The global specialty food ingredients market size is expected to reach USD 144.98 billion by 2030, according to a new report by Grand View Research, Inc., expanding at a CAGR of 5.2% from 2023 to 2030. The rapid growth of the food and beverages, personal care, and pharmaceutical industries, coupled with the rising penetration of organized and e-retail across the world, is expected to fuel the growth of the market.
Specialty Food Ingredients Market Report Highlights
- The sensor product dominated the market with a revenue share of 58.9% in 2022, on account of the increasing demand for processed and convenience foodstuff and a shift in demand for higher nutritious and organic products
- In the functional product segment, hydrocolloids accounted for the largest revenue share in 2022 as they are widely used in many food formulations to improve quality attributes and shelf-life. The two major uses are thickening and gelling agents. As thickening agents, they find uses in soups, gravies, salad dressings, sauces, and toppings while as gelling agents, they are extensively used in products like jam, jelly, marmalade, restructured foods, and low sugar/calorie gels. Thus, it is anticipated to witness robust growth over the forecast period
- The food and beverage application segment led the market in 2022 and accounted for over 70.0% share of the global revenue. The large demand for sugar substitutes, as consumers strive to eat products with less sugar or no-sugar products, is anticipated to drive the food and beverage application segment
- Asia Pacific is expected to register the highest CAGR from 2023 to 2030 on account of the robust growth of the food and beverage industry in Asian countries such as India, China, and Thailand
- The global market is highly fragmented with the presence of large-sized international companies and small- and medium-sized domestic players. Key players are focusing on acquisitions and are increasingly expanding product capacities
Gain deeper insights on the market and receive your free copy with TOC now @: Specialty Food Ingredients Market Report
Speciality food ingredients such as emulsifiers, food enzymes, hydrocolloids and cultures improve the food’s and processed food’s nutritional properties and are used for colour, texture, mixing, and preserving food products. With their technological, nutritional, and health-related functions, they make the food tasty, pleasant to eat, safe, sustainable, healthy, and affordable. Specific categories aligned with better-for-you options, health and wellness, and freshness are growing at the fastest rate. Specialty foods are outpacing their non-specialty counterparts in almost all categories due to the rise in awareness regarding overall food quality. The changing lifestyles, growing urban population, rising economic activities in emerging countries, and increasing penetration of e-retail worldwide are a few macro factors driving the growth. The high penetration of organized retail across the country has also significantly contributed to the large share of specialty food ingredients in the country. Demand for specialty food ingredients continue to observe a stable spike as they are the most preferred essentials when it comes to enhancing texture, flavor, taste, and smell of food products. By application, they are segmented into beverages, sauces, dressings, condiments, bakery, dairy, confectionery, dried processed food, frozen/chilled processed food, sweet and savory snacks, and other applications.
The food and beverages industry is diverse and competitive and is driven by consumers’ demand and preferences for the safety of ingredients and processed foods. Demand for products such as non-GMO, gluten-free, organic, and natural foods has led to the development of products by non-traditional food companies that offer alternatives.
Moreover, consumers give high importance to a balanced diet of high-quality food that has a positive impact on their health. Sugar-reduced products are an important pillar in such a diet as the health risks associated with high sugar intake are very severe. This has also increased the demand for such healthy and natural specialty food ingredients.
Functional food ingredients such as vitamins, minerals, antioxidants, hydrocolloids, prebiotics, amino acids, plant extracts, and carotenoids are the key ingredients of fortified food. The health-conscious population is rapidly expanding in emerging markets, which will drive the demand for the fortification of food. The nutritional consumption differences across regions contribute greatly to the apparent differences in the health of populations across the countries.
These ingredients customarily preserve the texture, enhance color, emulsify, add benefits in processing, and ultimately add a superfluous edge health dimension to the produced food. The health, nutritional, and technological related functions of these products make the diet pleasant for consumption, tasty, safe, healthy, and even affordable. Hence, these advantages associated with specialty food ingredients are expected to be the major driving factors of the industry.
Apart from these benefits, these constituents are considered among the few major options suitable for sustainable processing of foodstuff. These ingredients provide solutions to enhance the efficiency of resources by reducing downstream losses and the entire value chain owing to their extremely effective impact during the storage and processing of food.
Ingredients use almost every valuable component of raw materials, thus improving the efficiency of resources and raw materials. These products optimize the quantity of raw material required during processing, which results in less energy consumption, hence resulting in the reduction of greenhouse gas.
Various organic technologies for the processing of ingredients, nutritional supplements, flavor components, processing aids, and reagents have been formulated in the recent past, which is a major trend expected to drive the demand for these products owing to the shift in consumer demand for organic foodstuff.
Specialty Food Ingredients Market Insights By Region
Asia Pacific region dominated the market. The popularity of convenience food has boosted the demand for emulsifiers in the food industry, making China the largest market for emulsifiers in Asia Pacific. Moreover, the high population in the country supports the expansion of the food and beverage, pharmaceutical, and personal care industries, which are anticipated to act as key drivers for the industry in the country. Europe emerged as the second-largest regional market. However, it is anticipated to witness sluggish growth over the forecast period. Europe has always been known for its world-famous cuisines and with a shift in consumer demand, various innovations of new recipes happen from time to time. North America emerged as the third-largest revenue share. The young generation in the country is focusing on transparency in food ingredients and demanding healthier and natural food products.
Competitive Analysis By Major Producers
The market is highly fragmented with the presence of large-sized international companies as well as small and medium-sized domestic players. Key companies operating in the industry are majorly adopting expansion strategies to expand their manufacturing capabilities and geographical presence. Technologies like blockchain will continue to gain popularity as more food companies become a part of this trend. Some prominent players in the global specialty food ingredients market include:
- Naturex
- Givaudan
- Eli Fried Inc.
- KF Specialty Ingredients
- Ingredion
- Associated British Foods Plc
For More Details or Sample Copy please visit link @: https://www.grandviewresearch.com/industry-analysis/specialty-food-ingredients-market/request/rs1
Grand View Research has segmented the global specialty food ingredients market report on the basis of product, application, and region.
Research Methodology
We employ a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. We utilize a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously.
For Customized reports or Special Pricing please visit @: https://www.grandviewresearch.com/checkout/select-license/specialty-food-ingredients-market
About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S. based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
Contact:
Grand View Research, Inc.
Phone: 1-415-349-0058
Toll-Free: 1-888-202-9519
Email: [email protected]
Web: https://www.grandviewresearch.com