Between 2022 and 2029, the forecasted value of the global specialty food and beverage market increased from USD 150.86 billion in 2021 to USD 373.53 Billion, for a CAGR of 12.00%.
Growing consumer knowledge of functional beverages’ health advantages bodes well for the applicable food ingredient section of the market. The market report compiled by the Data Bridge Market Research group features in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, patent analysis, and consumer behavior, in addition to market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario.
Market Characterization
The term “specialty food and beverage” is used to describe items modified by adding different chemicals to increase their usefulness and nutritional value, for example, Life Aid Bev Co sports drinks. Reduced food waste, longer shelf life, and better texture, appearance, flavor, and health profile are some of the benefits of using these components.
Changes in the Market for Gourmet and Organic Products
The market’s many forces, benefits, opportunities, threats, and limitations are discussed here. This is all elaborated upon as follows:
Drivers
Adopting a healthy way of life
One of the primary forces behind expanding the specialty food and beverage industry is the rising demand for products that help consumers improve their diets. Positive effects on the sector may be seen from the increasing trend of living a healthy lifestyle across all age groups, transitioning to a healthy and creative approach.
Rates of Obesity
Markets are also affected by the rising incidence of obesity in the population. People seeking advice on losing weight often seek the services of dietitians and nutritionists, who create individualized meal programs.
Health education and awareness
The increasing recognition of the value of a healthy lifestyle aids market expansion. People are turning to specialty foods and drinks because of the rising incidence of chronic conditions like diabetes and cardiovascular disease.
Lifestyle shifts, more disposable income, and a greater public understanding of the value of a balanced diet all bode well for the specialized food and beverage industry.
Opportunities
In addition, from 2022 to 2029, the market participants stand to gain financially from the rising demand for processed foods and the rising sales of beverages and functional drinks. The increase in final products will also drive market growth.
Restraints/Challenges
However, the market expansion is expected to be hampered by the high price of the goods and the restricted availability of raw materials. The prognosis for the specialty food and beverage industry from 2022-2029 also includes challenges such as using artificial/synthetic substances in diverse applications leading to health dangers and lack of uniformity in regulations.
Information about new trends, trade rules, import or export analysis, output analysis, value chain optimization, market share, and the effect of domestic and regional market players. This report on the specialty food and beverage market looks at opportunities in terms of new revenue streams, changes in market regulations, strategic market growth analysis, category market growth, market size, application niches and dominance, product launches and approvals.
The Effect of COVID-19 on the Market
Several sectors were negatively affected by COVID-19. However, the specialty foods and drinks market expanded rapidly during this time. Most people were concerned about eating healthily during the government-imposed lockdown to prevent the spread of the coronavirus sickness. People are turning to health supplements to fortify their bodies against the rising tide of health problems. The industry grew after the pandemic due to a greater focus on health and wellness.
Recent Changes
In 2021, Divi’s Nutraceuticals introduced a food additive called “CaroNat,” which was derived from natural sources and is used to provide a vibrant yellow to orange hue to a wide range of foods and drinks. CaroNat is well-known as an all-natural, concentrated carrot juice food dye.
In 2021, DuPont’s Nutrition & Biosciences Business collaborated with International Flavors & Fragrances. The two companies want to become market leaders in high-value components and solutions via their collaboration.
The Potential and Size of the International Specialty Food and Drink Industry
Ingredient and function are the two main dividers in the specialty food and beverage sector. Users will benefit from the market overview and market insights provided by these segments’ growth, enabling them to make strategic choices in identifying key market applications.
North America includes the United States, Canada, and Mexico; Europe includes Germany, Sweden, Poland, Denmark, Italy, China, the United Kingdom, France, Spain, the Netherlands, Belgium, Switzerland, Turkey, Russia, and the rest of Europe; Asia includes Japan, India, South Korea, New Zealand, Vietnam, Australia, Singapore, Malaysia, Thailand, Indonesia, the Philippines, and the rest of Asia-Pacific (APAC). South America includes Brazil, Argentina, and the rest of South America.
North American consumers’ growing health consciousness has made the continent a global specialty food and beverage industry leader.
Due to rising obesity rates in the area, Asia-Pacific (APAC) is predicted to expand rapidly between 2022 and 2029, the prediction period.
Current and potential market developments are affected by local changes in market regulation, which are detailed in the report’s country section.
Market scenarios for different nations are predicted using data points such as down- and upstream value chain analysis, technological trends, Porter’s five forces analysis, and case studies. While compiling this projection data, we also factor in the effect of domestic tariffs and trade channels, as well as the existence and availability of global brands and the difficulties they encounter due to big or limited competition from local Analysis and domestic companies.
The company breaks information down in a competitive landscape study of the specialty food and beverage industry. Information such as the company’s strengths and weaknesses, newly launched products, product range and application dominance, global presence, production sites and facilities, production capacities, and financial overview is provided. The preceding information is relevant to the firms’ niche food and drinks industry efforts.
