Market Size in 2021 | Market Forecast in 2028 | CAGR (in %) | Base Year |
---|---|---|---|
USD 136.1 Billion | USD 187.7 Billion | 5.5% | 2021 |
FrequentlyAsked Questions
The market is strongly driven by shifting consumer tastes, greater health awareness, a growing millennial population, and growth in supplemental income among consumers. The need for specialty food components is being driven by changing lifestyles and a high prevalence of chronic illnesses.
According to the Market Research report, the Specialty Food Ingredients Market was worth about 136.1 (USD billion) in 2021 and is predicted to grow to around 187.7 (USD billion) by 2028, with a compound annual growth rate (CAGR) of around 5.5 percent.
North America is expected to dominate the market throughout the projection period because of rising processed food consumption in the United States and Canada. Due to increased rates of obesity and other ailments, consumers in this region are health-conscious. This raises the need for specialty food ingredients such as vitamins, minerals, proteins, and dietary supplement substances, which can help avoid a variety of health problems.
Some of the main competitors dominating the Specialty Food Ingredients Market include - Archer Daniels Midland Company, Associated British Foods Plc, Cargill Incorporated, Chr. Hansen Holding A/S, DuPont de Nemours Inc., Givaudan, Ingredion Incorporated, Kerry Group plc, Koninklijke DSM N.V., Sensient Technologies Corporation, and Tate & Lyle plc.
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