Specialty Food Ingredients Market Growth, Key Players Analysis, and Forecast by 2031

The specialty food ingredients market is expected to grow from US$ 141 billion in 2021 to US$ 206 billion by 2031; it is estimated to grow at a CAGR of 5.6% during 2022–2031.

The food processing industry has been flourishing rapidly with the rising demand for high-quality, nutritional food products due to the hectic lifestyles of consumers. Furthermore, an increase in demand for fortified food products is encouraging food manufacturers to incorporate specialty food ingredients in food processing to enhance the nutritional value of final products.

MARKET DYNAMICS

Specialty food ingredients are usually incorporated into food products to offer additional nutrition levels and provide the desired texture and color.  They are also used as preservatives and emulsifying agents. They range from micro-ingredients such as minerals, vitamins, and enzymes to macro-ingredients such as specific fats, proteins, fibers, and carbohydrates. These ingredients make the food pleasant to eat, sustainable, safe, affordable, and healthy. The increasing demand for processed and convenience foods is driving the demand for specialty food ingredients.

MARKET SCOPE

The "Global Specialty Food Ingredients Market Analysis to 2031" is a specialized and in-depth study with a special focus on market trend analysis. The report aims to provide an overview of the specialty food ingredients market with detailed market segmentation. It provides key market statistics based on the performances of leading market players, and highlights key trends and opportunities in the market.

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MARKET SEGMENTATION

The specialty food ingredients market is segmented on the basis of type and application. In terms of type, the market is segmented into functional food ingredients, specialty starch, sweeteners, flavors, preservatives, emulsifiers, enzymes, and others. Based on application, the specialty food ingredients market is segmented into bakery and confectioneries, beverages, dairy and frozen foods, breakfast cereals, meat and meat products, and others.

REGIONAL FRAMEWORK

The report provides a detailed overview of the industry, including both qualitative and quantitative information. It provides an overview and forecast of the global specialty food ingredients market based on various segments. It also provides market size and forecast estimates from 2021 to 2031 with respect to five major regions, namely, North America, Europe, Asia Pacific (APAC), the Middle East and Africa (MEA), and South America. The market in each region is further segmented into respective countries and segments. The report covers an analysis and forecast of 18 countries, along with current trends and opportunities prevailing in the region.

North America dominated the specialty food ingredients market in 2021. The rapid surge in the prevalence of obesity and diabetes is encouraging people to consume foods with high nutritional value, which is fueling the specialty food ingredients market. Additionally, consumers are highly inclined toward convenience food products loaded with nutrients amid their busy lifestyles; thus, manufacturers catering to the market in this region are incorporating specialty food ingredients in their food products. Furthermore, increasing awareness regarding the health benefits of specialty food ingredients, changing dietary habits, and rising per capita incomes are a few of the factors supporting the growth of the specialty food ingredients market across North America. 

Source: The Insight Partners Analysis

The report analyzes factors affecting the specialty food ingredients market from the demand and supply sides. Further, it evaluates market dynamics, i.e., drivers, restraints, opportunities, and future trends, influencing the market progress. The report also provides an exhaustive Porter's Five Forces analysis of the market.

IMPACT OF COVID-19 PANDEMIC

The COVID-19 pandemic has had a mixed impact on the overall specialty food ingredients market. The imposition of lockdowns led to temporary discontinuation in manufacturing activities, resulting in a decrease in the supply of products, which substantially limited the market. In addition, the disruption in raw material transportation due to travel restrictions adversely impacted the global market. However, with the increased concerns about health and fitness among consumers resulted in a dramatic surge in the demand for products with high nutritional value. This factor has been creating a huge demand for specialty food ingredients.

In 2021, the specialty food ingredients market witnessed growth as governments of various countries announced relaxations in several restrictions, including lockdowns. Manufacturers resumed their operations at full capacity, which helped them bridge the demand and supply gap. Many manufacturers expanded their production capacities to meet the rising consumer demand for food products with high nutritional values, which favored the specialty food ingredients market.  

MARKET PLAYERS

The reports highlight key organic and inorganic growth strategies in the specialty food ingredients market. Organic growth strategies adopted by market players include product launches, product approvals, and patents and events. Further, the inorganic growth strategies witnessed in the market include acquisitions, partnerships, and collaborations. These activities have paved the way for the expansion of businesses and customer bases of market players.

The report on the specialty food ingredients market presents the profiles of key companies in this market, focusing on their SWOT analysis and market strategies. The company profile section focuses on leading industry players with information such as components and services offered, financial information for the last 3 years, and key development in the past 5 years. The list of a few companies engaged in the specialty food ingredients market is given below:

• Naturex
• Givaudan
• KF Specialty Ingredients
• Ingredion
• Associated British Foods Plc
• Kerry Group
• Agropur Cooperative
• Ashland Inc
• Archer Daniels Midland Company
• Cargill Inc

The dedicated research and analysis team at The Insight Partner consists of experienced professionals with advanced statistical expertise. The team also offers various customization options in the existing study.

Specialty Food Ingredients Report Scope