Specialty Food Ingredients Market to Reach $144.98 Billion by 2030: Grand View Research, Inc.

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May 03, 2023, 06:53 ET

SAN FRANCISCO, May 3, 2023 /PRNewswire/ -- The global specialty food ingredients market size is expected to reach USD 144.98 billion by 2030, according to a new report by Grand View Research, Inc., expanding at a CAGR of 5.2% from 2023 to 2030. The rapid growth of the food and beverages, personal care, and pharmaceuticals industries, coupled with the rising penetration of organized and e-retail across the world, is expected to fuel the growth of the market.

Key Industry Insights & Findings from the report:

The sensory product dominated the market with a revenue share of 58.9% in 2022, on account of the increasing demand for processed and convenience foodstuff and a shift in demand for higher nutritious and organic products.
In the functional product segment, hydrocolloids accounted for the largest revenue share in 2022 as they are widely used in many food formulations to improve quality attributes and shelf-life. The two major uses are thickening and gelling agents. As thickening agents, they find uses in soups, gravies, salad dressings, sauces, and toppings while as gelling agents, they are extensively used in products like jam, jelly, marmalade, restructured foods, and low sugar/calorie gels. Thus, it is anticipated to witness robust growth over the forecast period.
The food and beverage application segment led the market in 2022 and accounted for over 70.0% share of the global revenue. The large demand for sugar substitutes as consumers strive to eat products with less sugar or no-sugar products is anticipated to drive the food and beverage application segment.
Asia Pacific is expected to register the highest CAGR from 2023 to 2030 on account of the robust growth of the food and beverage industry in Asian countries such as India, China, and Thailand.
The global market is highly fragmented with the presence of large-sized international companies and small- and medium-sized domestic players. Key players are focusing on acquisitions and are increasingly expanding product capacities.

Read 140-page full market research report, "Specialty Food Ingredients Market Size, Share & Trends Analysis Report By Application (Food & Beverage, Pharmaceutical, Personal Care), By Product (Sensory, Functional), By Region, And Segment Forecasts, 2023 - 2030", published by Grand View Research.

Specialty Food Ingredients Market Growth & Trends

The food and beverages industry is diverse and competitive and is driven by consumers' demand and preferences for the safety of ingredients and processed foods. Demand for products such as non-GMO, gluten-free, organic, and natural foods has led to the development of products by non-traditional food companies that offer alternatives.

Moreover, consumers give high importance to a balanced diet of high-quality food that has a positive impact on their health. Sugar-reduced products are an important pillar in such a diet as the health risks associated with high sugar intake are very severe. This has also increased the demand for such healthy and natural specialty food ingredients.

Functional food ingredients such as vitamins, minerals, antioxidants, hydrocolloids, prebiotics, amino acids, plant extracts, and carotenoids are the key ingredients of fortified food. The health-conscious population is rapidly expanding in emerging markets, which will drive the demand for the fortification of food. The nutritional consumption differences across regions contribute greatly to the apparent differences in the health of populations across the countries.

These ingredients customarily preserve the texture, enhance color, emulsify, add benefits in processing, and ultimately add a superfluous edge health dimension to the produced food. The health, nutritional, and technological related functions of these products make the diet pleasant for consumption, tasty, safe, healthy, and even affordable. Hence, these advantages associated with specialty food ingredients are expected to be the major driving factors of the industry.

Apart from these benefits, these constituents are considered among the few major options suitable for sustainable processing of foodstuff. These ingredients provide solutions to enhance the efficiency of resources by reducing downstream losses and the entire value chain owing to their extremely effective impact during the storage and processing of food.

Ingredients use almost every valuable component of raw materials, thus improving the efficiency of resources and raw materials. These products optimize the quantity of raw material required during processing, which results in less energy consumption, hence resulting in the reduction of greenhouse gas.

Various organic technologies for the processing of ingredients, nutritional supplements, flavor components, processing aids, and reagents have been formulated in the recent past, which is a major trend expected to drive the demand for these products owing to the shift in consumer demand for organic foodstuff.

Specialty Food Ingredients Market Segmentation

Grand View Research has segmented the global specialty food ingredients market report on the basis of product, application, and region

Specialty Food Ingredients Market - Product Outlook (Revenue, USD Million, 2018 - 2030)

Sensory

Enzymes
Emulsifiers
Flavours
Colorants
Others

Functional

Vitamins
Minerals
Antioxidants
Preservatives
Others

Specialty Food Ingredients Market - Application Outlook (Revenue, USD Million, 2018 - 2030)

Food & Beverage

Snacks
Bakery
Confectionery
Dairy Products
Breakfast Cereals
Frozen Foods
Meat, Poultry & Seafood
Baby Food
Sauces, Dressings & Condiments
Alcoholic
Non-alcoholic
Others

Pharmaceutical
Personal Care

Specialty Food Ingredients Market - Regional Outlook (Revenue, USD Million; 2018 - 2030)

North America

U.S.
Canada
Mexico

Europe

Germany
U.K.
France

Asia Pacific

China
India
Japan

Central & South America

Brazil

Middle East & Africa

Saudi Arabia

List of Key Players of Specialty Food Ingredients Market

Naturex
Givaudan
Eli Fried Inc.
KF Specialty Ingredients
Ingredion
Associated British Foods Plc
Kerry Group
Agropur Cooperative
Ashland Inc
Archer Daniels Midland Company
Cargill Inc.
Wild Flavors GmbH
DSM
Diana Group SA
Tate & Lyle
CHR. Hansen

Check out more related studies published by Grand View Research:

Organic Personal Care Ingredients Market - The global organic personal care ingredients market demand is estimated to reach USD 12.4 billion by 2027, exhibiting a volume-based CAGR of 5.4% over the forecast period, according to a new report published by Grand View Research, Inc. Rising awareness among consumers from Europe and North America regarding the harmful side effects of the conventional synthetic and chemical ingredients is expected to drive the growth.
Food Coating Ingredients Market - The global food coating ingredients market size is expected to reach USD 5.52 billion by 2025, according to a new report by Grand View Research, Inc. Growing food & beverage industry along with the growing popularity of fast food restaurants across various age groups has been a major factor driving the market growth.
U.S. Ingredients Market - The U.S. ingredients market is anticipated to reach USD 42.6 billion by 2025, according to a new report by Grand View Research, Inc. Shift in consumer preferences towards environment-friendly and natural products has forced the ingredient manufacturers to focus more on research & development of naturally extracted, with minimum processing and nutrient rich ingredients.

Browse through Grand View Research's Food Additives & Nutricosmetics Industry Research Reports.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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