Published Date : 05 Apr 2024
The global specialty food ingredients market size exceeded USD 180.54 billion in 2023 and is predicted to be worth around USD 323.62 billion by 2032, expanding at a CAGR of 6.70% from 2023 to 2032.
The specialty food ingredients market provides substances that are added to drinks and food to improve the flavor and enhance the nutritional value of the beverages and meals. Specialty food supplements are used particularly for food texture, blending, preservation, and food coloring. The nutritional value of the food and processed food is improved by the specialty food ingredients.
The rising requirement for specialty food ingredients is thought to be the cause of the increasing need for processed foods and convenience foods. Using specialty food ingredients, a wide variety of higher-quality, delectable, secure, and healthy foods are produced. They range from micro-ingredients like enzymes, vitamins, and minerals to macro-ingredients such as fiber, carbohydrates, proteins, fats, and other ingredients.
In addition, the specialty food ingredients are enhanced by the requirements for products that are free from supplements and artificial ingredients. This has led to the development of clean food ingredients that use simple and natural ingredients.
North America dominated the specialty food ingredients market in 2023. In North America, there is high demand for specialty food ingredients. This country includes Canada and the U.S. The United States markets will grow higher in the upcoming years due to the increasing use of soft drinks, energy drinks, meat, chips, snacks, baked goods, bread, and juices that motivate the usage of acidulants.
In the specialty food category, functional beverages are the fastest growing. Sales of barbecue sauces and pasta have also been growing rapidly. The growth in specialty food products also occurs across all age groups, from 18 to 24 years old, who purchase more specialty foods. Another factor boosting the rising sales in the market is that youngsters are making meals at home on a more regular basis and, hence, are also likely to increase sales of specialty food items.
Europe region is estimated to grow fastest in the forecast period. It is the second largest country in the specialty food ingredients market. European countries include France, the UK, and Germany. In Europe, specialty food ingredients have functional and technological advantages and are necessary for supplying today’s customers with a wide range of qualitative, affordable, healthy, safe, tasty, and sustainably produced food.
European specialty food products combine trusted experts and credible science to provide cutting-edge data to policymakers about the many functional and health advantages relating to specialty food products. As the food industry is the most regulated environment, European specialty food products are dedicated to creating a safe and positive field to help foster innovation. These are the major factors in Europe that may enhance the market growth.
| Report Coverage | Details |
| Market Revenue in 2023 | USD 180.54 Billion |
| Projected Forecast Revenue by 2032 | USD 323.62 Billion |
| Growth Rate from 2023 to 2032 | CAGR of 6.70% |
| Largest Market | North America |
| Base Year | 2022 |
| Forecast Period | 2023 to 2032 |
| Regions Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
Driver
Increasing global population
The increasing global population is driving the growth of the specialty food ingredients market. The demand for food products that address various dietary needs, health concerns, and tastes is increasing with the world population. Specialty food ingredients are important to meeting these variable needs because they supply value-added and creative solutions. There are now opportunities for specialty food ingredients that provide special flavors, nutritional profiles, and textures to assist a range of customer preferences because of the increasing needs. Therefore, the increasing global population enhances the growth of the market.
Profits of specialty food ingredients
Specialty food ingredients play an important role in the formation of several food products in the modern lifestyle. The community norms and practices that rule daily existence have undergone important transformations during the past few years. Engagement in additional activities has reduced the duration of individuals assigned to the kitchen.
The implementation of specialty food ingredients, in combination with developments in food technology, has facilitated the systematic production of nutritious food in a significant way while balancing cost-effectiveness. Several sorts of specialized food ingredients are included in a food product to ensure its safety. Specialty food ingredients can decrease the advancement of unwanted ingredients like acrylamide during the cooking process. Similarly, specialty food ingredients allow beverage and food makers to make products that meet specific dietary demands.
Restraint
Irregularity in raw material prices
Specialty food ingredients are typically priced higher as differentiated from non-specialty foods. Specialty foods can be more costly than staple foods due to the more labor and expensive ingredients. The element's price and total manufacture cost are motivated by variables such as the supply and availability of the raw materials employed to produce them.
In addition, certain plants and fruits from which the elements are separated are only grown in specific countries. For instance, the acai berries are grown in Brazil. The transportation costs connected with transporting and obtaining these berries are substantial in increasing the cost of the final elements. These features are expected to negatively impact the specialty food ingredients market during the forecast period.
Opportunity
Technological developments
Technological developments and new experimental product launches are considered profitable opportunities for market players. Specialty food makers are increasingly adopting new technological solutions to maintain the functional and aromatic ingredients in beverages and food products. Various start-ups are entering the market to enhance their growth with the help of advanced technological innovations. Market key players are experimenting with new product launches and modern technological innovations to proficiently meet the increasing food flavors and tasty food flavors requirements for customers. Technological solutions are used to create customized food materials with the help of specialty food elements to fulfill the increasing nutritious demands of customers efficiently.
Market Segmentation
By Product Type
By Application
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