Specialty Food Ingredients Market Exceeds US$75 Bn in 2021, Driven by Consumer Shift Towards Natural and Healthy Choices
The specialty food ingredients market has achieved a significant milestone, surpassing a valuation of approximately US $75 billion in the year 2021. This substantial growth is propelled by transformative consumer trends, notably the widespread transition towards natural and healthier food choices.
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Growing Preference for Natural Colourants in Food and Beverages to Drive Specialty Food Ingredients Market Expansion
The food industry has long exhibited a dynamic landscape, characterized by continuous developments in food additives and components. In the context of escalating health consciousness, the consumption of functionally fortified food products is on the rise. This trend has opened promising opportunities for food manufacturers to innovate their offerings using natural additives, namely specialty food ingredients. Consumers’ increasing preference for nutritionally enriched and health-focused food products, along with enhanced aesthetics, is driving the demand for nutrition-powered food products. This trend bodes well for the specialty food ingredients market.
The surge in demand for clean label products has given rise to a heightened interest in organic or natural colorants. Natural colorants, derived from various renewable sources, offer a health-conscious alternative. Colorants play a crucial role in the food and beverage sector, enhancing the visual appeal and attractiveness of products. They find application in a wide range of food items including candies, soft drinks, jams, snacks, pudding, and more. Natural food colors are devoid of allergy-prone components and add nutritional value to the final product. For instance, beetroot serves as a natural colorant, providing a pink hue to foods while promoting cardiovascular health due to its nitrate-rich content. This surge in demand for natural colorants in food and beverages contributes to the growth of the specialty food ingredients market.
Notable Upswing in Sensory Specialty Food Ingredients to Drive Market Volume and Value
Sensory specialty food ingredients have witnessed consistent growth in sales in recent years and are anticipated to maintain this trajectory. These ingredients play a pivotal role in enhancing the taste, smell, texture, and flavor of food products. The increasing demand for sensory ingredients in convenience foods, packaged products, and confectioneries is set to drive their sales, thereby contributing significantly to the revenue of the specialty food ingredients market. Among various sensory ingredients, those imparting flavors are projected to experience substantial growth. Evolving consumer preferences regarding food flavors have spurred the development of fresh taste-enhancing ingredients. Additionally, the rising inclination towards organic products has driven the demand for natural flavor-enhancing ingredients. These trends collectively underpin the growth of sensory specialty food ingredients, contributing to overall market expansion.
North America Retains Dominance in the Global Specialty Food Ingredients Market
Developed nations in North America are poised to maintain a significant share in the specialty food ingredients market. The escalating prevalence of lifestyle disorders such as obesity and diabetes has fueled demand for specialty food ingredients. The growing rates of these health concerns have prompted consumers to adopt healthier dietary habits, leading to increased consumption of specialty ingredients like functional food components and protein. The popularity of ready-to-eat and convenience food products in the region, driven by busy lifestyles, further amplifies the opportunities for the inclusion of specialty food ingredients in these products.
Moreover, the rising preference for gluten-free, natural, and organic foods has positively influenced the demand for specialty food ingredients. In light of this shift, the meat and poultry industry has adopted specialty food ingredients to enhance the nutritional value, provide essential micronutrients and macronutrients, and elevate overall food quality. These factors collectively drive the consumption of nutritionally fortified foods, creating growth avenues for the specialty food ingredients market in North America.
Specialty Food Ingredients Market: Competitive Landscape
Leading players in the specialty food ingredients market have embraced strategic initiatives such as mergers, acquisitions, and new product launches to strengthen their competitive positions. For instance, in 2021, Divi’s Nutraceuticals introduced CaroNat, a naturally sourced specialty food ingredient that imparts a dark yellow to orange coloration to various food products and beverages, including dairy products. Similarly, in 2020, Cargill Inc. launched C✩TruSweet 01795, a label-friendly and specialty sweetener that reduces calories and sugar by 30% in beverages and various food applications, particularly in the European market. The merger between DuPont’s Nutrition & Biosciences Business and International Flavours & Fragrances in 2021 further exemplifies the strategic approach to leverage combined product portfolios for leadership in high-value specialty ingredients used in health and wellness, personal care, and food and beverage sectors.
Key players in the specialty food ingredients market include Cargill Incorporated, DuPont de Nemours Inc., International Flavours & Fragrances, Kerry Group PLC, Koninklijke DSM NV, ADM, Nutriati, Amco Proteins, Ingredion, Tate & Lyle, and Crespel & Dieters. These industry leaders continue to drive innovation, shaping the evolution and growth trajectory of the specialty food ingredients market.
Browse Specialty Food Ingredients Market Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 – By Product, Technology, Grade, Application, End-user, Region: https://www.fairfieldmarketresearch.com/report/specialty-food-ingredients-market
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