Specialty food ingredients are used by food and beverage industry to enhance taste and flavor to the processed food. They help in enhancing shelf-life, stability and texture of the food products. They are majorly sold to food processing industry including large food manufacturing companies as well as medium-sized companies.
According to the report Global Specialty Food Ingredients market, published by Market Data Forecast, the Market has been estimated at USD 51.5 Billion in 2016 and is projected to reach USD 68.11 Billion by 2021, at a CAGR of 5.75% during the forecast period from 2016 to 2021
The market for Specialty Food Ingredients is mainly driven due to uproar for the convenience foods which is mainly due to increasing urban population coupled with rising disposable income level which have resulted in changing lifestyle and the purchasing power of the consumer. Also, changing dietary preferences due to health issues like diabetes and obesity, is making the consumers shift to healthy Specialty foods.
But, the market growth can be constrained due to stricter legislatives and regulations with respect to food safety and shelf-life.
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Global market for Specialty Food Ingredients is segmented based on Ingredients and Application.
By ingredients, the market is further sub-segmented into Functional Food Ingredients, Sugar Substitutes, Flavors, Specialty Starches, Acidulants, Preservatives, Emulsifiers and Colors, Enzymes, F&B Starter cultures, Nutraceuticals. By Application, the market is further sub-segmented into Bakery & Confectionery, Beverages, Dairy & Frozen foods, Convenience foods, Meat Products & Functional Foods and Beverages, Dietary Supplements.
Functional Food Ingredients segment dominate the market with largest share and demand, while, Nutraceuticals segment is escalating in the market with high CAGR.
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Geographically, Global market for Specialty Food Ingredients is segmented into North America, Asia Pacific, Latin America, Europe, and Middle-East and Africa. North America is the biggest market in terms of market share across the globe, followed by Europe.
With high organized retail penetration, U.S. and U.K. are seen as saturated markets for processed foods.
With huge percentage of population suffering from obesity and diabetic risks, there is demand for functional foods and specialty food ingredients. The Specialty Food Ingredients market in the Asia-Pacific region is projected to grow at the highest CAGR, which is greatly due to economic growth and the shift of the preferences of the consumers towards value added food.
Brazil, India, China with their economic growth, are most potential markets.
Archer Daniel Midland, Royal DSM N.V., Kerry Groups, Cargill Inc., E. I. DuPont de Nemours and Company, Givaudan Flavors, Sensient Technologies, CHR. Hansen, Ingredion Incorporated, and Tate & Lyle PLC are the major players of Global Specialty Food Ingredients market.
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