As per the recent specialty food ingredient market report by FMI, the overall size of the market in 2022 to be around US$ 85 Billion. The specialty food ingredient market share is set to witness growth at a CAGR of 5% and is anticipated to reach a valuation of around US$ 135.4 Billion by 2032.
Specialty ingredients are the most important items that ensure the safety of a wide range of processed foods. Due to increased application of the product in numerous domains such as food and beverages, the global market value for specialty food ingredients has expanded enormously. US, China, Brazil, and Germany are the major countries driving demand for Specialty Food Ingredients Market. The popularity of on-the-go drinks and the demand for healthy drinks as a desirable class of food options in China, a variety of convenient container forms have emerged.
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The global specialty ingredients market is predicted to increase as a result of the growing population of health-conscious customers and their changing dietary choices. The sales of specialty food ingredients are also growing these days because of their unique traits and features, such as nutritional enhancement, coloring, emulsification, improving shelf life and stability, and preservation. Because of its versatility and wide range of applications, the market for specialized ingredients is rapidly expanding.
Key Takeaways from Market Study
- As a result of people’s expanding knowledge of food quality, specialty foods are surpassing their non-specialty counterparts in practically every category.
- The majority of developed countries, including Germany, have easy access to low-cost, high-calorie fast food and ready meals. As a result, the average body mass index (BMI) in the country has increased.
- The demand for specialty food ingredients market in Europe is expected to grow at 25.7% CAGR between 2022 and 2032.
- Brazil’s expanding consumer purchasing power and desire for innovative, safe, and high-quality food products are well-known.
- China Specialty Food Ingredients market is projected to grow at a CAGR of around 4.9% over the next ten years.
- Due to their high activity, enzymes are used to manage flavor, texture, processing time, shelf life, and the need for fewer chemical additions.
- Natural colorants are anticipated to experience a strong increase in demand during the whole forecast period due to consumers’ increased preference for clean label products.
“To process the ingredients, processing aids, flavor components, and reagents, numerous organic methods have been developed. A noteworthy market trend is the shift in demand for organic foods. The aforementioned elements might immediately affect market expansion. The global market for specialized food ingredients is being driven by rising demand for quick meals, as well as rising income levels and living standards among the expanding urban population.” says a Future Market Insights analyst.
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The global as well as regional specialty food ingredients market is extremely competitive because there are many fully integrated multinationals with well-established distribution and procurement systems all over the world. Around the world, people hold artificially produced food products to lower standards than organic specialty food ingredients. The use of minimal artificially produced substances, strict adherence to regulations, and organic raw material processing methods are the primary causes for worry at the moment.
Some of the leading specialty food ingredients market playersare Evonik, Archer Daniels Midland Company, PPG Industries, KF Specialty Ingredients, Koninklijke DSM N.V., Specialty Commodities Inc., Ingredion Incorporated, Prinova Group, LLC, Naturex, Kerry Group Plc, E. I. Dupont De Nemours and Company, Cargill Inc., Frutarom, Woodland Foods Inc., Tate & Lyle Plc, AmTech Ingredients LLC, Roquette Frères S.A., Vidhi Specialty Food Ingredients Limited, and Sensient Technologies Corporation.
- In 2021, International Flavors & Fragrances declared the completion of its merger with DuPont’s Nutrition & Biosciences Business. Due to the deal and the strategic alliance, the firm is expected to hold leadership positions in the high-value ingredients and solutions for the Food & Beverage, Home & Personal Care, and Health & Wellness markets.
Explore More Valuable Insights
Future Market Insights, in its new report, offers an impartial analysis of the Specialty Food Ingredients market, presenting historical data (2017-2021) and estimation statistics for the forecast period of 2022-2032.
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The study offers compelling insights based on Nature (Organic, Conventional), by Type (Antioxidants, Colorants, Others), by End-use (Food and Beverages, Personal Care, Others), by Distribution Channel (Direct, Indirect), across seven major regions of the world.
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