The Specialty Food Ingredients Market is expected to grow from US$ 141 billion in 2021 to US$ 206 billion by 2028; it is estimated to grow at a CAGR of 5.6% during 2022–2028.
Food products frequently contain specialty food ingredients to boost extra nutrition levels and achieve the appropriate texture and colour. They are also employed as emulsifiers and preservatives. They range from macro-ingredients such certain lipids, proteins, fibres, and carbs to micro-ingredients like minerals, vitamins, and enzymes. Food made with specialty ingredients may also be more palatable, environmentally friendly, secure, and cost-effective. Specialty food components, for instance, can be used to prolong the shelf life of food by inhibiting the growth of microbes that are unwanted or by delaying the chemical processes that cause decomposition. Due to changing consumer behaviours and the rising purchasing power of the middle class, the demand for processed and convenience foods is rising, which in turn increases the need for specialised foods.
The rapid growth of the specialty food ingredients market is primarily attributed to the proliferation of key end-use industries, such as food and beverages, pharmaceuticals, and personal care, and the expanding presence of organized and online retail businesses. Additionally, increased R&D spending for introducing healthier substitutes of existing food and food ingredients is contributing to the market growth.
The growing demand for fresh and high-quality food products is being driven by the rising awareness of health and fitness. As a result, producers of processed food products use enormous amounts of specialist food ingredients. Specialty food ingredients are mostly consumed by the bread and confectionery industry. Food products with nutritional supplements assist consumers balance their busy schedules and nutritional needs.
The introduction of new products and technological advancements is one of the primary strategies implemented by key players in the specialty food ingredients market. Specialty food ingredients are being rapidly adopted by key players in the food & beverages and nutraceuticals industries to provide more suitable and customized food products to meet the continuously evolving consumer demands.
Cargill Incorporated, ADM, DuPont, and Kerry Group are among the key specialty food ingredients market players profiled during the study. Several other major companies were also studied and analyzed during this research study to get a holistic view of the specialty food ingredients market and its ecosystem.
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