Yahoo Finance Specialty Food Ingredients Market Size to Reach USD 301.8 BN by 2030
According to Precedence Research, the global specialty food ingredients market size is expected to reach around USD 301.8 billion by 2030 and growing at a CAGR of 6.92% between 2022 to 2030.
Los Angeles, Aug. 18, 2022 (GLOBE NEWSWIRE) -- The global specialty food ingredients market size was accounted at USD 165.3 billion in 2021. Specialty ingredients are substances that are added to meals and beverages to either enhance flavor or increase the meal's or beverage's nutritional value. Specifically for food coloring, blending, texture, and preservation, specialty food additives are utilized. The components enhance the food's and processed food's nutritional worth.
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Report Insights
By product, the sensory specialty food ingredients accounted revenue share of around 56% in 2021.
By application, the food and beverage segment accounted 76% revenue share in 2021. However, the pharmaceutical industry is growing at a CAGR of 7.9% during the forecast period.
The Asia Pacific region accounted highest revenue share of over 26% in 2021.
Regional Snapshots
North America held dominant position and predicted to be in the dominating state during forecast period due to inclination towards healthier lifestyle of consumers. One of the key markets for specialty food ingredients is North America. To consume gluten-free foods, people increasingly prefer organic poultry and pork, which aids in specialty food ingredients expansion.
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Estimates 2022-2030 Market development trends with the recent trends and SWOT analysis
Market dynamics scenario, along with growth opportunities of the Market in the years to come
Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
Regional and country-level analysis integrating the demand and supply forces that are influencing the growth of the Market.
Market value (USD Million) and volume (Units Million) data for each segment and sub-segment
Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
Report highlights
On the basis of product type, the enzyme segment is the leading segment and is expected to make the largest contribution to the specialty food ingredients market. Carbohydrase, protease, lipases, polymerases and nucleases, oxidases and hydratases, and others are the primary categories of specialty enzymes. A carbohydrase is any member of a class of enzymes that facilitates the breakdown or synthesis of carbohydrates. Microorganisms, animals, and plants are some of the diverse sources of enzymes used in biotechnology, pharmaceuticals, diagnostics, food and beverage production, animal nutrition, and other fields. Increasing spending on biotechnology R&D is anticipated to boost market expansion throughout the forecast period.
On the basis of application, the highest CAGR is projected for the bakery and confectionary segment during the forecasted period. Due to changing eating trends and globalization, the demand for the bakery industry is increasing globally and is predicted to rise rapidly throughout the projection period.
The busy lifestyle has shifted the eating habits of the consumers and they started to rely more on the bakery and confectionary items. Moreover, the rising disposable income has shifted the trend to follow more confectionary products than other.
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Scope of the Report
Report Attributes | Details |
Market Size in 2021 | USD 165.3 Billion |
Revenue Forecast by 2030 | USD 301.8 Billion |
CAGR | 6.92% from 2022 to 2030 |
Base Year | 2021 |
Forecast Year | 2022 to 2030 |
Key Players | Demant A/S, Starkey Laboratories, Inc., Cochlear Ltd., RION Co., Ltd, Microson, GN Store Nord A/S, Sonova Group |
Market Dynamics
What are the drivers of specialty food ingredients market?
Food enhancement has been shown to have positive effects on social, economic, and health outcomes. Food that has been fortified is in high demand around the world. The COVID-19 outbreak is also to blame for the growing consumer awareness of food ingredients and nutrition, which will fuel the demand for specialty food additives.
Demand for premium, fresh food items is rising as consumers become more health conscious. The increased consumption of processed foods in developing nations and changing lifestyles are two major factors driving the expansion of the market for specialty food components. In the production of their food, the manufacturers use a massive quantity of specialty food ingredients. In the future years, it is projected that the rising trend in the bakery, confectionery, and other applications would fuel the growth of the worldwide specialty food ingredients market.
It is thought to be among the best solutions for the environmentally friendly processing of a range of food items. These ingredients, which have a highly effective impact on food processing and storage, provide solutions to improve resource efficiency and quality by reducing downstream losses as well as the entire value chain.
Restraints
A number of the compounds that make up synthetic ingredients have major negative health impacts. In addition, the flavoring ingredient benzaldehyde contains hydrogen cyanide, which can result in convulsions and depression of the central nervous system. Numerous artificial tastes manufactured using amyl acetate have been linked to gastrointestinal problems, headaches, weariness, and irritation of the mucous membranes. Additionally, some toxins, like castoreum, diacetyl, and monosodium glutamate, are present in natural substances that are derived from fruits or plants.
Small kids are drawn to the brilliant colors of synthetic artificial food colors, which are added to foods and beverages. This reason is segmented to restrain the market.
Opportunities
One of the primary approaches taken by significant participants in the market for specialized food ingredients is the introduction of new products and technological advancements. This will give the market lots of chances to expand. In order to meet the rising demand for foods with a focus on health as well as for sensory food flavors and colors, new technological advancements will also be helpful.
Technological advancements are also driven by start-ups entering the market. Manufacturers of food ingredients are quickly embracing various technologies to combine functional and aromatic ingredients to create better-suited and tailored food products for consumers to satisfy the expanding culinary demand.
Challenges
Owing to socioeconomic efficacy and technical improvements, ingredients with identical functions are subject to intense competition. Many substances have affordable substitutes, including protein compounds that can come from both plant and animal sources, specialty starches, and fats and oils that can come from various sources. Value-added, custom-made, and application-specific components are growing, but they face fierce competition from low-cost products.
Additionally, the strict rules put in place to ensure the safety of food products that would hinder market expansion. In developing and undeveloped nations, there is a lack of knowledge about specialty food components, which will further impede market expansion.
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Recent Developments
Kerry unveiled 13 brand-new vegan protein alternatives free of allergens made from pea, rice, and sunflower protein. The chemicals can be utilized in a variety of products, from newborn formula to senior protein beverages, and are offered under the company's Hyprol and ProDiem labels.
Market Segmentation
By Product Type
Sensory
Enzymes
Emulsifiers
Flavors
Colorants
Acidulants
Specialty Starches
Sugar Substitutes
Food & Beverage Starter Cultures
Functional
Protein and Amino Acids
Vitamins
Minerals
Prebiotics
Probiotics
Hydrocolloids
Essential Oils
Omega-3 & 6 Fatty Acids
Carotenoids
Antioxidants
Preservatives
By Application
Food & Beverage
Pharmaceutical
Personal Care
By Geography
North America
Europe
Asia-Pacific
Latin America
Middle East & Africa (MEA)
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