The Global Speciality Food Ingredients Market is forecasted to reach USD 72.4 billion by 2024 growing at a CAGR of 5.10% during the forecast period (2019 – 2024). The industry for speciality food ingredients essentially thrives on the wider technological and functional benefits that these ingredients confer, in terms of high quality, safety, affordability, nutrition, and deliciousness of the processed food products. The preference for certain types of food products is now core to some consumers’ identities, especially in developed economies, which is driving the demand of speciality food ingredients. There is strong correlation between the speciality food ingredient market and the processed food market, with the former conferring functional benefits and customized value-addition as per the end-user applications.The globally recognized companies operating in specialty food ingredients market utilize smart technology or intellectual property to develop innovative ingredients and solutions. However, the new product development is a highly capital-intensive process.