NEW YORK, March 16, 2023 /PRNewswire/ -- Major players in the specialty food ingredients market are Ingredion Incorporated, Cargill, Tate & Lyle, DuPont Nutrition & Biosciences, Kerry Group, Royal DSM, Sensient Technologies, Givaudan, Archer Daniels Midland, BASF Group, Firmenich, Crespel & Dieters, Evonik Industries, Ashland, Axiom Foods, and Amano Enzymes.
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The global specialty food ingredients market grew from $151.92 billion in 2022 to $162.64 billion in 2023 at a compound annual growth rate (CAGR) of 7.1%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The specialty food ingredients market is expected to grow to $217.18 billion in 2027 at a CAGR of 7.5%.
The specialty food ingredients market consists of sales of vitamins products, minerals, prebiotics, probiotics, hydrocolloidss.Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
The specialty foods ingredients are used to add a specific benefit to the core recipe of a product.Specialty food ingredients have technological and functional advantages which provide consumers with a wide variety of quality, healthy, tasty, safe, and affordable food.
Specialty food ingredients, often known as cleaner ingredients, are used to create high-quality, long-lasting food for human consumption.
North America was the largest region in the specialty food ingredients market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in specialty food ingredients market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The main products in specialty food ingredients are functional food ingredients, sugar substitutes, F&B starter culture, specialty starches, enzymes, emulsifiers, preservatives, and others.Functional food ingredients are consumed by individuals in different forms including high-proteins, superfoods, drinks, and vegetable-rich foods.
Functional food ingredients are the leading specialty ingredients being applied in many ranges of applications, It includes distribution channel such as direct sales and direct sales that are used in raw material such as wheat, rice, maize, and others. Specialty food ingredients are used in beverages, sauces, dressings, condiments, bakery, dairy, confectionery, and others.
The rising consumption of healthy products is driving the growth of the specialty food ingredients market.With a growing demand for healthy food options, the number of health-conscious customers is steadily increasing.
Sustainable and healthy diets are predicted to improve gastrointestinal health, cholesterol control, bone strength, and other health issues among the worldwide population.Specialty food components are used to preserve, color, emulsify, texture, and improve the nutritional value of foods.
For instance, according to a study published by the International Food Infromation Council in 2020, a US-based non-profit organization for health and dietary pattern, 43% of Americans has followed a specific diet or eating pattern as compared to the last year and nearly 1 in every 5 are using a mobile health monitoring device or app to track their calories intake.Moreover, 41% of dieters started consumption of protein from plant sources and plant-based meat and dairy alternatives.
Therefore, the rising consumption of healthy products is expected to propel the growth of the specialty food ingredients market going forward.
Product innovations are a key trend gaining popularity in the specialty food ingredients market.Major players operating in the specialty food ingredients sector are focused on product innovations to meet the consumer demand for sugar substitutes.
For instance, in May 2020, Ingredion Incorporated, a US-based food company launched Erysta which is made from erythritol polyol. Erysta has a sweet flavor profile, unique cooling effect, and contains no calories, allowing producers to make claims about energy and sugar minimization on the packaging.
In July 2021, Orkla Food Ingredients, a Denmark-based food ingredients company acquired Hans Kaspar AG for an undisclosed amount.The acquisition is predicted to bolster Orkla Food Ingredients' position in the ice cream and confectionery ingredients segments.
Hans Kaspar AG is a Switzerland-based company that manufactures specialty food ingredients.
The countries covered in the specialty food ingredients market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The specialty foods market research report is one of a series of new reports that provides specialty foods market statistics, including specialty foods industry global market size, regional shares, competitors with a specialty foods market share, detailed specialty foods market segments, market trends and opportunities, and any further data you may need to thrive in the specialty foods industry. This specialty foods market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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