Press release
Elevating Taste and Health: Specialty Food Ingredients Market Set to Exceed $240.37 Billion by 2029
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The report forecasts that the specialty food ingredients market is poised to witness robust growth, projecting a notable CAGR of 5.3% from 2022 to 2029, culminating in a valuation of $240.37 billion by the end of the forecast period. This growth trajectory is propelled by several key factors including the expanding applications of specialty food ingredients across various food and beverage segments, surging demand from health-conscious consumers for natural food ingredients, and the widespread adoption of convenience foods. Moreover, new product launches and technological innovations by major market players are anticipated to further fuel market growth. However, stringent government regulations and the high cost of specialty food ingredients may present challenges to market expansion.
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The specialty food ingredients market study offers comprehensive insights by presenting historical market data for 2020 and 2021, estimating current market conditions for 2022, and providing forecasts up to 2029. The market is segmented by type (enzymes, emulsifiers, flavors, colorants, acidulants, specialty starches, sugar substitutes, starter cultures, bulk sweeteners, proteins & amino acids, vitamins, minerals, prebiotics, probiotics, hydrocolloids, essential oils, omega-3 & 6 fatty acids, carotenoids, antioxidants, preservatives, and other food ingredients), source (natural and synthetic), and application (food and beverages). Additionally, the report evaluates industry competitors and analyzes the market at regional and country levels.
Key Highlights:
The enzymes segment is expected to dominate the market in 2022, driven by its extensive utilization across the food industry for various purposes such as stabilizing beverages, enhancing dairy product ripening, improving bread quality, and tenderizing meats.
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The natural segment is anticipated to witness rapid growth during the forecast period, fueled by increasing consumer preference for premium foods, rising demand for clean-label products, and concerns regarding health risks associated with synthetic food ingredients.
The food segment is projected to hold a larger market share in 2022, attributed to shifting consumer lifestyles and preferences towards convenience foods, alongside a growing awareness of health and safety aspects driving demand for specialty food ingredients.
The research study provides a comprehensive analysis of North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. Asia-Pacific is expected to lead the specialty food ingredients market in 2022, driven by rising consumer awareness of the benefits of natural ingredients, increasing demand for packaged foods, and government initiatives promoting specialty food ingredient adoption.
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Key Players:
Major players in the specialty food ingredients market include Givaudan (Switzerland), Naturex (France), Ingredion Incorporated (U.S.), Kerry Group plc (Ireland), Ashland Global Specialty Chemicals Inc. (U.S.), The Archer-Daniels-Midland Company (U.S.), Cargill, Incorporated (U.S.), Koninklijke DSM N.V. (Netherlands), Chr. Hansen A/S (Denmark), Tate & Lyle plc (U.K.), Associated British Foods plc (U.K.), and BASF SE (Germany), among others.
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