SPECIALTY FOOD INGREDIENTS MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)
The specialty food ingredients market is estimated to be valued at USD 107.4 Bn in 2024 and expected to exhibit a compound annual growth rate (CAGR) of 5.4% from 2024 to 2031. The specialty food ingredients market refers to a wide range of ingredients that help enhance flavors, textures, shelf-life, nutritional profiles, and other qualities of food and beverage products. These ingredients include specialty starches, specialty oils, bakery and functional ingredients, proteins and protein products among others. The increasing demand for natural, clean label, organic and plant-based products coupled with growing health and wellness trends worldwide has been driving the adoption of specialty ingredients among food manufacturers. Moreover, the rising disposable incomes and growing middle class population especially in developing regions of Asia Pacific and Latin America has also contributed to the growing popularity of premium and super premium product categories thereby influencing specialty food ingredients consumption. The global specialty food ingredients market is expected to witness significant growth going forward.
Market Dynamics:
The global specialty food ingredients market is witnessing strong growth driven by various factors. The growing consumer preference for natural, organic and minimally processed foods without artificial preservatives, colors or flavors has boosted demand for clean label and naturally sourced specialty ingredients. In addition, rise in health awareness and changing lifestyles of people demanding healthier diet options has augmented the need for specialty functional ingredients that provide added health and wellness benefits. However, price volatility of agricultural raw materials poses a major challenge for industry players. Additionally, complex global supply chains and uncertainties arising due to geopolitical events and pandemic outbreaks have also disrupted supplies and added cost pressures. On the bright side, increasing demand for plant-based meat and dairy alternatives especially in western nations presents lucrative opportunities for companies to develop specialized ingredients for sustainable and vegan product categories. Moreover, the expansion of food delivery and online grocery shopping amid rising e-commerce penetration worldwide is also broadening market access and building growth potential for specialty food ingredient manufacturers.
Key Features of the Study:
Market Segmentation
Table of Contents
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