Specialty Food Ingredients Market By Product Type (Enzymes, Emulsifiers, Flavors, Colorants); By Application (Bakery & Confectionery, Beverages, Dairy & Frozen foods, Meat Products, Functional Foods/Beverages/Dietary Supplements); By Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Market Analysis, Trends, Opportunity and Forecast, 2022-2032
Specialty Food Ingredients Market
The global specialty food ingredients market size was valued at around USD 170.5 billion in 2022 and is projected to grow at a compound annual rate of growth (CAGR) of around 6.8% from 2022 to 2032.The market size is projected to succeed in USD 324.2 billion by 2032.
The specialty food ingredients sector has outnumbered various other sectors of the food and beverage market. Specialty food ingredient are additives or ingredients that are utilized and designed for certain objectives and operations, which differ than those ingredients used in the traditional recipe and which guarantee the wellbeing of a vast range of processed foods by emulsifying, preserving, and improving the nutritional value of these foods.
SFI processing is built on membrane technology, encapsulation technologies (spray drying, fluidized bed coating, chilling, nano-encapsulation, micelles) and other applications of biotechnology. These are of extremely high quality and are used for the production of food products of high value. The advantages of these food products include improved- taste, shelf life, production value, texture, good for health among others and they also enhance sustainability during food processing while increasing efficiency by utilizing optimum quantities of raw materials.
The global specialty food ingredients market is expected to grow at an exceptional CAGR in the next few years to come.
Specialty Food Ingredients Market Drivers
The growth of the market is attributed towards major pertaining factors which include but are not limited to; the increasing global demand for clean label products among the consumers, strong science-based and strong innovation-driven position in the process of food chain, growth in demand for fortified foods, the increasing global demand for processed and packaged foods, shifting consumer demand for organic food coupled with rising preference for natural and exceedingly nutritious processed food items, the increasing purchasing power of consumers along with high demand for convenience food and the growing awareness among consumers about healthy and related food products.
Also, the specialty food ingredients market is a prime contributor in increasing the competitiveness of the complete value chain of the industry as they also prove beneficial in increasing food safety, affordability, and also extending food choices.
Moreover, the globally renowned companies operating in the specialty food ingredients market make use of smart technologies to develop innovative ingredients and solutions. The development of new technologies such as the decaffeination of coffee beans that reduces the gastro-esophageal reflux in both patients and healthy people with reflux disease adds to the increasing importance of functional ingredients, which leads to the growth of the specialty food ingredients market. Furthermore, rising rate of diabetes and obesity in both developed and developing countries prompts the consumers to focus more on healthier lifestyles, in turn propelling demand for health and wellness food ingredients from food and beverage manufacturing companies. This is also driving the global specialty food ingredients market to a great extent.
On a negative note, high cost, limited availability of raw materials, lack of awareness among the developing countries, stricter regulations and legislatives concerning food safety are a few factors which restrain the growth of this market.
Specialty Food Ingredients Market Segmentation
By Product Type
- Specialty sensory ingredients:
- Specialty functional ingredients:
- Bakery & Confectionery
- Dairy & Frozen foods
- Convenience foods
- Meat Products
- Functional Foods/Beverages/Dietary Supplements
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Specialty Food Ingredients Market Regional Insight
The North American region dominates the specialty food ingredients and is also the largest market in this domain. This is mainly attributed to factors such as the high population in the region demanding functional food, growing concerns regarding eating healthier food and magnificent capacity of production, rising rates of obesity and diabetes which influence the consumers to focus more on healthy lives, increasing sales rate due to the rise in awareness regarding food quality, increasing consumption of processed food in countries such as the U.S. and Canada.
The Asia Pacific region is the fastest growing region in this sector owing to the larger demand of clean label and plant based food products among its population, increasing specialty food & beverage consumption in its countries, high population in the region and the increase in their purchasing capacity, several industry players shifting their production bases to the emerging economies such as India, Thailand, and Vietnam owing to the increasing availability of skilled but cheap workforce. The region hosts the largest food processing industry globally. China in this region is also one of the leading exporters of these ingredients and has the highest number of processing and specialty ingredients manufacturing companies.
The European region in the past years held and still holds a significant share in the specialty food ingredients market and is accordingly the second-largest regional market globally. This is attributed to the healthy eating patterns of people in the region, various innovations of new recipes, its world-famous cuisines and increasing investments in Research and Development activities. France, Italy, and Belgium in the region are known to be some of the largest importers of specialty ingredients in the world. The Germany and the U.K also contribute comprehensively because of the presence of reasonable number of processing and confectionery companies in these countries which adds to the production and the overall demand of specialty food ingredients in the region.
Key Players In Specialty Food Ingredients Market
- WILD Flavors Inc.
- Ashland Global Holdings Inc.
- Agropur Dairy Cooperative
- Tate & Lyle
- Archer Daniels Midland Company
- Omega Protein
- Enzyme Supplies
- Axiom Food
- Amano Enzymes
- I. DuPont de Nemours and Company
- Givaudan Flavors
- Ingredion Incorporated
- FDL Ltd
- Crespel & Dieters
- Kerry Groups
- PPG Industries
- Cargill Incorporated
- Naturex S.A.
- Prinova Group LLC
- Cambrian Solutions Inc.
- Advanced Food Systems Inc.
- Specialty Commodities
- Sensient Technologies Corporation
- International Flavors & Fragrances Inc.
- KF Specialty Ingredients
- Other Players
Specialty Food Ingredients Market Recent Developments
- In October 2020, The Board of Vidhi Specialty Food Ingredients approved the appointment of Vidhi Harsh Parekh as the Additional Executive Director of the Company and designated her as the Whole-time Director of the Company for 5 (five) years, w.e.f. 01 November 2020 up to 31 October 2025, subject to the approval of the shareholders of the Company in its ensuing General Meeting.
- In November 2020, Sensient Technologies Corporation announced that it entered into a definitive agreement to sell its fragrance business to Symrise AG. As part of the transaction, Symrise will be acquiring Sensient’s aroma chemical and fragrance compound production facility and headquarters in Granada, Spain. The Company reportedly expects the transaction to be finalized in the first half of 2021, following the receipt of antitrust and regulatory approvals and other customary closing conditions.
Timeline Considered for Analysis:
- 2021: Base Year
- 2022 to 2032: Forecast Period
Research Scope and Deliverables
Overview & Executive Summary
Market Drivers, Trends, Challenges and Opportunities
Market Size and Forecast Projections
Macroeconomic Indicators of Various Countries Impacting the Growth of the Market
Extensive Coverage of Industry Players including Recent Product Launches and Market Activities
Porter’s Five Force Analysis
Market Segmentation Analysis:
Industry report analyzes the global specialty food ingredients market by the following segments:
- Product Type
Customization: We also offers customization’s in the industry report as per the company’s specific needs.
Key Questions Answered in the Global Specialty Food Ingredients Industry Report
- What is the overall market size in 2022? What will be the market growth during the forecast period i.e. 2022-2032?
- Which region would have high demand for product in the upcoming years?
- What are the factors driving the growth of the market?
- Which sub-market will make the most significant contribution to the market?
- What are the market opportunities for existing and entry-level players?
- What are various long-term and short-term strategies adopted by the market players?