Research forecast: Global Specialty Food Ingredients market Expected to grow at CAGR of 8.6% by 2032
Market Overview
The market size for speciality
food ingredients market was estimated at USD 153.2 billion in 2023. It is
anticipated that the market for speciality food ingredients would increase from
USD 166.3 billion in 2024 to USD 296.4 billion in 2032, with a compound annual
growth rate (CAGR) of 8.6% over the five-year projection period (2024–2032).
Rapid urbanisation, busy lifestyles, rising disposable incomes, and the growing
trend of nuclear families are the primary industry factors enhancing the market
expansion. RTE food items, which require less preparation and cooking time, are
consumed more frequently as a result. The demand for natural, plant-based
speciality food components to make high-quality, versatile goods also fuels the
rising emphasis on health and wellness.
Regarding meal size, the relationship
between calorie intake and socioeconomic status has essentially been inverted.
Fast food that is inexpensive and heavy in calories is widely available to
consumers in the majority of industrialised countries. The result has been a
substantial rise in the global average body mass index (BMI) across
industrialised nations and elsewhere. The World Health Organisation estimates
that 30–70% of adults in Europe are overweight and that 10–30% of individuals
in Europe are obese based on the most recent statistics from EU member states.
Additionally, according to the WHO, 1 in 3 11-year-olds in the EU is overweight
or obese. The need for speciality food ingredients is rising globally as a
result in order to control food intake while providing adequate nutritional
support.
Drivers
The Specialty Food Ingredients market is driven by several
key factors. Growing consumer demand for healthier and more exotic food options
is a significant driver, pushing manufacturers to innovate with specialty
ingredients that offer unique flavors, textures, and nutritional benefits.
Additionally, the increasing awareness of food allergies and dietary
restrictions has led to a surge in demand for specialty ingredients that cater
to specific dietary needs, such as gluten-free, dairy-free, or vegan options
specialty
food ingredients market companies include
Archer Daniels Midland Company
Associated British Foods Plc
Cargill Incorporated
DuPont de Nemours Inc
Kerry Group plc
Opportunities
The Specialty Food Ingredients Market
presents promising opportunities in response to evolving consumer preferences
for healthier, more diverse, and sustainably sourced foods. As consumers become
increasingly health-conscious, demand for natural and functional ingredients is
on the rise, creating a space for innovation in clean label solutions and
plant-based alternatives. Additionally, the global focus on sustainability is
driving interest in eco-friendly ingredients and packaging materials, opening
doors for environmentally responsible product development. With these trends in
mind, the Specialty Food Ingredients Market offers fertile ground for companies
to cater to evolving tastes and values, fostering growth and competitiveness in
the food industry.
Restraints and Challenges
The Specialty Food Ingredients Market faces several notable
restraints and challenges. First, the high cost associated with sourcing and
producing specialty ingredients can limit market growth, making these products
less accessible to a broader consumer base. Additionally, stringent regulations
and quality standards in the food industry pose a challenge for manufacturers
in ensuring compliance and product safety. Furthermore, the ongoing global
supply chain disruptions and volatility in raw material prices can lead to
uncertainties in production and supply, affecting market stability.
Regional
Analysis
The Specialty Food
Ingredients Industry faces several notable restraints and challenges.
First, the high cost associated with sourcing and producing specialty
ingredients can limit market growth, making these products less accessible to a
broader consumer base. Additionally, stringent regulations and quality
standards in the food industry pose a challenge for manufacturers in ensuring
compliance and product safety. Furthermore, the ongoing global supply chain
disruptions and volatility in raw material prices can lead to uncertainties in
production and supply, affecting market stability.
Market Segmentation
Vitamins, minerals, antioxidants, sugar
replacements, flavours, specialty starches, acidulants, emulsifiers, and
enzymes are among the substances included in the market segmentation for
specialty food ingredients. Throughout the anticipated time, probiotics
dominated the market.
The bakery and confectionery, drinks, dairy
and frozen foods, convenience foods, meat products and functional
foods/beverages/dietary supplements categories make up the two halves of the
speciality food ingredients market data.
The analysis offers market information for
North America, Europe, Asia-Pacific, and the rest of the world, organised by
region. In 2023, the market for specialty food ingredients in North America was
valued at USD 66.6 billion, and throughout the research period, it is
anticipated to rise at a strong CAGR of 43.5 percent. The prevalence of
diabetes and obesity in North America is on the rise, which is boosting demand
for speciality food ingredients and encouraging individuals to focus on
adopting health conscious lifestyle.
Due to this, functional and speciality food
ingredients are highly sought after. Speciality food ingredients, such as sugar
substitutes used as food additives, are likewise under the control of the US
Food and Drug Administration (FDA). This suggests that before a sugar
substitute can be used in foods and beverages, the FDA must assess scientific
data to establish its safety.
Major market companies are investing a lot
of money in R&D to expand their product lines, which will spur further
market growth for speciality food ingredients. With significant industry
changes like the introduction of new products, contractual agreements, mergers
and acquisitions, higher investments, and collaboration with other
organisations, market participants are also undertaking a variety of strategic
activities to expand their global presence.
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