The growing demand for clean label products among the consumers is expected to drive the market. The North American segment is poised to dominate the market due to its high population demandingfunctional food, whereas the Asia Pacific region is projected to be the fastest-growing, owing to the larger demand of clean label and plant based food, among its millennial population.
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 Forecast 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.
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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 & beverages 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.
The European region/ North American dominates the specialty food ingredients market with the largest share in 2019, whereas Asia Pacific is expected to witness the highest growth rate.
In North America, the US dominated the specialty food ingredient market due to the high production and demand of clean label food & beverages. The global specialty food ingredients market is primarily driven by the rising demand for safe and plant-based products. The specialty food ingredients industry functions with legislators and regulators to deliver qualitative products to its end users. In the major markets.
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The increase in the developed economy and per capita income has enabled the consumers to invest in more health and health related services, in Asia Pacific region. This is one of the major drivers for specialty food ingredients in the region. Apart from that, the millennial consumers are more health conscious and open to experiment with various ingredients, this is also thriving the market in Asia Pacific.
Key Players:
This report includes a study on the marketing and development strategies, along with the product portfolios of leading companies. It consists of profiles of leading companies, such as 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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