Market Analysis
The specialty food ingredients market is expected to grow at a healthy CAGR by 2030, reveals the latest Market Research Future (MRFR) report. Specialty ingredients are vital products that guarantee the wellbeing of various processed foods. These range from different micro-ingredients such as enzymes, vitamins, and minerals, to various macro ingredients, including fats, carbohydrates, fibers, and specific proteins, all usually perform different functional activities, thereby enhancing the taste and diet quality.
Various factors are propelling the specialty food ingredients market growth. These factors, as per the new Market Research Future (MRFR) report, include growing preference of consumers for processed foods, increasing urbanization, rising global population, escalating middle-class population, changing demographics, the launch of novel products, and increasing acceptance of natural ingredients. Additional factors pushing market growth include increasing awareness about health and wellness, growing demand from emerging economies, increasing preference for taste, increasing awareness of food safety, research and development and technological innovations, rising disposable income, and increasing prevalence of chronic diseases such as heart disease, diabetes, obesity, and cancer. Moreover, key benefits offered by specialty foods over regular foods and conventional diets, growing end user applications, taste and nutrition convergence, demand for convenience foods, and the rising popularity of ready-to-eat and easy-to-go beverages and meals are also adding to the growth of the market.
On the flip side, lack of awareness, poor supply chain, vulnerability to climatic changes, strict inspection and stringent regulations of the food industry, difficulty in the availability of raw materials, and technological and infrastructural barriers are factors that may deter the specialty food ingredients market growth over the forecast period.
Market Segmentation
The MRFR report provides an all-inclusive segmental analysis of the specialty food ingredients market on the basis of application and ingredients.
Based on ingredients, the specialty food ingredients market is segmented into FB starter cultures, enzymes, colors, emulsifiers, preservatives, acidulants, specialty starches, flavors, sugar substitutes, antioxidants, minerals, and vitamins. Of these, the flavors segment will have the largest share in the market over the forecast period chiefly on account of changing preference of consumers for comfortable, natural, and healthy trends.
Based on applications, the specialty food ingredients market is segmented into functional food/dietary supplements/beverages, meat products, convenience foods, dairy and frozen foods, beverages, and bakery and confectionery. Among these, the bakery and confectionery segment will dominate the market over the forecast period.
Regional Analysis
By region, the specialty food ingredients market report covers the latest trends and growth opportunities across Europe, North America, Latin America, the Asia Pacific (APAC), and the Middle East and Africa. Of these, North America will lead the market over the forecast period. Factors pushing growth in the region include a high concentration of key market players that are involved actively in the market growth, increasing health consciousness, growing food and beverage sector, and strict regulations pertaining to the usage of certain specialty food ingredients.
The specialty food ingredients market in Europe is predicted to have the second-largest share in the market over the forecast followed by the APAC region that is predicted to grow at the fastest pace. Factors pushing growth in the APAC region include burgeoning demand for functional and convenient packaged/processed food items and a growing number of females taking part in the workforce that has further augmented the demand for healthy functional food that is convenient as well as supports the busy schedule devoid of compromising the health.
The specialty food ingredients market in the MEA is predicted to have a steady growth over the forecast period.
Key Players
The global key specialty food ingredients market players are Sensient Technologies, Ashland Inc, Givaudan Flavors, E. I. DuPont de Nemours and Company, KF Specialty Ingredients, Naturex, Cargill Inc., CHR. Hansen, Ingredion Incorporated, PPG Industries, Royal DSM N.V., Ingredion, Evonik, Tate Lyle PLC, Kerry Groups, Archer Daniel Midland, and Frutarom.
Industry News
Oct 2021: Azelis has signed an agreement for acquiring Orkila, a leading specialty food ingredient, and specialty chemicals distributor.
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