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) -- 11/20/2023 --The specialty food ingredients market is poised to reach USD 240.9 billion by 2028, with an estimated value of USD 179.8 billion in 2023. The market is projected to grow at a CAGR of 6.0% from 2023 to 2028, driven by increasing consumer awareness and a rising demand for healthier and functional food choices. This growth is attributed to manufacturers adapting their products to evolving consumer preferences through technological advancements and innovative formulations.

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Key Highlights:

Functional Food Ingredients Segment Leads Growth:

The functional food ingredients segment is expected to experience the highest CAGR during the forecast period. As consumers become more health-conscious, there is a rising demand for food products offering functional benefits beyond basic nutrition, such as probiotics, prebiotics, antioxidants, and omega-3 fatty acids. These components support various health aspects, including cognitive performance, cardiovascular health, digestion, and immunity.

Flavors Drive Market Dynamics:

In 2023, food flavors are identified as a significant driving force in the specialty food ingredients market. In a highly competitive food industry, manufacturers utilize flavors for product innovation and differentiation. The ability to create unique taste profiles and distinctive products enhances consumer interest and loyalty. The prominence of food flavors is attributed to their capacity to improve product appeal and distinction.

US Dominates Market Share:

The United States is anticipated to account for the largest market share in 2023. With a substantial and affluent consumer base known for its openness to trying new products and culinary trends, the demand for specialty food ingredients in the US is fueled by consumer values for convenience, quality, and diverse food options. Specialty food ingredients, including flavors, functional components, and natural additives, are in high demand due to varied culinary preferences and multicultural populations.

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Key Players in the Market:

Major players in the specialty food ingredients market include ADM, DSM, IFF, Kerry Group plc., Givaudan, Cargill, Sensient Technologies Corporation, Ingredion, Chr. Hansen Holding A/S, and Tate & Lyle.

The report highlights the crucial role of specialty food ingredients in shaping the innovative landscape of the food industry, driven by consumer preferences for diverse and cutting-edge products. As the demand for specialty food ingredients continues to grow, particularly in the dynamic US market, the sector is expected to witness further development and expansion.

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