Specialty Food Ingredients Market to Reach USD 240.9 Billion by 2028: Growing Demand for Healthier and Functional Foods Drives Growth

According to a research report by MarketsandMarkets, the specialty food ingredients market is poised for significant growth, with an estimated value of USD 179.8 billion in 2023, projected to reach USD 240.9 billion by 2028, at a CAGR of 6.0% during the forecast period. The key driving factor behind this growth is the increasing consumer awareness and demand for healthier and functional food options. Manufacturers are responding to changing consumer preferences through technological advancements and innovative product formulations, leading to a surge in market demand.

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Functional Food Ingredients: The Highest CAGR in the Forecast Period

The functional food ingredients segment is expected to witness the highest CAGR during the forecast period. As people become more health-conscious, there is a rising demand for food products that offer functional benefits beyond basic nutrition. Components such as probiotics, prebiotics, antioxidants, and omega-3 fatty acids, which promote cognitive performance, cardiovascular health, improved digestion, and boosted immunity, are gaining popularity. This demand is fueled by increasing awareness of the advantages of functional food ingredients and a growing interest in preventive healthcare.

Food Flavors: Driving Force in the Specialty Food Ingredients Market

Food flavors play a pivotal role in the specialty food ingredients market, especially in 2023. Amidst intense competition in the food industry, manufacturers are constantly seeking ways to differentiate their products. Food flavors serve as a valuable tool for product innovation and distinctiveness, allowing manufacturers to create fresh and appealing food and beverage products that pique customer interest. By combining unique and trendy flavors or creating custom taste profiles, companies can stand out from competitors and attract a loyal customer base. Food flavors' prominence in the market is attributed to their ability to enhance product appeal and differentiation.

US Leads with the Largest Market Share in 2023

The US is expected to hold the largest market share in 2023, driven by its significant and affluent consumer base with substantial purchasing power. American consumers are known for their openness to trying new products and embracing emerging culinary trends. The demand for specialty food ingredients is fueled by consumers' preference for convenience, quality, and diverse food options. The US market leads in specialty food ingredients due to strong customer demand and considerable purchasing power. The report highlights that specialty food ingredients hold a significant share of 60 percent in the US food processing market. With consumers increasingly seeking innovative products, the demand for specialty food ingredients continues to grow, propelling the development and expansion of this dynamic sector.

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Key Players in the Specialty Food Ingredients Market

Major players operating in the specialty food ingredients market include ADM, DSM, International Flavors & Fragrances Inc. (IFF), Kerry Group plc., Givaudan, Cargill, Incorporated, Sensient Technologies Corporation, Ingredion, Chr. Hansen Holding A/S, and Tate & Lyle. These companies are at the forefront of meeting the evolving consumer demands and contributing to the market's growth through their innovative solutions and products.

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