Specialty Food Ingredients Market Size to worth $155.2 billion by 2031, growing at a CAGR of 5.4%, says Coherent Market Insights

BURLINGAME, Calif., July 4, 2024 /PRNewswire/ -- The global Specialty Food Ingredients Market, valued at $107.4 billion in 2024, is on a trajectory of rapid expansion, with projections indicating it will soar to $155.2 billion by 2031, growing at a compound annual growth rate (CAGR) of 5.4% from 2024 to 2031, as per a recent report by Coherent Market Insights. Consumers are increasingly preferring food and beverages that are seen as healthy and clean label. This is driving up demand for specialty ingredients that appeal to health-conscious consumers and support claims related to non-GMO, organic, gluten-free etc. Ingredients such as prebiotics, plant-based proteins and other specialty ingredients are seeing strong demand as they allow food brands to formulate products aligned with consumer interest in wellness.

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Market Dynamics:

The growth of the specialty food ingredients market is driven by the rising health consciousness among consumers and increasing demand for processed and convenience food products. Consumers are increasingly preferring food products with additional health benefits which is prompting manufacturers to develop fortified and enriched food products using specialty ingredients. Furthermore, changing consumption patterns and improving lifestyles have increased the demand for convenience food items that contain specialty ingredients to provide taste and texture.

Specialty Food Ingredients Market Report Coverage

Market Trends:

Clean Label Trend - Consumers are increasingly looking for label transparency and prefer food products with simple and easy-to-understand ingredient lists. This has prompted companies to focus on clean label specialty ingredients to gain consumer trust.

Plant-Based Ingredients Trend - Growing preference for vegan and vegetarian diets is fueling the demand for plant-derived specialty food ingredients like plant proteins, fibers, minerals etc. Manufacturers are developing dairy-free, meat-free products using plant-based specialty ingredients to cater to this dietary trend.

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Market Opportunities:

The food & beverage application segment accounted for the largest share of over 35% in the global specialty food ingredients market in 2024. Increasing demand for processed food products with added health benefits is driving the demand for specialty food ingredients from the food & beverage industry. Various specialty ingredients such as emulsifiers, coloring agents, flavors and binders are increasingly being used in bakery, dairy, snacks and other processed food products to enhance their nutritional value, texture and shelf life.

The sensory products segment held the largest market share of around 30% in 2024 driven by the widespread use of specialty ingredients that affect food products' appearance, odor and taste. Companies in the specialty ingredients market are focused on developing advanced sensory ingredients to enhance flavors and textures in a wide variety of food applications. For instance, new multi-functional flavor systems are gaining popularity as they allow modifying taste profiles as well as textures of foods.

Key Market Takeaways:

The global specialty food ingredients market is anticipated to witness a CAGR of 5.4% during the forecast period 2024-2031, owing to the rising health-consciousness among consumers and demand for clean-label and organic foods.

On the basis of application, the food & beverage segment is expected to hold a dominant position, accounting for over 35% share due to high demand from bakery, dairy and other processed food sectors. Within products, the sensory segment is projected to dominate with a share of around 30%, driven by the widespread application of specialty ingredients that enhance flavors, odors and textures of food products.

On the basis of region, North America is expected to hold a dominant position over the forecast period, with a share of over 30%, due to stringent food regulations and well-established food processing industry in the region. Europe is also expected to account for a significant market share.

Key players operating in the specialty food ingredients market include Naturex, Givaudan, Eli Fried Inc., KF Specialty Ingredients, Archer Daniels Midland, Tate & Lyle, Ingredion, Cargill and DuPont. These players are focusing on new product developments, mergers & acquisitions and expansion strategies to strengthen their market position.

Recent Developments:

In Nov 2022, Tate & Lyle launched a new sweetener, Erytesse erythritol. It announced that through a strategic partnership distribution agreement with a leading supplier of erythritol, this addition would expand its ability to help customers deliver on consumer demand for healthier and sugar and calorie-reduced products.

In Oct 2022, International Flavors and Fragrance Inc. invested USD 30 million to expand its regional footprint in Singapore. The Nourish, Health & Biosciences, Scent, and Pharma Solutions business divisions are all integrated into the new Singapore innovation center. It is the largest IFF property in the area at almost 11,000 sq m.

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Market Segmentation

By Product:

• Sensory
• Enzymes
• Emulsifiers
• Flavors
• Colorants
• Others
• Functional
• Vitamins
• Minerals
• Antioxidants
• Preservatives
• Others

By Application:

• Food & Beverage
• Snacks
• Bakery
• Confectionery
• Dairy Products
• Breakfast Cereals
• Frozen Foods
• Meat, Poultry & Seafood
• Baby Food
• Others (Sauces, Dressings & Condiments, etc.)
• Personal Care
• Pharmaceutical
• Others

By Regional:

North America:

• U.S.
• Canada

Latin America:

• Brazil
• Argentina
• Mexico
• Rest of Latin America

Europe:

• Germany
• U.K.
• Spain
• France
• Italy
• Russia
• Rest of Europe

Asia Pacific:

• China
• India
• Japan
• Australia
• South Korea
• ASEAN
• Rest of Asia Pacific

Middle East:

• GCC Countries
• Israel
• Rest of Middle East

Africa:

• South Africa
• North Africa
• Central Africa

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About Us:

Coherent Market Insights is a global market intelligence and consulting organization that provides syndicated research reports, customized research reports, and consulting services. We are known for our actionable insights and authentic reports in various domains including aerospace and defense, agriculture, food and beverages, automotive, chemicals and materials, and virtually all domains and an exhaustive list of sub-domains under the sun. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.

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SOURCE Coherent Market Insights