Global Specialty Food Ingredients Market has been perceiving an augmented demand mainly due to the growing popularity of artisanal food products with extended shelf life. Consumers are increasingly buying these specialty food ingredients to bring different flavors to their kitchens, encouraging the manufacturers to find new ways to match their preferences. This, as a result, is further opening up opportunities for specialty food ingredients to reach across regions worldwide and cater to more consumers. All these factors have positively impacted the growth of specialty food ingredients market escalating it to the ascended heights on the global platform.
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Increase in demand of specialty food ingredients from consumers ranging from quick service restaurants and food services to the household is expected to drive the market during the forecast period. Moreover, factors such as the growing urbanization, changing consumption patterns, and traction towards convenience foods will contribute to the market growth. Availability of a variety of specialty food ingredients has increased the popularity and consumption among consumers in developed regions. High focus on R&D has led to innovations in food products by improving their shelf-life and nutritional value. Also, factors such as the increasing demand for the ready to eat foods led by the consumer preferences and the rising demand for products with high shelf-life are acting as a tailwind pushing up the market.
On the flip side, factors such as the costs related to the production, energy utilized alongside the other manufacturing costs such as labor cost, price volatility of the raw materials, and time-consuming production process are expected to obstruct the market growth. Nevertheless, technological innovations are expected to boost market growth during the review period.
The fiercely competitive Specialty Food Ingredients Market appears fragmented with the presence of several large and small-scale players operating in the market. Focused on improving their market performance, the market players are acquiring promising companies to expand in the fast-growing markets. Growth in terms of technologies in the market and product innovations is expected to create strong investment opportunities for global players.
Some of the leaders in the market are Kerry Groups, Royal DSM N.V., Cargill Inc., Givaudan Flavors, E. I. DuPont de Nemours and Company, Archer Daniel Midland, CHR. Hansen, Sensient Technologies, Ingredion Incorporated, Naturex, Frutarom, Tate & Lyle PLC, KF Specialty Ingredients, PPG Industries, Ingredion, Ashland Inc, and Evonik
Industry/ Innovation/ Related News
January 03, 2019 – Renmatix, Inc. (US), a global technology licensor enabling the low-cost production of cellulosic sugars from non-food biomass serving chemical and fuels markets announced the signing of a distribution agreement with The Ingredient House (US), a leading supplier of specialty food and beverage ingredients.
Together, the duo sees the potential to replace eggs in baked goods by incorporating Simple Cellulose, a new plant-based ingredient that provides manufacturers up to 50 % in cost-in-use savings. These companies see growth opportunities in supporting the clean label movement with the innovative nature of Simple Cellulose, which exhibits multifunctional property benefits in emulsification, texturizing, moisture retention and fat replacement – increasingly desirable traits to meet today’s healthy consumer tastes.
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In terms of value, the European and North American region holds a major share in the global specialty food ingredients market. However, in upcoming years North America will capture a majority of market share due to increasing consumption of these goods. These regions have a high concentration of players who are actively involved in the growth of the market. Moreover, flourishing F&B sector alongside the increasing health consciousness and stringent regulations for the use of certain specialty food ingredients are expected to fuel the growth of the market in these regions.
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