Specialty Food Ingredients Market Overview
Various types of specialty food ingredients are available in the market, which are used for different purposes such as flavors and to enhance the taste and smell of the food product. Special food ingredients finds its application in bakery & cakes, fruit & vegetables, milk, drinks, vegetable & animal oils, meat & marine foods, etc. The market is estimated to grow at a CAGR of 5.6% during the forecast period 2018–2023. The Asia-Pacific Specialty Food Ingredients market is forecast grow at the highest CAGR of 6.9%, which can be mainly attributed to the increasing population and effective government regulations.
Specialty Food Ingredients Market Outlook
There are various types of specialty food ingredients available in the market such as flavors, acidulants, sweeteners, colors, enzymes, emulsifiers/stabilizers, food preservatives, and nutritional food ingredients. Specialty food ingredients are added in the food products to enhance its flavor, texture, color, or health values. These are added to avoid decomposition of food products by microbial growth or chemical reaction. The changing consumer consumption trends in food products for health and wellness shows an increased purchasing power. This gives the food manufacturers ample opportunity to expand their market in healthy food products. Specialty food ingredients market is segmented on the basis of application into bakery & confectionery, dairy products, meat products, savory & salty snacks, beverages, and others. The market has been analyzed on the basis of its geographic region comprising of North America, Europe, Asia-Pacific, and the Rest of the World.
Specialty Food Ingredients Market Growth Drivers
The main driving forces for the growing market are advanced technology, nutrition and taste convergence, and the growth of the food industry as well as the growing applications of end users. Scientifically validated health benefits of food-specific ingredients such as enzymes and nutritional ingredients aimed at reducing the risk of chronic diseases, hypertension, diabetes, and cognitive health also drives the market growth. With the rise in demand for convenient and ready-to-eat, packaged foods, the demand for specialty food ingredients has been increasing as they have preservative properties and also escalate the date of expiration for the products.
Specialty Food Ingredients Market Challenges
The lack of proper research and development, academic gap in the industry, skills gap, technology gap, compliance with global quality standards, an increased number of small and unstructured players, and administrative barriers create challenges for the specialty food ingredients market. Factors such as raw material accessibility, and high expenditure on technology use and maintenance also constricts the market. Also, at times the market growth is constrained due to very strict legislatives and regulations with respect to food safety and shelf life.
Specialty Food Ingredients Market Research Scope
The base year of the study is 2017, with forecast done up to 2023. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the specialty food ingredients market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include the types of specialty food ingredients, and their specific applications.
Specialty Food Ingredients Market Report: Industry Coverage
By Types: Flavors, Acidulant, Sweeteners, Colors, Enzymes, Emulsifier/Stabilizer, and Food Preservative and Nutritional Food Ingredient
By Application: Bakery & Confectionery, Dairy Products, Meat Products, Savory & Salty Snacks, Beverages and Others
The Specialty Food Ingredients market report also analyzes the major geographic regions for the market as well as the major countries for the market in these regions. The regions and countries covered in the study include:
- North America: The U.S., Canada, Mexico
- Europe: The U.K., Germany, Italy, and the Rest of Europe
- APAC: China, Japan, South Korea, India, and the Rest of APAC
- RoW: The Middle East, Africa, Oceania, and South America
Specialty Food Ingredients Market Trends
- Consumers are aware of the use of food additives, which remove their nutrients from their products. This has paved the way for consumers who demand safe and high-quality products with a long shelf life. Consumers are also aware of the ingredients used to improve the shelf life of the processed foods as using artificial ingredients, containing a high trans-fat content makes the product anti-nutritious. Special food ingredients provide the necessary association to facilitate the complete amalgamation from the level of the farm to the final value-added food processing stage.
- Trends in the specialty food ingredients industry include the introduction of new products, increasing the acceptance of natural ingredients, increasing awareness of health and well-being, food security, increasing the taste preference, as well as increasing the demand from emerging economies.