Global Specialty Ingredients Market

Global Specialty Ingredients Market Size, Share, Growth Analysis, By Type(Flavors and Fragrances, Enzymes), By Application(Food and Beverage, Cosmetics and Personal Care), By Source(Natural, Synthetic) - Industry Forecast 2023-2030


Report ID: SQMIG15B2097 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 102 | Figures: 76

Global Specialty Ingredients Market Insights

Global Specialty Ingredients Market size was valued at USD 96.86 billion in 2022 and is poised to grow from USD 101.64 billion in 2023 to USD 141.12 billion by 2031, growing at a CAGR of 5.2% in the forecast period (2024-2031).

Consumer preferences have been shifting in the worldwide specialty ingredients market in recent years as a result of the growing demand for high-quality, specialized components in a variety of industries, including food and beverage, cosmetics, pharmaceuticals, and healthcare. Customers are looking for items with extra functional benefits as they become more health conscious, particularly in the food and beverage industry. The market for specialty ingredients with natural flavours, nutritional value, and other health advantages has increased as a result.

Additionally, due to fast urbanization, shifting lifestyles, and rising disposable incomes in nations like China and India, the Asia-Pacific area has become a significant market for specialised ingredients. With an emphasis on clean technology, North America and Europe remain important markets as well.

Market snapshot - 2024-2031

Global Market Size

USD 96.86 billion

Largest Segment

Food and Beverage

Fastest Growth

Pharmaceuticals

Growth Rate

5.2% CAGR

Global Specialty Ingredients Market ($ Bn)
Country Share for North America Region (%)
Global Specialty ingredients Market By Application ($ Bn)
Global Specialty ingredients Market By Appliaction (%)

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Global Specialty Ingredients Market Segmental Analysis

The global Specialty Ingredients market is segmented into four major segments i.e. by type, application, source, and region. Based on type, it is divided into flavors and fragrances, enzymes, emulsifiers, sweeteners, colors, preservatives, vitamins and minerals, specialty starches, antioxidants, cultures, and other innovative formats. Based on application, it is bifurcated as food and beverage, cosmetics and personal care, pharmaceuticals, animal nutrition, agriculture, industrial, and textiles. Based on the source of specialty ingredients it is segregated into, natural, synthetic, and others. Based on region, the market is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa.

Analysis by Type

Functional and nutritional ingredients have typically held a substantial market share. Vitamins, minerals, and probiotics functional and nutritional benefits offered by specialty ingredients are a vital aspect of the market. Moreover, Consumers are increasingly seeking products that go beyond basic nutrition and offer additional health benefits.

Due to the growing consumer preference, clean label products have gained popularity. Because of their prioritization of health and wellness, ingredients derived from natural sources were anticipated to remain important. Many plant extracts and natural flavors were expected to continue gaining traction.

Analysis by Application

Food and beverage, commonly known as supermarkets, have long dominated the global Specialty Ingredients market due to the consumers' increasing demand for healthier and more diverse food options. The major demand particularly includes clean label and functional ingredients, contributing to the dominance of this segment.

The pharmaceutical and nutraceutical segments were anticipated to experience significant growth due to the increasing interest in health and wellness. Specialty ingredients with specific health benefits, such as vitamins, minerals, and nutraceutical compounds, were expected to play a crucial role.

Global Specialty ingredients Market By Application, 2022 (%)

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Global Specialty Ingredients Market Regional Insights

North America has historically dominated the Specialty Ingredients market due to the well-established food and beverage industry. The region's strong focus on innovation, and consumer demand for natural and clean label products. The region also has a robust pharmaceutical and personal care sector.

The Asia-Pacific region has been a key player in the specialty ingredients market and is expected to continue dominating. Rapid urbanization, a growing middle class, and changing lifestyles in countries like China and India contribute to increased demand for specialty ingredients in various applications, including food and beverages, cosmetics, and pharmaceuticals.

Global Specialty ingredients Market By Region, 2024-2031
  • Largest
  • Fastest

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Global Specialty Ingredients Market Dynamics

Drivers

Increasing Consumer Demand for High-quality Products

  • The increasing consumer demand for unique and high-quality products across diverse industries, including food and beverage, cosmetics, pharmaceuticals, and healthcare. As consumers become more health-conscious and discerning in their choices, there is a growing preference for specialty ingredients that offer functional benefits, nutritional value, and clean labels.

Restraints

High intricate Regulatory Landscape Governing Approval of Specialty Ingredients

  • One of the main market restraints is the intricate regulatory landscape governing the use and approval of specialty ingredients, particularly in the food and pharmaceutical sectors. Stringent regulatory requirements can pose obstacles to product development and market entry, increasing the complexity for manufacturers. Additionally, the high cost associated with research and development of innovative specialty ingredients acts as a constraint, limiting the market accessibility for smaller enterprises.

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Global Specialty Ingredients Market Competitive Landscape

The competitive environment of the specialty ingredients market is dynamic and shaped by the presence of established industry players and a continuous influx of new entrants. Innovation is a key differentiator, with companies investing significantly in research and development to introduce novel specialty ingredients that cater to evolving consumer preferences. The market is diverse, encompassing a range of specialty ingredients such as flavors, enzymes, preservatives, and nutritional additives, leading to intense competition within each sub-segment.

Top Player’s Company Profiles

  • AAK AB
  • Koninklijke DSM N.V.
  • DuPont de Nemours, Inc.
  • Frutarom Ltd.
  • Ingredion Incorporated
  • Sensient Technologies Corporation
  • Ajinomoto Co., Inc.
  • Symrise AG
  • Cargill, Inc.
  • Kemin Industries, Inc.
  • Givaudan SA
  • Chr. Hansen Holding A/S
  • Lallemand Inc.
  • Tate & Lyle PLC
  • Associated British Foods plc (ABF)
  • International Flavors & Fragrances Inc. (IFF)
  • Lonza Group Ltd

Recent Developments

  • In January 2023, Wind Point Advisors revealed its acquisition of Hasa, a distributor specializing in water treatment chemicals utilized in both industrial and consumer applications.
  • In 2023, IFF disclosed its plans to sell its Flavor Specialty Ingredients (FSI) business to Exponent, a private equity firm based in the UK, for a cash consideration of USD 220 million. The cash proceeds, after accounting for taxes and expenses, resulting from this transaction will be employed to decrease existing debt obligations.
  • In October 2023, OMV (OMVV.VI) engaged in active discussions with the state-owned Abu Dhabi National Oil Company (ADNOC) regarding a potential merger of their respective chemicals businesses, as stated by the CEO of the Austrian company on Tuesday, following the release of third-quarter results.

Global Specialty Ingredients Key Market Trends

Increasing Consumer Emphasis on Health and Wellness

  • The increasing consumer emphasis on health and wellness, driving the demand for specialty ingredients with perceived functional benefits. Consumers are actively seeking products with natural, clean label, and organic ingredients, fostering a shift towards healthier alternatives across various sectors, including food, cosmetics, and pharmaceuticals. Another significant trend is the rising popularity of plant-based and sustainable ingredients, reflecting a broader awareness of environmental concerns and ethical consumption.

Global Specialty Ingredients Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.

Global specialty ingredients market analysis reveals a dynamic marketplace with a number of standout trends and difficulties. The market is propelled by increasing consumer demand for health-conscious and innovative products, driving innovation in food, cosmetics, and pharmaceutical sectors. However, stringent regulatory requirements and high R&D costs pose challenges. Key product types include flavors, enzymes, and preservatives. Regionally, Asia-Pacific dominates due to economic growth and changing lifestyles. Noteworthy trends include a shift toward plant-based and sustainable ingredients, emphasizing environmental responsibility. Overall, a competitive landscape, marked by strategic collaborations, underscores the industry's commitment to meeting evolving consumer expectations and regulatory standards.

Report Metric Details
Market size value in 2022 USD 96.86 billion
Market size value in 2031 USD 141.12 billion
Growth Rate 5.2%
Base year 2022
Forecast period 2024-2031
Forecast Unit (Value) USD Billion
Segments covered
  • Type
    • Flavors and Fragrances, Enzymes, Emulsifiers, Sweeteners, Colors, Preservatives, Vitamins and Minerals, Specialty Starches, Antioxidants, Cultures, and other innovative formats
  • Application
    • Food and Beverage, Cosmetics and Personal Care, Pharmaceuticals, Animal Nutrition, Agriculture, Industrial, and Textiles.
  • Source
    • Natural, Synthetic, and Others
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • AAK AB
  • Koninklijke DSM N.V.
  • DuPont de Nemours, Inc.
  • Frutarom Ltd.
  • Ingredion Incorporated
  • Sensient Technologies Corporation
  • Ajinomoto Co., Inc.
  • Symrise AG
  • Cargill, Inc.
  • Kemin Industries, Inc.
  • Givaudan SA
  • Chr. Hansen Holding A/S
  • Lallemand Inc.
  • Tate & Lyle PLC
  • Associated British Foods plc (ABF)
  • International Flavors & Fragrances Inc. (IFF)
  • Lonza Group Ltd
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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Global Specialty Ingredients Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Global Specialty Ingredients Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Global Specialty Ingredients Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Specialty Ingredients Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Specialty Ingredients Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Global Specialty Ingredients Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQs

Global Specialty Ingredients Market size was valued at USD 96.86 billion in 2022 and is poised to grow from USD 101.64 billion in 2023 to USD 141.12 billion by 2031, growing at a CAGR of 5.2% in the forecast period (2024-2031).

The competitive environment of the specialty ingredients market is dynamic and shaped by the presence of established industry players and a continuous influx of new entrants. Innovation is a key differentiator, with companies investing significantly in research and development to introduce novel specialty ingredients that cater to evolving consumer preferences. The market is diverse, encompassing a range of specialty ingredients such as flavors, enzymes, preservatives, and nutritional additives, leading to intense competition within each sub-segment. 'BASF SE', 'AAK AB', 'Archer Daniels Midland Company (ADM)', 'Koninklijke DSM N.V.', 'DuPont de Nemours, Inc.', 'Frutarom Ltd.', 'Ingredion Incorporated', 'Kerry Group plc', 'Sensient Technologies Corporation', 'Ajinomoto Co., Inc.', 'Symrise AG', 'Cargill, Inc.', 'Kemin Industries, Inc.', 'Givaudan SA', 'Chr. Hansen Holding A/S', 'Lallemand Inc.', 'Tate & Lyle PLC', 'Associated British Foods plc (ABF)', 'International Flavors & Fragrances Inc. (IFF)', 'Lonza Group Ltd'

The increasing consumer demand for unique and high-quality products across diverse industries, including food and beverage, cosmetics, pharmaceuticals, and healthcare. As consumers become more health-conscious and discerning in their choices, there is a growing preference for specialty ingredients that offer functional benefits, nutritional value, and clean labels.

The increasing consumer emphasis on health and wellness, driving the demand for specialty ingredients with perceived functional benefits. Consumers are actively seeking products with natural, clean label, and organic ingredients, fostering a shift towards healthier alternatives across various sectors, including food, cosmetics, and pharmaceuticals. Another significant trend is the rising popularity of plant-based and sustainable ingredients, reflecting a broader awareness of environmental concerns and ethical consumption.

North America has historically dominated the Specialty Ingredients market due to the well-established food and beverage industry. The region's strong focus on innovation, and consumer demand for natural and clean label products. The region also has a robust pharmaceutical and personal care sector.

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