The global specialty food ingredients market is estimated to be valued at USD 148.2 billion in 2022. It is projected to reach USD 196.2 billion by 2027, recording a CAGR of 5.8% during the forecast period. The importance of specialty food ingredients is gaining market attention across the regions. The specialty food ingredients market holds considerable business potential with the demand for high-value food ingredients, which bring greater attributes to processed food products by imparting color, texture, nutrition, and flavor. This is recorded as an ever-growing trend among consumers. The market is projected to benefit from numerous underlying consumer trends such as health and wellness, easy-to-use and process, natural and organic, and clean-label trends.
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The key players in this market include Cargill Incorporated (US), ADM (US), DuPont (US), Ingredion (US), Kerry Group (Ireland), DSM (Netherlands), Chr. Hansen (Denmark), Sensient technology corporation (US), Tate & Lyle (UK), Givaudan (Switzerland), Biocatalysts (UK), Omega Protein (US), Enzyme Supplies (UK), FDL Ltd (UK), Nutriati (US), Crespel & Dieters (Germany), Axiom Food (US), Amano Enzymes (Japan), Amco proteins (US), and Aminola (Netherlands).
Food fortification is a cost-effective strategy with demonstrated health, economic and social benefits. The global demand for fortified food is expanding at a robust pace. In 2008 and 2012, the Copenhagen Consensus ranked food fortification as one of the most cost-effective development priorities The rising consumer awareness regarding food ingredients and nutrition is also attributed to the COVID-19 outbreak, which will drive the specialty food ingredients market. In 2019, the International Food Information Council Foundation (IFICF) conducted surveys on labeling requirements for consumers of food & beverages.
Multinational food companies are taking various steps for food fortification to address nutritional deficiencies in the Asia Pacific and global markets. Companies such as Nestlé and Unilever have taken a partnership approach to add both micro and macronutrients in their food products. Nestlé (Switzerland) underwent a partnership with the HarvestPlus program (biofortification) and agricultural research partners in India for the fortification of its products, such as cereals, to address nutrient deficiencies.
New product launches and technological innovations are identified as one of the key strategies adopted by key players in the specialty food ingredients market. This will present numerous growth opportunities for the market. New technological developments will also help in catering to the growing demand for health-related foods and sensory food flavors and colors. The entry of start-ups in the market also drives technological innovations. According to the National Center for Agricultural Utilization Research, the USDA developed a new general cloning method to make recombinant fungal strains that produce beta-carotene and lycopene, driving the market for functional carotenoids. Various technologies are being rapidly adopted by food ingredient manufacturers to harmonize functional and aromatic ingredients to formulate better-suited and customized food products for consumers to cater to the growing culinary demand.
Companies, such as Brightseed, are working with food and beverage formulators to lower the burden of discovery. The San Francisco-based biotechnology startup uses an artificial intelligence platform to analyze millions of bioactive compounds and map their potential applications.
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The US holds the largest market for enzymes in North America. This is attributed to the growing demand from food manufacturers to preserve the freshness, appearance, texture, taste, and safety of processed and packaged foods. The growing demand for processed foods, owing to food retail chains and convenience, will aid in increasing demand for enzyme applications in the region. Consumers in the region are leaning towards healthy food & ingredients in food products, owing to the increasing instances of obesity and diabetes in North American countries, such as the US, which is expected to induce the consumers to focus on enzyme-rich foods.