Growth opportunities in the specialty food ingredients market look promising over the next six years. This is mainly due to the strong demand for fortified food products, the constant technological advancement, and new technologies.
Specialty Food Ingredients Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
Key Drivers
The vigorous demand for fortified food products throughout the world is one of the key drivers fuelling the growth of global specialty food ingredients market size. The fortified food products use different functional food ingredients like plant extracts, amino acids, vitamins, minerals, and antioxidants. With the worldwide expansion in chronic diseases and micronutrient deficiencies, people are slowly inclining towards healthier diet patterns to reduce the chances of contracting these diseases. According to WHO, 1.9 adults were found to be obese or overweight, and 462 million to be underweight in 2020. Also, nearly about 45% of deaths among children under five years is directly connected with undernourishment. Thereby, the surging ratio of health-conscious population accompanied by the increasing middle class, especially in developing nations, are the two factors stimulating the market growth. Specialty ingredients are important products that aid in fueling the well-being of several processed food items. Various ingredients, including fats, carbohydrates, fibers, and some specific proteins, execute enormous functional activities, which enhance the diet quality.
Furthermore, the ongoing technological developments is another factor driving the market growth. The execution of new technologies like decaffeination of coffee beans reduces the gastro-oesophageal reflux in patients and health-conscious individuals, will further boost the market demand for functional ingredients. Also, the augmenting usage of specialty food ingredients in many end-use industries will pave the way for significant growth opportunities in the market. The food processing ingredients are progressively emulsifiers, primarily in bakery products, convenience food, dairy & frozen desserts, and meat products. This is a crucial driver that will propel the growth of the Specialty Food Ingredients industry.
Regional Drivers
Based on the regional coverage, Asia-pacific is predicted to lead the market over the forecast period. China has one of the prime food processing industries and the largest processing and specialty ingredients manufacturing companies. The significant switch in the consumption habits of the individuals has uplifted them to choose healthy food and beverage options. This factor has resulted in an escalation in demand for functional food ingredients, including sugar substitutes, specialty enzymes, proteins, and other ingredients. Also, the millennial population is largely opting for immunity-boosting food and beverage products, which is accelerating the market growth.
Specialty Food Ingredients Market’s leading Manufacturers:
- HANSEN
- Sensient Technologies Corporation
- GIVAUDAN
- Kerry
- Tate & Lyle
- Ingredion Incorporated
- Cargill, Incorporated
- ADM
- DuPont
- DSM
Specialty Food Ingredients Market Segmentation:
Segmentation by Type:
- Functional Food Ingredient
- Specialty Starch and Texturant
- Sweetener
- Preservative
- Colorants
- Enzymes
- Others
Segmentation by Applications:
- Beverages
- Sauces, Dressings, and Condiments
- Bakery
- Dairy
- Confectionery
- Processed Food
- Others
Segmentation by Region:
- North America
- United States of America
- Canada
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Rest of the world (remaining countries of the LAMEA region)
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