Latest News- Specialty Food Ingredients Market: Nutraceutical Ingredients is expected to lead the Product segment during 2024-2028

The Specialty Food Ingredients Market is being driven by Growing demand for plant-based specialty food ingredients

The Specialty Food Ingredients Market is expected to grow at a CAGR of 6.94% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 59.02 billion. In the evolving food industry landscape, consumer health consciousness is on the rise, fueled by growing awareness of food safety concerns. Research studies are increasingly focusing on the impact of artificial ingredients used in food processing and preparation on human health. This trend is driving a significant shift towards natural ingredients, which are preferred by consumers worldwide due to their nutritional benefits, including vitamins, minerals, and antioxidants. Vendors in the food processing sector are responding to this demand by integrating natural ingredients into their product offerings. Natural nutraceutical ingredients, which offer additional health benefits, are being incorporated into functional foods, sports drinks, nutritional supplements, and medically formulated foods, making them an essential component of a healthy diet. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Product
  • Nutraceutical Ingredients
  • Flavors
  • Specialty starches
  • Acidulants
  • Others
• Application
  • Bakery and confectionary
  • Beverages
  • Sauces and condiments
  • Others
• Geography
  • North America
    • US
  • APAC
    • China
    • Japan
  • Europe
    • Germany
    • UK
  • South America
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Growing demand for plant-based specialty food ingredients
• Demand for specialty food ingredients in food processing industry
• Continuous innovations in specialty food ingredients

However, the market also witnesses some limitations, which are as follows:

• Potential side effects of consuming specialty food ingredients
• Lack of proper infrastructure in emerging economies
• Stringent regulations pertaining to food safety

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Market Scope in Specialty Food Ingredients Market Research Report

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Research Analysis Overview

The Specialty Food Ingredients Market is driven by consumer demand for additives like flavors, colors, and flavor enhancers, as well as sweeteners that offer healthier alternatives. Natural products, clear labels, and clean eating are key trends, with a focus on natural sources, global cuisines, and plant-based proteins. Middle and emerging economies, driven by disposable incomes and dietary choices, are major growth areas. Fruits, vegetables, and herbs are popular ingredients, with functional additives and spices adding value. Shelf life and stability are crucial factors, with natural sources and fruits and vegetables in high demand. Consumers prioritize health and well-being, leading to increased demand for natural sweeteners and functional additives.

Market Research Overview

The Specialty Food Ingredients Market is a significant segment of the global food products industry, specifically within the Packaged Foods and Meats Market. This market encompasses manufacturers and food processing vendors specializing in the production of functional additives, plant-based solutions, natural preservatives, clean-label formulations, dairy alternatives, flavor enhancers, nutritional fortification, protein supplements, natural colorants, sweetener alternatives, hydrocolloid applications, emulsifying agents, and texture modifiers. Technavio, a leading global technology research and consulting firm, sizes the Packaged Foods and Meats Market based on the consolidated revenue generated by its constituents. This market excludes manufacturers of food processing equipment and packaged alcoholic and non-alcoholic beverages, including mineral waters.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/