The global specialty food ingredient market size is estimated to be valued at USD 134.7 billion in 2020 and projected to reach USD 178.3 billion by 2025, recording a CAGR of 5.8% during the forecast period. The demand for specialty food ingredient is increasing significantly, as they have various functional benefits and the awareness regarding clean label products have been increased in recent times.
Key players in this market include Cargill (US), ADM (US), DuPont (US), Ingredion (US), Kerry (Ireland), DSM (Netherlands), Chr. Hansen (Denmark), BASF (Germany), Sensient (US), International Flavours & Fragrances (IFF) (US), Arla Foods (Denmark), and (Tate & Lyle (UK), Givaudan (Switzerland), Symrise (Germany) and ABF (UK), Corbian (Netherlands), AB Enzymes (Germany), Agropur (Canada), Novozymes (Denmark), Kemin Industries (US), Prinova Group (US), Lonza (Switzerland), Döhler (Germany), Cambrian (US), and Univar Solutions (US).
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Based on type, the specialty food ingredient market is dominated by the food & beverage segment. The consumer trends such as easy-to-use, health & wellness, and clean label trends influence the overall market. The easy-to-use trend is due to the rapid urbanization in emergent markets. Consumers demand healthier ingredients in their food products. The growing obesity and diabetes incidences compel the consumers in emerging and developed economies to focus on an improved lifestyle.
In North America, the US dominated the specialty food ingredient market due to the high production and demand for clean label food & beverages. The global specialty food ingredients market is primarily driven by the rising demand for safe and plant-based products. The specialty food ingredients industry functions with legislators and regulators to deliver qualitative products to its end users. In the major markets.
The increase in the developed economy and per capita income has enabled the consumers to invest in more health and health-related services, in the Asia Pacific region. This is one of the major drivers for specialty food ingredients in the region. Apart from that, the millennial consumers are more health-conscious and open to experimenting with various ingredients, this is also thriving the market in the Asia Pacific.
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