The global market for specialty food ingredients is driven by robust demand for convenience food, from the rapidly expanding urban population, coupled with the changing lifestyles and rise in purchasing power of consumers. Moreover, changing dietary preferences of people, owing to incidences of diabetes and obesity, are driving the adoption of specialty foods.
Global Specialty Food Ingredients Market to Register a Steady Expansion through 2022
The report by Future Market Insights (FMI) projects the global specialty food ingredients market to exhibit a steady expansion over the forecast period 2017 to 2022. The market is poised to account for roughly US$ 85,000 Mn revenues by 2022-end. Specialty ingredients are indispensable products guaranteeing the wellbeing of processed food products, by performing various functional activities to enhance the diet quality and taste of food. Specialty food ingredients lower downstream losses, coupled with the value chain, owing to their effective impacts on food processing and storage, enhancing the efficiency of resource further. Popularity of these ingredients is being driven by development of new technologies that help in reducing gastro-oesophageal reflux in patients, as well as healthy people. A slew of organic technologies are being formulated for processing the nutritional supplements, ingredients, flavour components, and reagents. The aforementioned factors are expected to augment growth of the market in the upcoming years.
One of the latest trends observed in the global specialty food ingredients market is inclination of consumer demand toward organic food. These factors might influence growth of the market during the forecast period. Major players in the market are involving in mergers & acquisitions, in a bid to enhance their product portfolio. Medium-sized companies are being acquired by multinational industries, as even though medium-sized companies specialise in technologies, they lack in funds. Stricter regulations & legislatives regarding shelf-life of food products, and food safety might hinder the market growth in the near future.
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Key Findings from FMI’s Report on Global Specialty Food Ingredients Market
· North America will continue to be dominant in the global specialty food ingredients market, in terms of revenues. Sales of specialty food ingredients in North America will exceed US$ 24,000 Mn in revenues by 2022-end.
· Asia-Pacific excluding Japan (APEJ) will remain the fastest expanding market for specialty food ingredients over the forecast period.
· Specialty food ingredients are expected to find the largest application in bakery & confectionary food products, followed by convenience food.
· Specialty food ingredients sales in functional food/beverages/dietary supplements, and meat products are estimated to exhibit the highest CAGRs through 2022, based on application.
· Although minerals will remain sought-after among specialty food ingredients, sales of preservatives will exhibit the fastest expansion through 2022. Sales of vitamins are expected to reflect the lowest CAGR through 2022.
· Enzymes are expected to remain preferred specialty sensory ingredient. Sales of enzymes are projected to exceed US$ 20,000 Mn in revenues by 2022-end.
· Sales of colorants and emulsifiers will observe close competition in market revenue share, expanding at equal CAGRs through 2022. Flavours are anticipated to exhibit the fastest expansion in sales during the forecast period.
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