Nourishing Growth: Exploring the Dynamics of the Global Specialty Food Ingredients Market
The Business Research Company’s Specialty Food Ingredients Global Market Report 2023 – Market Size, Trends, And Global Forecast 2023-2032
LANDON, GREATER LANDON, UK, November 14, 2023 /EINPresswire.com/ — The global specialty food ingredients market has demonstrated substantial growth, increasing from $151.92 billion in 2022 to $162.64 billion in 2023, with a notable Compound Annual Growth Rate (CAGR) of 7.1%. The market is anticipated to continue its upward trajectory, reaching an estimated size of $217.18 billion by 2027.
Rising Consumption of Healthy Products Drives Market Growth
A pivotal factor propelling the growth of the specialty food ingredients market is the escalating demand for healthy products. The surge in health-conscious consumers globally has led to an increased preference for sustainable and healthy diets, aiming to address concerns related to gastrointestinal health, cholesterol control, bone strength, and various other health issues. Specialty food ingredients play a crucial role in preserving, coloring, emulsifying, texturing, and enhancing the nutritional value of foods. A study by the International Food Information Council in 2020 revealed that 43% of Americans followed a specific diet or eating pattern, and nearly 1 in every 5 utilized mobile health monitoring devices or apps to track calorie intake. Furthermore, 41% of dieters began consuming protein from plant sources and exploring plant-based meat and dairy alternatives. The heightened focus on healthy product consumption is anticipated to fuel the growth of the specialty food ingredients market in the foreseeable future.
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Major Players and Product Innovations
Leading specialty ingredients companies including Ingredion Incorporated, Cargill, Tate & Lyle, DuPont Nutrition & Biosciences, Kerry Group, Royal DSM, Sensient Technologies, Givaudan, Archer Daniels Midland, BASF Group, Firmenich, Crespel & Dieters, Evonik Industries, Ashland, Axiom Foods, and Amano Enzymes, are actively engaged in product innovations to meet the growing consumer demand for sugar substitutes. For example, in May 2020, Ingredion Incorporated, a prominent US-based food company, introduced Erysta, a product made from erythritol polyol. Erysta boasts a sweet flavor profile, a unique cooling effect, and contains no calories, enabling producers to make claims about energy and sugar minimization on the packaging. This trend of product innovation is expected to further drive the expansion of the specialty food ingredients market.
Market Segments:
• Type: Functional Food Ingredients, Sugar Substitutes, F&B Starter Culture, Specialty Starches, Enzymes, Emulsifiers, Preservatives, Other Types
• Distribution Channel: Direct Sales, Indirect Sales
• Application: Beverages, Sauces, Dressings And Condiments, Bakery, Dairy, Confectionary, Other Applications
Geographical Insights: North America Takes the Lead
In 2022, North America emerged as the largest region in the specialty food ingredients market. However, Asia-Pacific is anticipated to be the fastest-growing region during the forecast period. The comprehensive report provides detailed insights into regional dynamics, market trends, and growth opportunities.
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Specialty Food Ingredients Global Market Report 2023from TBRC covers the following information:
• Market size date for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries:Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The Specialty Food Ingredients Global Market Report 2023 by The Business Research Company is the most comprehensive report that provides insights on specialty food ingredients market size, specialty food ingredients market drivers and trends, specialty food ingredients market major players, competitors’ revenues, specialty food ingredients market positioning, and market growth across geographies. The specialty food ingredients market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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