In the year 2018, Global Specialty Food Ingredients Market was valued at USD 57.59 Billion. By the year 2023, it is expected to reach USD 76.16 Billion at pace of 5.75% CAGR.
Specialty food ingredients are used by food and beverage industry to improve that flavor and taste of the food. These food ingredients provide specific textures, flavors, color, nutrients, and functionalities in the processed food products. Specialty food ingredients contains wide variety of features like processing aids, emulsification, preservation, coloring and nutritional enhancement which helps to meet the consumers demand. The different applications for Specialty food ingredients include bakery and confectionery, convenience food, meat and seafood products, and dairy and functional food items. These food ingredients help in stability, texture, and enhance the shelf-life of the food products.
The growth for Specialty Food Ingredients market is driven due to factors like changing consumer preference for processed foods across the globe, increasing urbanization, growing awareness about food additives among the global population, growing demand for packaged and convenience food products, increasing disposable income. In addition, rising prevalence of diabetes, obesity, and other chronic diseases, increasing focus by food manufacturers to develop safe and quality food ingredients in order to meet the consumer's demand are driving the market growth. However, lack of awareness and stringent government policies are expected to hinder the growth rate for Global Specialty Food Ingredients market during the forecast period.
Based on geography the Specialty Food Ingredients market has been primarily divided into Asia Pacific, Middle East and Africa, North America and Latin America. North America holds the largest market share in the Global Specialty Food Ingredients Market followed by Europe due to increasing population, growing prevalence of chronic diseases like diabetes and obesity, and rising demand for processed foods and specialty food ingredients are driving the market in this region. Asia-Pacific regions like India and China are rapidly growing due to changing consumer preference for processed foods, increasing disposable incomes, and rising prevalence of diabetes, obesity, and other chronic diseases are expected to contribute high growth rate for Specialty Food Ingredients market during the forecast period.
Leading companies for Global Specialty Food Ingredients market are Archer Daniel Midland, Sensient Technologies, CHR. Hansen, Ingredion Incorporated, Tate & Lyle PLC., Royal DSM N.V., Kerry Groups, Cargill Inc., E. I. DuPont de Nemours and Company, and Givaudan Flavors.
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