Specialty Food Ingredients Market by Type (Acidulant, Colors, Flavors, Enzymes, Emulsifiers, F&B Starter Culture, Preservatives, Functional Food Ingredients, Specialty Starches, Sugar Substitutes), Distribution Channel - Global Forecast to 2028

Northbrook, IL 60062 -- (SBWire) -- 07/28/2023 --The specialty food ingredients market is predicted to experience substantial growth in the coming years, 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 period from 2023 to 2028. The driving force behind this expansion is the increasing consumer awareness and demand for healthier and functional food choices. Manufacturers are adapting their products to meet changing consumer preferences through technological advancements and innovative formulations, contributing to the market's growth.

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One segment expected to grow at the highest CAGR is functional food ingredients. As people become more health-conscious, there is a rising demand for food products that offer additional functional benefits beyond basic nutrition. Ingredients like probiotics, prebiotics, antioxidants, and omega-3 fatty acids, which promote cognitive performance, support cardiovascular health, improve digestion, and boost immunity, are gaining popularity due to their potential for preventive healthcare.

Food flavors are also driving growth in the specialty food ingredients market in 2023. In a competitive food industry, manufacturers seek ways to distinguish their products, and flavors play a crucial role in product innovation and differentiation. Unique and trendy flavors allow companies to create appealing food and beverage products that attract customer interest. By blending different flavors, businesses can create distinct and customized taste profiles, setting themselves apart from competitors and attracting more customers.

The United States is expected to hold the largest market share in 2023. With a significant and affluent consumer base, the US market is characterized by consumers who are open to trying new products and embracing emerging culinary trends. The demand for specialty food ingredients in the US is driven by consumers' preferences for convenience, quality, and diversity in their food choices. The country's diverse culinary preferences and multicultural population further fuel the need for a wide range of specialty ingredients, including flavors, functional ingredients, and natural additives. This, along with considerable purchasing power, makes the US a leading market for specialty food ingredients.

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Some 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.

In conclusion, the specialty food ingredients market is poised for significant growth, driven by consumer demand for healthier and functional food options, innovative product formulations, and the use of appealing food flavors. The US is expected to be a key player in this market due to its strong consumer demand and purchasing power.

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