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CHICAGO, Nov. 8, 2023 /PRNewswire/ — According to Arizton’s most recent report, the specialty food ingredients market is developing at a CAGR of 6. 70% between 2022 and 2028.
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Explore the Intensity Index in the “Specialty Food Ingredients Market”
86 – Tables 136 – Figures 339 – Pages
The global specialty food ingredients market has gained momentum with the rise of soft drinks, energy drinks, juices, baked goods, and low- or sugar-free products as customers become more aware of the adverse effects of sucrose consumption. Lifestyles and eating behavior have been instrumental in the expansion of the fast food and bakery sectors, which has recently led to a significant expansion in the specialty food ingredients market.
The sale of specialty food ingredients in the North America region is expected to be stable, and the expansion of non-public spending across the U. S. and the adoption of specialty food ingredients in other beverages are some of the major drivers of the regional market. In addition, several APAC countries, added China and India, are expected to witness notable gains in the specialty food ingredients market with the expansion of key infrastructure in the food industry, especially in the food and beverage industry with the ease of barcode scanning, quick-service restaurants, and others in the coming years.
In the modern world, consumers’ personal tastes for animal products and herbal food production have increased. Plant-based feed additives have an excellent option or potential for expansion as a component of healthy animal feeds. To feed customers in this emerging space, global agribusiness leader Cargill announced in 2023 that it had signed an agreement to acquire Delacon, the world’s leading expert in plant-based phytogenic additives. The combination of Delacon’s photogenic technologies with Cargill’s animal fitness technologies opens up the next frontier in animal sustainability and productivity: fitness food production. This leads to a new company destined to break into the market for specialty animal feed ingredients.
Scope of Specialty Food Ingredients Market Report
Report Attributes
Details
Market (2028)
$104. 79 billion
Market (2022)
$71 billion
CAGR (2022-2028)
6,70 %
Base Year
2022
Forecast year
2023-2028
Market Segmentation
Application, Components, Special Sensory Ingredients, Special Functional Ingredients, Source and Geography
Geographic analysis
North America, Europe, APAC, Latin America, Middle East & Africa
Market Dynamics
· Growing demand for premiumization
· Growing health concerns and awareness of food consumption
· Profit Volatility in APAC
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Growing Demand for Premiumization Opens Up Lucrative Market Opportunities
Premiumization refers to consumers’ growing preference for high-quality, premium, and premium products in the category of specialty food items. Consumers are willing to pay premium value for food items that offer incredible taste, signature flavors, cutting-edge blends, and perceived fitness and wellness benefits. As consumers become more fitness-conscious, they are looking for beverages that align with their wellness goals. Premium food items use herbal and functional elements, such as antioxidants, plant extracts, and other favorable components, which appeal to fitness-conscious consumers.
Both established corporations and new entrants are exploring opportunities to capitalize on the demand for premium specialty food ingredients. Manufacturers are presenting cutting-edge product offerings, investing in high-quality ingredients, and focusing on marketing methods that emphasize the premium attributes of their products. The trend toward premiumization in the specialty food ingredient market will likely continue to evolve as consumers seek new and enriching insights into their beverage options.
For example, Tata Consumer Products Ltd (TCPL) is focusing on expanding its premium packaged beverage offering and introducing more fitness and wellness variants to its beverage portfolio. This premiumization of the tea market has replaced the landscape of restaurants, cafes, and hotels, impacting retail. In light of the continued premiumization of the market, even major players, such as Unilever’s Ekaterra division, which manages the retail tea brands Lipton, PG Tips, Pukka, T2 and TAZO, have faced difficulties and have recently been sold.
Key ideas
· During the forecast period, APAC and MEA will enjoy strong momentum, while North America and Europe are expected to grow at a slower pace than other emerging markets. While GDP expansion is expected to increase in emerging and complex economies, as well as emerging economies, a significant increase in product quality is expected in the China and India markets.
· The demand for herbal food item substitutes is similar to the existing trend of customers opting for unconventional food items to lead a healthier lifestyle; However, the real potential lies in the untapped customer base.
· The expansion of foreign investment in the APAC region will drive the expansion of various industries, which will drive the demand for specialty food ingredients.
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Key Company Profiles
Tate
Cargill, Incorporated
Built-in Ingredion
Archer Daniels Midland
Givaudan S. A.
Kerry Group plc
International flavours and fragrances.
Heartland Food Group
DuPont de Nemours, Inc.
AJINOMOTO
BASF
down
Evonik
Clariant
Arkema
ANGUS Chemical Company
Lonza
The Lubrizol Company
Solvay
Sensitive Technologies Company
Croda
Univar Solutions
ASH
Nourion
Wacker Chemie AG
Esteban
Corbion
Oxytene
Galaxy Surfactants
Colonial Chemistry
Aarti Surfactants
Whole Earth Sweetener
Beckmann Kenko
Fraken Biochemistry
Market Segmentation
Request
Drink
Food
Bakery
Dairy products
Confectionery
Processed Foods
Other
Components
Special Sensory Ingredients
Special Functional Ingredients
Special Sensory Ingredients
Flavors & Fragrances
Texturize
enzymes
Emulsifiers
enhancer
Other
Special Functional Ingredients
Probiotics
antioxidant
vitamins
Conservative
Minerals
Other
Spring
Natural
Synthetic
Geography
Pacific
North America
Europe
Latin America
Middle East & Africa
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Key Questions Covered in the Report: What is the Specialty Food Ingredients Market Size?What is the Expansion Rate of the Global Specialty Food Ingredients Market?Which region dominates the percentage of the global specialty food ingredients market?What are the trends in specialty food ingredients?Who are the key players in the Global Specialty Food Ingredients Market?
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