(Food-Beverage-News.Com, November 13, 2018 ) According to Publisher, the Global Specialty Food Ingredients Market is accounted for $71.88 billion in 2017 and is expected to reach $173.89 billion by 2026 growing at a CAGR of 10.3% during the forecast period. Growing demand for processed and packaged food, increasing purchasing power of consumers and rising urbanization are some of the key factors propelling the market growth. However, food security concerns, regulations, raw material accessibility, expenditure, and scientific barriers are hampering the market.
Specialty food ingredients are those additives that are utilized and considered for a certain purposes and functions, which differ that those ingredients used in the traditional recipes. They are used by food and beverage industry to improve taste and flavor to the processed food. It is majorly sold to food processing industry including large food manufacturing companies as well as medium-sized companies.
Based on Product, flavors segment is expected to have a significant demand in the market. The growth is due to its usage in the food industry. Flavors are powerful preparations added to food products to stimulate a characteristic taste of choice, to preserve the flavor after dispensation, to adapt an already existing flavor, and to guise some undesirable flavor to increase consumer acceptance. Flavors are used in various products, such as bakery, confectionery, meat, snacks, seafood, and poultry. By geography, North America is expected to dominate the global market due to increasing consumption of processed food in the U.S. and Canada.
Some of the key players profiled in the Specialty Food Ingredients market include DuPont, ADM, BASF group, General Mills, Cargill INC, Ingredion, Tate and Lyle, Kerry Group, BTC Europe, B&G Foods, Nestl, Kraft Foods Inc, Campbell, ABS Food Ingredients, Sensient Technologies, GSI Specialty Ingredients, Royal DSM, Koninklijke DSM N.V, CORBION and Ajinomoto Co. Inc.
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