Ingredients in Focus: Specialty Food Ingredient Market
The specialty food ingredient market is projected to experience significant growth between 2024 and 2030, according to a recent report from DataM Intelligence.
Between changing dietary preferences, a growing population, and increasing consumer awareness of the health benefits associated with specialty ingredients, research and development efforts are being poured into the market.
As more consumers focus on improving their health and wellness, the growth of the category looks like it is here to stay, according to the report.
The specialty food ingredient market size was $112.4 million in 2022 and is expected to reach $168.6 million by 2031, growing at a compound annual growth rate of 5.2%.
The report defined specialty food ingredients as those that typically “preserve, texture, emulsify, color, help process and improve nutritional profile to processed foods.” The ingredients are often used by chefs and food manufacturers to differentiate their products, create unique culinary experiences, meet dietary preferences or restrictions and appeal to health-conscious consumers, the report said.
The sweetener market, for example, is going through a period of massive innovation, with companies using ingredients like the honey truffle and other sweet proteins to achieve a taste similar to that of sugar. While other companies are looking to replace artificial coloring agents with vitamins such as Spirulina.
Specialty ingredients targeting specific health concerns like cardiovascular health, digestive health and weight management are also expected to gain traction in the next few years.