According to MarketsandMarkets, the “Specialty Food Ingredients Market by Type (Acidulant, Colors, Flavors, Enzymes, Emulsifiers, F&B Starter Culture, Preservatives, Functional Food Ingredients, Specialty Starches, Sugar Substitutes), Distribution Channel – Global Forecasts to 2025″, size is estimated to be valued at USD 134.7 billion in 2020 and is projected to reach USD 178.3 billion by 2025, recording a CAGR of 5.8%, in terms of value. There is an increase in the demand of processed food and clean label which is driving the market.
Restraints: High cost and limited availability of raw materials
Price is one of the major restraining factors in the specialty food ingredients market. Functional foods and premium products are comparatively uneconomical, owing to the ingredients used in them, which is likely to impact its growth in price-sensitive markets such as India, China, and South Africa. Specialty food ingredients are relatively expensive, owing to their superior quality.
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Opportunities: Rise in number of end-use applications
The rising number of end-use applications, owing to the multifunctional attributes of various ingredients, is projected to create opportunities for growth within the specialty food ingredients market. Food processing ingredients such as emulsifiers are mostly utilized in bakery & confectionery, convenience foods, dairy & frozen desserts, and meat products. Flavors and colors are also mostly used for bakery and beverage applications.
The food & beverages segment is projected to witness significant growth during the forecast period.
Based on type, the specialty food ingredient market is dominated by the food & beverage segment. The consumer trends such as easy-to-use, health & wellness, and clean label trends influence the overall market. The easy-to-use trend is due to the rapid urbanization in emergent markets. Consumers demand healthier ingredients in their food products. The growing obesity and diabetes incidences compel the consumers in emerging and developed economies to focus on an improved lifestyle.
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North America is projected to account for the largest market during the forecast period
North America is projected to dominate the market during the forecast period owing to the high prevalence of chronic diseases in countries such as the US. The demand for low caloric foods and low-intensity sweeteners drives the North American market. Emerging markets in economies such as the Asia Pacific countries are going to be potential markets for the specialty food ingredient manufacturers.
Key Market Players:Key players in this market include Cargill (US), ADM (US), DuPont (US), Ingredion (US), Kerry (Ireland), DSM (Netherlands), Chr. Hansen (Denmark), Sensient (US), Tate & Lyle (UK), Givaudan (Switzerland), Biocatalysts (UK), Omega Protein (US) Enzyme Supplies (UK), FDL Ltd (UK), Nutriati (US), Crespel & Dieters (Germany), Axiom Food (US), Amano Enzymes (Japan), Amicogen (South Korea), and Aminola (Netherlands).
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