According to a new study published by Polaris Market Research the global specialty food ingredients market is anticipated to reach USD 67.76 billion by 2026.
The specialty food ingredient sector has outperformed other
wider sectors of the food & beverage industry. This is due to the shift in
dynamics within the food & beverage industry such as the changing consumer
demands for more organic, natural and highly nutritious processed foodstuffs.
Several studies have shown that the relationship between the specialty
ingredients and processed food industry are evolving due to higher levels of
collaborative innovation and product developments to fulfill stringent
regulations and new consumer trends. A larger share of the value chain has been
dominated by a relatively smaller number of ingredient suppliers, thus creating
valuation and margin opportunities globally.
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These products also add to higher sustainability during
processing of food, apart from offering their conventional functions for the
food stuff. The components help to increase efficiency in food processing by
limiting the quantity of raw material requirements and making the optimum use
of it. Moreover, with their nutritional, technological and health related
functions these products also offer other advantages such as enhancement of
taste, higher food safety, and extended food choices and affordability.
These factors have been crucial in considering specialty
ingredients an integral part of the food supply and hence demand of these micro
and macro constituents of food is expected to surge substantially in the
immediate future. Also, the food industry being a innovation driven, the specialty
ingredients sector is a key contributor in enhancing the competitiveness of the
entire value chain.
Key Findings from the study suggest that the largest share of
the market in 2017 was of the Asia Pacific region. The region has been a
substantially influential market in supply of these products to the other
regions. China is one of the largest industries in the Asia Pacific and also
globally with presence of an extensively diverse ingredient manufacturing
sector with over hundreds of multinational and national players currently
operating in the country.
Some of the imperative factors for the higher growth of the
regional industry include the increasing spending power, burgeoning economies,
presence of a youthful population, growing westernization of FMCG market,
increasing urbanization and a mounting interest in health and wellness among
the consumers. North America is another significant market, which is home to
most of the leading multinational ingredient manufacturers. The U.S. is the
largest producer of these products in the region with over 85% of the companies
concentrated in the country.
Some of the global manufacturers in the market include Cargill
Inc., Royal DSM N.V., DuPont, Tate & Lyle, CHR. Hansen Holding A/S, Archer
Daniels Midland (ADM), Kerry Group, Ingredion, General Mills, BASF, ABS Food
and Givaudan.
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Key Segments:
Specialty Food Ingredients Market Size and Forecast by Product
Type
·
Key Findings
·
Functional Ingredients
·
Flavors
·
Emulsifiers
·
Colors
·
Enzymes
·
Others
Specialty Food Ingredients Market Size and Forecast by End-Use
Type
·
Key findings
·
Convenience Foods
·
Confectionery &
Bakery Food
·
Diary Food
·
Meat & Sea Food
·
Others
Specialty Food Ingredients Market Size and
Forecast by Regions
·
North America [U.S., Canada]
·
Europe [Germany, UK,
France, Italy, Spain, Belgium, Netherlands, Rest of Europe]
·
Asia-Pacific [China,
India, Japan, South Korea, Singapore, Malaysia, Rest of Asia-Pacific]
·
Latin America [ Brazil,
Mexico, Argentina, Rest of Latin America]
·
Middle East and Africa
[Israel, South Africa, Saudi Arabia, UAE, Rest of MEA]
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