Global Specialty Food and Beverage Market, By Ingredient (Functional Food Ingredients, Sugar Substitutes, Flavors, Specialty Starches, Acidulants, Preservatives, Emulsifiers, Colors, Enzymes, FandB Starter Cultures), Application (Bakery and Confectionery, Dairy and Frozen Foods, Convenience Foods, Oil and Fats, Others) – Industry Trends and Forecast to 2029
Market Analysis and Size
With the rise in trend of sports and fitness activities such as yoga and aerobics, an increase in the popularity of the specialty food and beverage is being witnessed. Colours, emulsifiers, preservatives, high-intensity sweeteners, enzymes, proteins, and flavour enhancers, among others are some of the most commonly used specialty food ingredients.
Global Specialty Food and Beverage Market was valued at USD 150.86 billion in 2021 and is expected to reach USD 373.53 billion by 2029, registering a CAGR of 12.00% during the forecast period of 2022-2029. Functional Food Ingredients are expected to witness high growth in the ingredient segments of the market owing to the rise in awareness regarding health benefits of functional beverages. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team also includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, patent analysis and consumer behaviour.
Market Definition
Specialty food and beverage refer to the substances that are added to various food products to improve the functional benefits and nutritional value. These ingredients are known for declining food waste, extending shelf life, while enhancing texture, appearance, taste and health profile.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2022 to 2029
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Base Year
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2021
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Historic Years
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2020 (Customizable to 2019 - 2014)
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Quantitative Units
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Revenue in USD Billion, Volumes in Units, Pricing in USD
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Segments Covered
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Ingredient (Functional Food Ingredients, Sugar Substitutes, Flavors, Specialty Starches, Acidulants, Preservatives, Emulsifiers, Colors, Enzymes, FandB Starter Cultures), Application (Bakery and Confectionery, Dairy and Frozen Foods, Convenience Foods, Oil and Fats, Others)
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Countries Covered
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U.S., Canada, Mexico in North America, Germany, Sweden, Poland, Denmark, Italy, U.K., France, Spain, Netherland, Belgium, Switzerland, Turkey, Russia, Rest of Europe in Europe, Japan, China, India, South Korea, New Zealand, Vietnam, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in Asia-Pacific (APAC), Brazil, Argentina, Rest of South America as a part of South America, UAE, Saudi Arabia, Oman, Qatar, Kuwait, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA).
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Market Players Covered
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Cargill Incorporated (US), BASF SE (Germany), DSM (Netherlands), Orkla (Norway), Croda International Plc (UK), Lonza. (Switzerland), KD Pharma Group (Germany), Corbion (Netehrlands), GC Rieber (India), Epax (Norway), Runke Bioengineering (China), Nordic Naturals, Inc. (US), Golden Omega (Chile), Kinomega Biopharm Inc. (China), Sinomega Biotech Engineering Co. Ltd. (China), Polaris (US), Pharma Marine AS (Norway), Huatai Biopharm (China), ALGISYS LLC (US), and Biosearch Life (Spain), among others
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Market Opportunities
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Specialty Food and Beverage Market Dynamics
This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:
Drivers
- Inclination towards Healthy Lifestyle
The increase in the consumer preference for dietary improvements acts as one of the major factors driving the growth of specialty food and beverage market. The rise in trend of leading a healthy lifestyle among all age groups shifting to healthy and innovative approach have a positive impact on the industry.
- Prevalence of Obesity
The increase in the prevalence of obesity among population further influences the market. People reaching out to dieticians and nutritionists providing customized diet plans with the aim of losing weight helps in the market growth.
- Awareness Regarding Healthy Lifestyle
The rise in the awareness regarding the importance of leading a healthy lifestyle, accelerate the market growth. The prevalence of various chronic diseases, such as diabetes, and cardiovascular diseases, among others is encouraging people to adopt specialty food and beverages.
Additionally, change in lifestyle, increase in the disposable income and rise in awareness regarding the benefits of the nutrition plan positively affect the specialty food and beverage market.
Opportunities
Furthermore, increase in consumption of processed food and increase in the number of beverage and functional drinks sales extend profitable opportunities to the market players in the forecast period of 2022 to 2029. Also, rise in number of end-use applications will further expand the market.
Restraints/Challenges
On the other hand, high cost associated with the products and limited availability of raw materials are expected to obstruct market growth. Also, use of artificial/synthetic ingredients in various applications resulting in health hazards and lack of consistency in regulations are projected to challenge the specialty food and beverage market in the forecast period of 2022-2029.
This specialty food and beverage market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on specialty food and beverage market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
COVID-19 Impact on Specialty Food and Beverage Market
COVID-19 had a negative impact on several industries. However, specialty food and beverage market witnessed a significant growth during this period. During the lockdown imposed by the government for restricting the spread of the coronavirus disease, most of the population took keen interest in adopting health diets. People are adopting health supplements to increase their immunity with the increasing health complications. The rise in the emphasis on good health is going to keep increasing the growth of the market in the post pandemic scenario.
Recent Developments
- Divi's Nutraceuticals launched a naturally-sourced food ingredient "CaroNat" in 2021 for the dark yellow to orange coloration of a variety of food and beverage products. CaroNat is known to be an organic food colorant made from concentrated carrot juice.
- International Flavors & Fragrances partnered with DuPont's Nutrition & Biosciences Business in 2021. The partnership aims to have leadership positions in high-value ingredients and solutions.
Global Specialty Food and Beverage Market Scope and Market Size
The specialty food and beverage market is segmented on the basis of ingredient and application. The growth amongst these segments will help you analyze meager growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Ingredient
- Functional Food Ingredients
- Sugar Substitutes
- Flavors
- Specialty Starches
- Acidulants
- Preservatives
- Emulsifiers
- Colors
- Enzymes
- FandB Starter Cultures
Application
- Bakery and Confectionery
- Dairy and Frozen Foods
- Convenience Foods
- Oil and Fats
- Others
Specialty Food and Beverage Market Regional Analysis/Insights
The specialty food and beverage market is analysed and market size insights and trends are provided by country, ingredient and application as referenced above.
The countries covered in the specialty food and beverage market report are U.S., Canada, Mexico in North America, Germany, Sweden, Poland, Denmark, Italy, U.K., France, Spain, Netherland, Belgium, Switzerland, Turkey, Russia, Rest of Europe in Europe, Japan, China, India, South Korea, New Zealand, Vietnam, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in Asia-Pacific (APAC), Brazil, Argentina, Rest of South America as a part of South America, UAE, Saudi Arabia, Oman, Qatar, Kuwait, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA).
North America dominates the specialty food and beverage market because of the rise in awareness among consumers about their health within the region.
Asia-Pacific (APAC) is expected to witness significant growth during the forecast period of 2022 to 2029 because of the increase in the number of obesity rates in the region.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Specialty Food and Beverage Market Share Analysis
The specialty food and beverage market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to specialty food and beverage market.
Some of the major players operating in the specialty food and beverage market are
- Cargill Incorporated (US)
- BASF SE (Germany)
- DSM (Netherlands)
- Orkla (Norway)
- Croda International Plc (UK)
- Lonza. (Switzerland)
- KD Pharma Group (Germany)
- Corbion (Netehrlands)
- GC Rieber (India)
- Epax (Norway)
- Runke Bioengineering (China)
- Nordic Naturals, Inc. (US)
- Golden Omega (Chile)
- Kinomega Biopharm Inc. (China)
- Sinomega Biotech Engineering Co. Ltd. (China)
- Polaris (US)
- Pharma Marine AS (Norway)
- Huatai Biopharm (China)
- ALGISYS LLC (US)
- Biosearch Life (Spain)
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