Specialty Food Ingredients Market Analysis, Growth Rate, Overview, Market Segmentation and Forecast By 2023
Market Overview and Growth Factors:
Specialty food ingredients play an integral role in the packaged food sector by aiding the maintenance of the integrity of the food. These ingredients bring in several micronutrients to enhance the quality of the food. The end product gets better color and taste, and becomes more alluring to consumers which helps in the increase of sell. Factors that can substantially impact the specialty food ingredients market in the coming years are its features to increase the shelf-life and maintain the food quality. A change in lifestyle has triggered a growth in the packaged food sector where the ready-to-go products are becoming the choicest preference for many.
In such a scenario, the market is expected to do well. From bakery & confectionery items to beverages, meat products, and several other sectors are expected to profit from the expansion of the specialty food ingredients market. The market is getting further boosts from technological advancements that are ensuring long-time prospect. Market Research Future (MRFR) in their well-structured analysis of the global specialty food ingredients market reveals a possibility for the market to achieve a substantial CAGR during the forecast period (2018-2023).
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Influential companies profiled in the specialty food ingredients market are Kerry Groups, Royal DSM N.V., E. I. DuPont de Nemours and Company, Cargill Inc., Archer Daniel Midland, Givaudan Flavors, CHR. Hansen, Sensient Technologies, Tate & Lyle PLC, Naturex, Ingredion Incorporated, KF Specialty Ingredients, Frutarom, PPG Industries, Ingredion, Evonik, and Ashland Inc.
In March 2019, CP Kelco launched a new brand strategy to put the limelight on their specialty hydrocolloid solutions. Their intent integrates a focus on innovation, nature-based ingredients, high-quality, and customer collaboration. They came up with a new line “Unlocking nature-powered success,” this is to grab the attention of buyers by promoting their product’s healthy aspect.
MRFR in their latest analysis of the global Specialty Food Ingredients Market segments the market by ingredients and application. The specialty food ingredients market segmentation focuses on providing a holistic view of the entire market.
Based on the ingredients, the specialty food ingredients market can be segmented into minerals, antioxidants, emulsifiers, colors, vitamins, flavors, sugar substitutes, acidulants, preservatives, specialty starches, enzymes, and F&B starter cultures.
Based on the applications, the specialty food ingredients market can be segmented into bakery & beverages, confectionery, meat products, convenience foods, dairy & frozen foods, and functional food/ beverages/dietary supplements. The bakery & beverages section is doing sufficiently good as the demand for longer shelf-line and on-the-go foods are rising high. The dairy & frozen foods segment is also enjoying much prominence.
The global Specialty Food Ingredient Market, as studied by MRFR for better understanding on a region-specific scale, includes, namely, North America, Europe, Asia Pacific (APAC), Latin America, and the Middle East & Africa (MEA).
The market in North America has significant share of the global market as a lot of major manufacturers are based out of the region. Their presence is quite concentrated and, at the same time, the presence of several brands that cater to people with on-the-go foods is quite promising. Increasing health awareness is pushing the market forward.
Europe has similar kind of presence of market leaders that is taking the regional market forward. Change in lifestyle has given rise to an increased intake of on-the-go food joints which are expected to promote the market well. At the same time, the region has well-structure bakery & confectionery segment, along with a substantially backed dairy & frozen food industry. These factors could spur the demand for specialty food ingredients. In addition, strict regulations regarding food standard to boost the specialty food ingredients market further.
Meanwhile, the APAC is displaying strong potential owing to a huge population that is getting the attention of most of the global players. Rapidly happening urbanization is one major factor that can promote the market substantially. With an increase in the number of working women, the need for nutritional foods is growing at a break-neck speed which can directly trigger the specialty food ingredient market.