Specialty Food Ingredients Market Overview:
According to the Federation of European Specialty Food Ingredients Industry, currently the specialty food ingredients market contribute around $40 billion to the annual turnover of the European Union food and drinks industry. As per the prevalence, these foods are of high quality and are used for production of high-value food products with improved shelf life, production value, good for health, and improved taste. Owing to this, the global specialty food ingredients market size stood at $43 billion in 2018. These ingredients are essential in providing the consumers with a wide range of safe, qualitative, and affordable foods. The demand is anticipated to grow at a CAGR of 6% during the forecast period 2019-2025.
North America, has been observing continuous growth in the region due to growing concerns regarding eating healthier food and magnificent capacity of production in the United States and Canada. The rising concerns of obesity and diabetes are influencing the consumers to focus more on healthy life, owing to this, the demand for healthy food has flourished in the North America specialty food ingredients market. In 2018, North America had the maximum specialty food ingredients market share of 36%.
Specialty Food Ingredients Market Outlook:
Specialty food ingredients emulsifies, preserves, provides color and texture, and improves the nutritional value of the processed or cooked food, owing to these factors, the industry is able to meet the consumers demand. Additionally, strong science-based and strong innovation-driven position in the process of food chain makes the specialty food ingredients market a major contributor of the food and beverage sector.
The growth of specialty food market is considerably dependent on the sustainability of the processed food products. Furthermore, Europe along with North America is investing ample amount of money in the R&D for developing innovating specialty food ingredients. These activities are ballooning the Europe bakery market. Owing to immense use in bakery and confectionary, the specialty food ingredients market is predicted to observe growth at a CAGR of 5.80% through to 2025.
Specialty Food Ingredients Market Growth Drivers and Market Trends:
· Plant-Based Specialty Food Ingredients
2018 was a year for plant-based food in the market. Owing to the emerging preference towards vegan and organic food, and the changing lifestyle of the consumers the plant-based specialty food ingredients are considered as the most nutrient dense foods on earth. Moreover, the growing concerns towards the healthcare is driving the plant-based specialty food ingredients market.
· Ayurvedic Products Thrives in the Market
The specialty food ingredients market is targeting the old age consumers as they are more inclined towards ayurvedic products. The manufacturers are working towards setting up new menu for their consumers and it is driving growth for the market.
· Probiotic-Friendly Functional Beverages Burgeoning
There has been a significant growth in the refrigerated RTD functional beverages sales in the recent years. For instance, the probiotic-friendly kombucha has taken over the market, inviting more functional beverages competitors that tout the health.
· Ingredion Incorporated Acquires Western Polymer
In March 2019, Ingredion Incorporated, an ingredient provider company, announced its operations acquisition of Western Ploymer, a company that supplies high-quality starch products. The acquisition is to enhance the high-value specialty ingredients business and the processing capabilities.
· Cargill Intends to Acquire Smet
In April 2019, Cargill Incorporated, a conglomerate company, announced its intent to acquire Smet, a Belgium-based supplier chocolate company, for their global gourmet chocolate activities by expanding the product portfolio and services.
Specialty Food Ingredients Market Key Players Perspective –
The major players striving to capitalize on the specialty food ingredients market are The Archer Daniels Midland Company, E. I. Du Pont de Nemours and Company, Cargill Incorporated, Kerry Group, Ingredion Incorporated, Tate & Lyle, Naturex S.A., Prinova Group LLC, HR Hansen Group, and Koninklijke DSM N.V.
Specialty Food Ingredients Market Research Scope:
The base year of the study is 2018, with forecast done up to 2025. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the specialty food ingredients market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The specialty food ingredients market research report also analyses the application of the specialty food ingredients in various applications such as Bakery & Confectionery, Dairy Products, Meat Products, Savory & Salty Snacks, and Beverages.
Specialty Food Ingredients Market Report: Industry Coverage
This report also documents the specialty food ingredients market based on product type that includes Flavors, Acidulant, Colors, Enzymes, Emulsifiers/Stabilizers, Food Preservatives
The specialty food ingredients market report also analyzes the major geographic regions as well as the major countries in these regions. The regions and countries covered in the study include:
Key Questions Addressed in the Specialty Food Ingredients Market Report
Is the market demand for specialty food ingredients growing? How long will it continue to grow and at what rate?
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Are additional developments needed for the existing product or services offerings or do the existing products meet the customer demands?
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What are the short-term, long-term, and medium-term growth drivers for the market?
What are the short-term, medium-term, and long-term challenges for the market?
What are the short-term, medium-term, and long-term opportunities for the market
Who are the top players/companies of the market?
What are the recent innovations in the market?
How many patents have been filed by the leading players?
What are the types of patents filed by the leading players?
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A Few Focus Points Of This Research Are Given Below: