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%.
The specialty food ingredients market is projected to witness a steady growth curve in recent years. Consumers and manufacturers across the globe are becoming aware of the associated health benefits and diverse applications, due to which these ingredients witness application across industries. Key attributes of specialty food ingredients include their ability to impart texture, color, nutrition, and flavor to processed foods. This makes them a viable ingredient in a variety of food applications, such as functional food products.
Specialty food ingredients help in providing emulsification, solubility, low viscosity, water binding, fat binding, and moisture retention to food products, and have the ability to enhance the features of a product without compromising on the taste, quality, and structure of the same. Thus, these ingredients encompass a large, diversified market with unlimited opportunities for expansion and innovation on the global front.
The specialty food ingredients market is projected to witness substantial growth as the adoption of specialty food products among consumers is projected to be on the rise.
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Growing demand for clean label drives the market growth of novel specialty food ingredients
Food safety has been a key focus area for manufacturers, with the increase in instances of foodborne illnesses that have led to an increase in apprehensions among consumers regarding the credibility and viability of food products. Hence, specialty food ingredients with a clean label are witnessing a rise in demand. Novel ingredients find immense opportunities for infusion and innovation in the food processing industry, and as a result, the market for the same is projected to grow at an exponential rate.
The level of processing that food products undergo indicates the need for food fortification, enrichment, and the need for consumers to intake various essential nutrients and prevent their deficiencies. As a result, the demand for fortified food products has caused an upsurge in the growth of the specialty food ingredients market. The associated health benefits of consuming nutritional products infused with specialty food ingredients is another key factor encouraging the growth of the market.
Rise in health concerns related to rampant cases of chronic illnesses among consumers to drive the growth of the specialty food ingredients market
The inclination of consumers toward the adoption of healthier and nutrient-rich supplements is encouraging specialty food ingredient manufacturers to launch advanced high-quality novel ingredients with a wide range of structural possibilities. The increase in consumer awareness and health concerns has led to a surge in demand for functional food ingredients, which has set new benchmarks. The health benefits associated with their consumption are one of the major factors driving the growth of the market.
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