Global Specialty Ingredients Market

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 2024-2031

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

Specialty Ingredients Market News

  • 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.
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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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Global Specialty Ingredients Market

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