Global Specialty Food Ingredients Market Size, Share, Growth Analysis, By Application(Beverages, Sauces), By Product(Functional Food Ingredients, Specialty Starch and Texturants) - Industry Forecast 2024-2031

Global Specialty Food Ingredients Market size was valued at USD 148.9 billion in 2022 and is poised to grow from USD 157.24 billion in 2023 to USD 243.15 billion by 2031, growing at a CAGR of 5.6% during the forecast period (2024-2031).

Competition in the global Specialty Food Ingredients market is expected to increase during the forecast period because new players are expected to enter in the global market and the number of ingredients compatible with Specialty Food Ingredients will also increase. Currently, only a few key players are providing their services in the global market but these numbers will increase in the upcoming years. 'Archer Daniels Midland (ADM)', 'Cargill', 'DuPont de Nemours, Inc.', 'Ingredion Incorporated', 'Kerry Group plc', 'Tate & Lyle PLC', 'Corbion N.V.', 'DSM Nutritional Products', 'Givaudan', 'Chr. Hansen Holding A/S', 'Sensient Technologies Corporation', 'BASF SE', 'Ashland Global Holdings Inc.', 'Koninklijke DSM N.V.', 'Novozymes A/S', 'International Flavors & Fragrances Inc.', 'Ajinomoto Co. Inc.', 'Lonza Group Ltd.', 'Firmenich SA', 'Symrise AG', 'In April 2022, ofi, a global leader in naturally good food & beverage ingredients, today announced the acquisition of Club Coffee L.P. (“Club Coffee"), one of Canada’s largest roasters of packaged coffee to the ‘At Home’ segment. The transaction is expected to complete in Q2 2022, subject to regulatory approval and other conditions.'

Speciality food ingredients is a cost effective strategy to provide consumers with proper food with demonstrated health, economic and social benefits.Along with rising population, consumers are becoming more aware about the quality of the food and nutrition its provide.Along with health benefits and calorie reduction consumers are looking for sustainability and fairness.To fulfill the needs of consumers, the product must be sourced and manufactured in a sustainable way and should have a transparent value chain along with it. It should also contribute to introducing food waste and to a circular economy.In today's working schedule, the population all across the globe looks for convenience.These key factors of health benefits, convenience and sustainability will help the specialty food ingredient markets to propel in future.

To create the sustainable future of specialty food ingredients, the demand of natural colorant has increased exponentially.Therefore, looking at this trend,the major firms in specialty food ingredient returning towards the natural colourant.Several SME are reluctant about involving natural colors to their process because of high cost and lack of availability of raw materials.

Globally, Asia Pacific is estimated to hold the highest Specialty Food Ingredients market share. Main factors during this growth period are the presence of top market players and increasing popularity of special food ingredients. Increasing population in countries like China and India all anticipate the growth of the market.