Redding, California, Oct. 13, 2022 (GLOBE NEWSWIRE) -- According to a new market research report titled, ‘Specialty Food Ingredients Market by Type (Enzymes, Emulsifiers, Flavors, Vitamins, Minerals, Antioxidants), Source (Natural, Synthetic), Application (Food {Bakery & Confectionery}, Beverages {Alcoholic Beverages}), and Geography - Global Forecast to 2029,’ the specialty food ingredients market is expected to reach $240.37 billion by 2029 at a CAGR of 5.3% from 2022–2029.
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Food enrichment refers to the process of making food more nutritional by adding ingredients. Over the last few years, consumers have rapidly shifted to products perceived as natural and healthier, driving the demand for organic and healthy products. Consumers have become more aware of the content of food products than ever before, influencing purchase decisions. Consumers now prefer minimally processed and more natural food & drinks in line with the clean-label trend. Also, most consumers prefer plant-based foods with intrinsic protein, mineral, and vitamin content, with no artificial ingredients added to fortify them. Today, people feel the inherent need to make progressive lifestyle changes to lead a more balanced and healthy life. Hence, several fitness trends such as Yoga, dietary supplements, and organic vegetables have become more popular.
An increase in the number of health-conscious consumers also drives the specialty food ingredients market due to the increased demand for clean-label products. Food manufacturers are incorporating specialty food ingredients in new formulations to fulfill the rising demand for healthier food products. Thus, the growing consumer demand for natural & healthy food products and the increasing applications of specialty food ingredients in many food & beverage categories, such as snacks, functional waters, and hot drinks, drive the specialty food ingredients market.
The Impact of COVID-19 on the Specialty Food Ingredients Market
Initially, the specialty food ingredients industry was adversely impacted by the COVID-19 pandemic. Key suppliers of specialty food ingredients, such as India and Europe, were under lockdown. On the other hand, shares of food & beverage and specialty ingredients companies outperformed the broader market indices. The pandemic spread across most countries around the world, driving the demand for natural immune enhancers, wellness formulas, and specialty food ingredients, including probiotics and vitamins.
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The demand for spices and seasonings also increased significantly during the pandemic. Some select spices meant to provide immunity, such as turmeric, ginger, and garlic, were in high demand globally. Consumers stockpiled health products, including herbal dietary supplements, driving the demand for natural food ingredients typically used in immunity-boosting supplements.
However, restrictions on manufacturing and logistics negatively impacted the specialty food ingredients market during the COVI-19 pandemic.
Key Findings in the Specialty Food Ingredients Market Study
Based on type, the enzymes segment is expected to account for the largest share of the specialty food ingredients market in 2022. The large share of this segment is mainly attributed to the extensive use of enzymes in the food industry for stabilizing and clarifying beverages, reducing ripening time for dairy products, increasing the loaf volume of bread, improving the quality and yield of products, modifying fats, and tenderizing meats. The food industry is always looking for new and innovative ingredients to improve production processes, optimize costs, guarantee quality, and offer the best products. Thus, the growing importance of enzymes in the food industry drives the growth of the enzymes segment. However, the probiotics segment is expected to record the highest CAGR during the forecast period due to rising consumer awareness regarding the health benefits of probiotics, the increasing use of probiotics as an alternative to antibiotics, and growing research on probiotics.
Based on source, the natural segment is expected to account for the larger share of the specialty food ingredients market in 2022. The segment’s large share is attributed to the increasing demand for organic food products, the growing use of natural ingredients to avoid chronic diseases, the increasing consumption of premium foods, the rising popularity of clean-label products, and health hazards associated with synthetic food ingredients. Also, the lower risk of allergies and intolerance with the use of natural ingredients supports the growth of this segment.
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Based on application, the food segment is expected to account for the larger share of the specialty food ingredients market in 2022. The large share of this segment is attributed to changing consumer lifestyles and the increasing preferences for convenience food. Also, increasing health awareness among consumers is steadily causing a shift towards safer and healthier foods, driving the demand for specialty food ingredients. However, the beverages segment is expected to record the higher CAGR during the forecast period due to the growing demand for authentic-tasting drink options beyond soft drinks, the increasing health awareness among consumers causing a shift towards safer & healthy beverages, and the growing application of specialty food ingredients in sports drinks.
Based on geography, Asia-Pacific is expected to account for the largest share of the specialty food ingredients market in 2022. The region’s large share is mainly attributed to increasing consumer awareness regarding the benefits of consuming products with natural ingredients, the rising demand for packaged food, and growing government initiatives encouraging the adoption & raising awareness of the benefits of specialty food ingredients.
Key Players
The key players operating in the specialty food ingredients market are Givaudan (Switzerland), Naturex (France), Ingredion Incorporated (U.S.), Kerry Group plc (Ireland), Ashland Global Specialty Chemicals Inc. (U.S.), The Archer-Daniels-Midland Company (U.S.), Cargill, Incorporated (U.S.), Koninklijke DSM N.V. (Netherlands), Chr. Hansen A/S (Denmark), Tate & Lyle plc (U.K.), Associated British Foods plc (U.K.), and BASF SE (Germany), among others.
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Scope of the Report:
Specialty Food Ingredients Market, by Type
- Enzymes
- Emulsifiers
- Flavors
- Colorants
- Acidulants
- Specialty Starches
- Sugar Substitutes
- Starter Cultures
- Bulk Sweeteners
- Proteins & Amino Acids
- Vitamins
- Minerals
- Prebiotics
- Probiotics
- Hydrocolloids
- Essential Oils
- Omega-3 & 6 Fatty Acids
- Carotenoids
- Antioxidants
- Preservatives
- Other Specialty Food Ingredients
Specialty Food Ingredients Market, by Source
- Natural
- Synthetic
Specialty Food Ingredients Market, by Application
- Food
- Bakery & Confectionery
- Dairy Products
- Breakfast Cereals
- Frozen Foods
- Meat, Poultry, and Seafood
- Infant Food
- Sauces, Dressings, and Condiments
- Other Foods
- Beverages
- Alcoholic Beverages
- Non-alcoholic Beverages
- Carbonated Soft Drinks
- Flavored Dairy Products
- Sport Drinks
- Ice Tea
- Other Beverages
Specialty Food Ingredients Market, by Geography
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Rest of Europe (RoE)
- Asia-Pacific (APAC)
- China
- India
- Australia
- Japan
- Rest of Asia-Pacific (RoAPAC)
- Latin America
- Brazil
- Mexico
- Argentina
- Rest of Latin America (RoLATAM)
- Middle East & Africa
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