(Food-Beverage-News.Com, February 11, 2021 ) The specialty food ingredient market size is estimated to be valued at USD 134.7 billion in 2020 and projected to reach USD 178.3 billion by 2025, recording a CAGR of 5.8% during the forecast period. This report defines and segments the specialty food ingredients market with analyses and projections of the market size, in terms of value. The market has been segmented on the basis of types, applications and regions. The report also identifies the driving and restraining factors of the global market with an analysis of trends, opportunities, and challenges. The market is segmented and the market size is projected on the basis of key regions such as North America, Europe, Asia-Pacific, and Rest of the World (RoW).
Market Dynamics:
Drivers
R&D and technological innovations
Uproar for convenience foods
Nutrition and taste convergence
Growing end-user applications
Restraints
Raw material availability and infrastructural & technological barriers
The stricter legislatives and regulations with respect to food safety and shelf-life, implied that processing industries are keen on getting the right formulation to present the best food product to the consumer, and specialty food ingredients play a pivotal role in this aspect. The main driving forces for the growing market are the advanced technology, nutrition and taste convergence, rise in convenience food sector and growing end users applications.
Report Scope
By Ingredients
Functional food ingredients
Sugar substitutes
Flavors
Specialty starches
Acidulants
Emulsifiers
Preservatives
Colors
Enzymes
F&B Starter cultures
By Application
Bakery and confectionery
Beverages
Dairy and frozen foods
Convenience foods
Meat products
Functional foods/beverages/dietary supplements
Oils and fats
Others*
*Others include savory snacks, sauces, dressings, and condiment.
By Region:
North America
Europe
Asia Pacific
RoW
North America dominate global specialty food ingredients market followed by Asia-Pacific region. The Asia-Pacific food and beverage sector is greatly influenced by the consumer preference for healthy food which is a major driver for functional food ingredients. The implementation of R&D and technological innovations and collaborations with such companies has been moving at a high pace resulting in the new product launches, expansions to emerging countries and partnerhsips. With economies showing positive signs of recovery, on-going industrialization, increasing demand for processed foods, and a greater preference on the part of consumers for quality products, ingredient suppliers are becoming optimistic about the future of the market.
The major market players responsible for the growth in specialty food ingredients market are Archer Daniel Midland (U.S.), Royal DSM N.V. (The Netherlands), Kerry Groups (Irelands), Cargill Inc. (U.S.), E. I. DuPont de Nemours and Company (U.S.), Givaudan Flavors (Switzerland), Sensient Technologies (U.S.), CHR. Hansen (Denmark), Ingredion Incorporated (U.S.), and Tate & Lyle PLC (U.K.).
