Specialty Food Ingredients Market to Surpass USD 268.1 billion by 2030

Specialty Food Ingredients Market Report Scope -

The SNS Insider report indicates that the Specialty Food Ingredients Market was valued at USD 169.5 billion in 2022, and it is projected to achieve a market size of USD 268.1 billion by 2030, with a compound annual growth rate (CAGR) of 5.9% expected over the forecast period from 2023 to 2030.

Rapid expansion of key application industries including food and beverages, pharmaceuticals, and personal care, and growing penetration of organized as well as e-retail across the world are primarily fueling growth in the industry. Specialised food ingredients are typically preserved, texture, emulsifying, colour, and help to process and add an extra health dimension to the finished product. In order to guarantee a wide range of processed foods offered to consumers today, they all play a key role. Micro ingredients, such as vitamins, minerals, and enzymes, to macro ingredients, such as specific proteins, fats, carbohydrates, fibres, and other substances. In addition, the demand for products which do not contain additives or synthetic ingredients is a driver of the Specialty Food Ingredients Market. As a result, clean label ingredients using naturally and easily available ingredients have begun to develop.

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Key Players Covered in this market report are:

Naturex
Wild Flavors GmbH
Givaudan
KF Specialty Ingredients
Associated British Foods Plc
Agropur Cooperative
Hansen
Archer Daniels Midland Company
Kerry Group
Tate & Lyle
Cargill Inc.
Ingredion
DSM
Univar Solutions

Market Growth Factors -

Rapid urbanization, fast lifestyles, increasing disposable income and the growing tendency of nuclear families are major market drivers that encourage consumption of prepared RTE food items which do not take much time to prepare or cook. In addition, the need for natural, plant-based speciality food ingredients to create high quality and multifunctional products is increasing as a result of emphasis on health and wellness. In the case of food quantity, the relationship between calorie intake and societal rank has been significantly reversed in this way. cheap, high calorie fast food and ready meals are readily available to people in the majority of industrialized countries. In the industrialized world and beyond, this has resulted in a sharp increase of average body mass index BMI.

Segmentation Analysis -

On the basis of product, in 2023 there was a market share of 58,8 % for Sensory Products. In order to enhance the taste, smell, flavour, and texture of foodstuffs, it is claimed that sensory ingredients are essential. The main driver of product demand is likely to be the growing demand for these ingredients in packaged and convenience foods and confectionery products.

The food and beverage segment accounted for 70% of the market's revenue in 2023, on the basis of application. The growth of the processed food sector, which in turn is likely to drive demand for specialty food ingredients, is due to changing consumer lifestyles and food preferences. Also, increasing consumption of alcoholic and non-alcoholic beverages, especially among the young population, is expected to support industry growth.

Specialty Food Ingredients  Market Segmentation as Follows:

By Product Type
Functional Food Ingredient
Sweeteners
Food Flavors and Enhancers
Acidulants
Preservatives
Emulsifiers
Colorants
Enzymes
Proteins
Specialty Fats and Oils
specialty Starches
others

By Nature
Organic
Conventional

By Application
Food & Beverage
Pharmaceutical
Personal Care
Other

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Key Regional Development -

With a revenue share of 33.9% in 2023, the Asia Pacific region dominated the market. The demand for emulsifiers in the food sector has increased as consumers become more and more interested in convenience foods, thus leading to China being Asia Pacific's biggest market for them. In addition, the expansion of sectors such as food and beverages, pharmaceuticals and cosmetic products that are expected to be key drivers for industry in this country is encouraged by a large population. Europe has become the second largest regional market for speciality food ingredients in 2023; however, growth is expected to be modest over the forecast period. The world's famous cuisine has always been known in Europe and, with changing consumer demand, new recipes are developed on a regular basis.

Key Takeaway's-

Some consumers' identity, especially in advanced economies, is associated with the preference of some foodstuffs and this contributes to their demand for specialized food ingredients. A strong correlation exists between the speciality food ingredient market and the processed food market, with the former conferring functional benefits and the latter providing customized added value to the end user applications. Smart technology is used by global companies that produce speciality ingredients for food.

Recent Developments -

September 2022: In order to acquire First Choice Ingredients, a renowned supplier of dairy based savory flavourings, Royal DSM has agreed to pay USD 453 million. For the taste and functionality of various food applications, First Choice Ingredients creates a clean label, fermented & dairy based savory flavourings.

In 2023, Univar Solutions, the world's largest supplier of specialty ingredients and chemical solutions, announced that it has become a registered distributor for Camlin Fine Sciences aroma ingredients in the United States and Canada. Univar Solutions broadens its offering of food ingredients in North America.

Table of Content - Analysis of Key Points

1. Introduction
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia war
4.3 Impact of ongoing Recession on Major Economies
5. Value Chain Analysis
6. Porter's 5 forces model
7. PEST Analysis
8. Specialty Food Ingredients Market Segmentation, By Product Type
9. Specialty Food Ingredients Market Segmentation, By Nature
10. Specialty Food Ingredients Market Segmentation, By Application
11. Regional Analysis
12. Company Profiles
13. Competitive Landscape
14. Conclusion

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This release was published on openPR.