CHICAGO, July 27, 2023 /PRNewswire/ -- The Specialty Food Ingredients Market is estimated at USD 179.8 billion in 2023 and is projected to reach USD 240.9 billion by 2028, at a CAGR of 6.0% from 2023 to 2028 according to a report published by MarketsandMarkets™. The key factor contributing to the growing demand for specialty food ingredients is the increasing consumer awareness and demand for healthier and functional food options. Manufacturers are able to adapt their products to the changing desires and tastes of consumers through technological developments and innovative product formulations, which is fueling the market's growth.
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The functional food ingredients segment is expected to grow at the highest CAGR during the forecast period.
There is an increasing demand for food products that provide functional benefits beyond basic nutrition as people become more health conscious. Functional food components with the potential to improve health include probiotics, prebiotics, antioxidants, and omega-3 fatty acids. They promote cognitive performance, support cardiovascular health, improve digestion, and boost immunity. The market for functional food ingredients is being driven by rising knowledge of these advantages and a desire for preventive healthcare.
Food flavors emerge as a driving force in the specialty food ingredients market in 2023.
The industry of food is quite competitive, and producers are always looking for ways to distinguish the products they produce. Food flavors are a useful tool for product innovation and distinction. Manufacturers are able to create fresh and appealing food and beverage products that evoke interest in customers by combining distinctive and trendy flavors. Additionally, flavors can be mixed to create unique or customized taste profiles, giving firms the opportunity to stand out from the competition and earn over customers. Food flavors' prominence in the market is largely due to their capacity to improve product appeal and distinction.
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The US is expected to account for the largest market share in 2023.
The US has a significant, wealthy consumer base with significant purchasing power. American consumers are renowned for their openness to trying out novel goods and experimenting with emerging culinary trends. The need for specialty food ingredients is driven by consumers' values for convenience, quality, and diversity in their food options. The demand for a wide variety of specialty ingredients, such as flavors, functional ingredients, and natural additives, is further fueled by the different culinary preferences and multicultural populations. The US market is a leader in specialty food ingredients due to the strong customer demand and considerable purchasing power. According to the USDA Food Processing report of April 2023, in the U.S. market, food processing ingredients hold a significant share of 60 percent. Within this sector, specialty food ingredients play a crucial role in shaping the diverse and innovative landscape of the food industry. As consumers increasingly prefer innovative products, the demand for specialty food ingredients continues to grow, further driving the development and expansion of this dynamic sector.
Major players operating in the specialty food ingredients market are ADM (US), DSM (Netherlands), International Flavors & Fragrances Inc. IFF (US), Kerry Group plc. (Ireland), Givaudan (Switzerland), Cargill, Incorporated (US), Sensient Technologies Corporation (US), Ingredion. (US), Chr. Hansen Holding A/S (Denmark), and Tate & Lyle (UK).
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