Hyderabad, June 28, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled, "Specialty Food Ingredients Market Report (2023 - 2028)", the market is estimated at USD 76.89 billion in 2023, and growing at a CAGR of 5.30% during the forecast period.
The specialty food ingredients industry flourishes by leveraging the broader technological and functional advantages provided by these ingredients, which enhance the overall quality, safety, affordability, nutritional value, and delectability of processed food products.
Report Summary:
| Report Attribute | Details |
| Market Size (2023) | USD 76.89 billion |
| Market Size (2028) | USD 99.55 billion |
| CAGR (2023 – 2028) | 5.30% |
| Study Period | 2018 - 2028 |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Forecast Units | Value (USD Billion) |
| Report Scope | Market Dynamics, Revenue Forecast & Segmentation, Competitive Landscape & Recent Developments, Market Growth, Future Opportunities, and Trends |
| Key Market Drivers | Escalated Demand for Fortified Processed Food |
| Rising popularity of ready-to-cook and ready-to-eat food products drives the global preservatives market. |
Who are the top companies in the Global Specialty Food Ingredients Market?
The specialty food ingredients market exhibits moderate fragmentation, with players adopting development as the most prevalent strategy. This is closely followed by mergers and acquisitions, as well as expansions, which help enhance visibility and expand product portfolios.
In 2023, the below significant players collectively dominated the Specialty Food Ingredients Market with a majority of the market share:
- Cargill Incorporated
- International Flavors & Fragrances Inc.
- Tate & Lyle PLC
- Kerry Group PLC
- Archer Daniels Midland Company
- Koninklijke DSM NV
- Ingredion Incorporated
- Sensient Technologies
- Axiom Foods Inc.
- Novozymes AS
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Key Highlights from the Global Specialty Food Ingredients Market Report:
Rapid Growth in Demand for Fortified Processed Food
- Fortified foods incorporate vital nutrients, improving their nutritional value and assisting in addressing nutrient deficiencies.
- The rising demand for fortified foods is opening doors for manufacturers and driving the need for specialty functional ingredients such as vitamins, minerals, protein, omega 3, and more.
- To cater to the rising demand, manufacturers of food additives and specialty food ingredients adapted the production of organic and fortified additives that can be helpful while developing healthy food products.
North America Holds a Significant Market Share
The rising incidence of health issues and the growing preference for healthier lifestyles have driven the demand for food products with functional and specialty ingredients. Specialty foods are outpacing non-specialty counterparts across various categories, owing to the fortified food trend. The Canadian food specialty ingredients industry has significant potential, particularly in bakery, confectionery, and beverages.
What are the latest developments in the Global Specialty Food Ingredients Market?
- In Nov 2022, Tate & Lyle launched a new sweetener, Erytesse erythritol. It announced that through a strategic partnership distribution agreement with a leading supplier of erythritol, this addition would expand its ability to help customers deliver on consumer demand for healthier and sugar and calorie-reduced products.
- In Oct 2022, International Flavors and Fragrance Inc. invested USD 30 million to expand its regional footprint in Singapore. The Nourish, Health & Biosciences, Scent, and Pharma Solutions business divisions are all integrated into the new Singapore innovation center. It is the largest IFF property in the area at almost 11,000 sq m.
- In Sept 2022, Shiru Inc., a functional ingredient manufacturer, partnered with Puratos to develop and evaluate next-generation egg replacement. The partnership aimed to formulate new ingredient alternatives for plant-based baked foods using Shiru’s protein discovery process. Shiru uses bioinformatics and machine learning to sift through millions of naturally occurring proteins and find a potential functional ingredient.
- In Oct 2022, Roquette launched a new line of organic pea ingredients, including organic pea protein and organic pea starch adapted for non-dairy or alternative meat and specialized nutrition category. The company aimed to cater to the demand of food manufacturers, who are focused on developing products with organic ingredients to cater to consumers’ growing demand for healthy and sustainable food.
Mordor Intelligence has segmented the Specialty Food Ingredients Market based on product type, application, and geography:
- Product Type (Market Size & Forecast based on Value (USD billion), 2018-2028)
- Functional Food Ingredient,
- Specialty Starch and Texturants
- Sweetener
- Food Flavors and Enhancers
- Acidulants
- Preservatives
- Emulsifiers
- Colorants
- Enzymes
- Cultures
- Proteins
- Speciality Fats and Oils
- Food Hydrocolloids and Polysaccharides
- Anti-Caking Agents
- Yeast
- Food-Grade Glycerin
- Application (Market Size & Forecast based on Value (USD billion), 2018-2028)
- Bakery Products
- Beverages
- Meat, Poultry and Seafood
- Dairy Products
- Confectionery
- Fats and Oils
- Dressings/Condiments/Sauces/Marinade
- Pasta, Soup and Noodles
- Prepared Food
- Plant-based Food & Beverage
- Other Applications
- Geography (Market Size & Forecast based on Value (USD billion), 2018-2028)
- North America
- United States
- Canada
- Mexico
- Rest of North America
- Europe
- Germany
- United Kingdom
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Australia
- Rest of Asia-Pacific
- Middle East and Africa
- United Arab Emirates
- South Africa
- Rest of the Middle East and Africa
- South America
- Brazil
- Argentina
- Rest of South America
- North America
In a nutshell, the Mordor Intelligence Market Research Report is a must-read for start-ups, industry players, investors, researchers, consultants, business strategists, and all those who are looking to understand this industry. Get a glance at the Specialty Food Ingredients Market Report (2023 - 2028)
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About Mordor Intelligence:
Mordor Intelligence is a market intelligence and advisory firm. At Mordor Intelligence, we believe in predicting butterfly effects that have the potential to change or significantly impact market dynamics.
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