Established companies and newer entrants explore opportunities to capitalize on the demand for premium specialty food ingredients.
According to Arizton’s latest research report, the specialty food ingredients market is growing at a CAGR of 6.70% during 2022-2028.
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The global specialty food ingredient market has gained momentum with the rising low-calorie or no-sugar aerated or carbonated drinks, energy drinks, juices, baked goods, and products as consumers have become more aware of the adverse effects of sucrose consumption. Changing consumer lifestyles and dietary habits have been instrumental in driving the growth of the fast-food and bakery industries, resulting in significant market expansion for specialty food ingredients recently.
Specialty food ingredient sale in the North American region is expected to be steady, and an increase in personal expenditure by people and adoption of specialty food ingredient based on different beverage are some of the key regional market drivers. Moreover, several APAC countries, including China and India, are expected to witness remarkable gains in the specialty food ingredient market with key infrastructure expansion in the food industry, specifically in the food & beverage industry with ease of barcode scanning, quick service restaurants, and others in the upcoming years.
In the modern world, consumer preferences for animal-based products and natural food production have grown. Plant-based feed additives have exceptionally high growth possibility or potential as a component of healthy animal feed. To support feed customers in this developing space, the world’s leading agribusiness company, Cargill, 2023 announced it had signed an agreement to acquire Delacon, the globally foremost expert in plant-based phytogenic additives. Combining Delacon’s photogenic with Cargill’s animal health technologies provides the next frontier for animal sustainability and productivity: wholesome food production. This leads to a new venture for developing the animal’s specialty food ingredient market.
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The Surge in Premiumization Demand Unlocks Lucrative Market Prospects
Premiumization refers to the growing consumer preference for high-quality, premium, and upscale offerings within the specialty food ingredient category. Consumers are willing to pay a premium price for food ingredients that offer superior taste, unique flavors, innovative blends, and perceived health and wellness benefits. As consumers become more health-conscious, they seek beverages that align with their wellness goals. Premium food ingredients often use natural and functional ingredients, such as antioxidants, herbal extracts, and other beneficial components, which attract health-conscious consumers.
Established companies and newer entrants explore opportunities to capitalize on the demand for premium specialty food ingredients. Manufacturers develop innovative product offerings, investing in high-quality ingredients and focusing on marketing strategies that emphasize the premium attributes of their products. The premiumization trend in the specialty food ingredients market will likely continue evolving as consumers seek novel and enriching experiences in their beverage choices.
For instance, Tata Consumer Products Ltd (TCPL) focuses on scaling its premium packaged beverage offerings and introducing more health and wellness variants in its beverage portfolio. This premiumization in the tea market has changed the landscape of restaurants, cafés, and hotels, impacting retail channels. In light of ongoing market premiumization, even significant players, such as Unilever's Ekaterra division, managing retail tea brands, including Lipton, PG Tips, Pukka, T2, and TAZO, have faced challenges and were recently sold off.
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