products, which substantially limited the market. In addition, the disruption in raw material transportation due to travel restrictions adversely impacted the global market. However, with the increased concerns about health and fitness among consumers resulted in a dramatic surge in the demand for products with high nutritional value. This factor has been creating a huge demand for specialty food ingredients.

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