Global Specialty Food Ingredients Market 2024

Global Specialty Food Ingredients Market 2024

Key Findings

• The global specialty food ingredients sector experienced significant growth in 2023, with a 6.4% increase in market size compared to the previous year, reaching a total value of USD 109.1 billion.
• Food flavors and enhancers demonstrated exceptional performance, emerging as the leading category in 2023. This segment saw a 3.8% year-over-year growth, attaining a value of USD 16.0 billion.
• North America maintained its dominant position in the market, securing a 31.8% value share in 2023.
• Projections indicate that the global specialty food ingredients market is poised for continued growth, with an anticipated Compound Annual Growth Rate (CAGR) of 5.4% in terms of value during the forecast period. The market is expected to reach USD 149.5 billion by 2029.
• In terms of application, beverages remained the primary sector, accounting for 21.2% of the value share in 2023. This segment is forecasted to maintain its leading position throughout the projected period.

Specialty food ingredients are pivotal in creating advanced and functional food options, enhancing safety, affordability, quality, and sustainability in food products. The market is primarily driven by the increasing popularity of ready-to-cook and ready-to-eat products, which boosts demand for preservatives. Consumer preferences and identities, particularly in developed economies, also play a significant role in shaping market demand. Industry leaders leverage technology and intellectual property to develop innovative ingredients, although it's worth noting that new product development in this sector requires substantial investment.

The Specialty Food Ingredients Market is poised for growth, largely due to its technological advantages and functional benefits in areas such as food quality, safety, affordability, nutrition, and taste.

The market research encompasses analysis of market scope, examination of leading players, segmentation by product type, application, and region, as well as assessment of market potential. This includes statistical data on market size, share, growth rate, and forecasts.

The industry's primary rivals consist of Ajinomoto Co., Inc., Ashland Inc., Associated British Foods plc, Axiom Foods Inc., BASF SE, Cargill Incorporated, Chr. Hansen A/S, Firmenich SA, Ingredion Incorporated, International Flavors and Fragrance Inc., Kemin Industries, Inc., Kerry Group plc, Koninklijke DSM N.V., Mitsubishi International Food Ingredients Inc., Novozymes A/S, Roquette Freres SA, Sensient Technologies Corporation, Symrise AG, Takasago International Corporation, Tate & Lyle PLC, The Archer-Daniels-Midland Company, among others.

Report Scope

• Product Type
• Acidulants
• Colorants
• Cultures
• Emulsifiers
• Enzymes
• Food Flavors and Enhancers
• Food Hydrocolloids
• Functional Food Ingredients
• Preservatives
• Proteins (Plant and Animal Protein)
• Specialty Fats and Oils
• Specialty Starches and Texturants
• Sweeteners and Sugar Substitutes
• Yeasts
• Others (Food-Grade Glycerin, Anti-Caking Agents)

Application

• Bakery Products
• Beverages
• Confectionery
• Dairy Products
• Fats and Oils
• Meat, Poultry and Seafood
• Pasta, Soup and Noodles
• Plant-Based Food & Beverages
• Prepared Meals
• Sauces, Dressings, and Condiments
• Others

Region

• North America (USA, Canada, and Mexico)
• Europe (Germany, France, UK, Italy, Russia, Spain, and Rest of Europe)
• Asia-Pacific (China, Japan, India, and Rest of Asia Pacific)
• Latin America (Brazil, and Rest of Latin America)
• MEA (Middle East and Africa)