A new report from Markets and Markets projects the specialty food ingredients market value to reach $80,323.4 million by 2018. Functional food ingredients (nutraceuticals) are the leading specialty ingredient with the largest market share, the report says, and are estimated to grow at a significant rate due to high penetration levels in end-use industries.
Demand for premium products is set to propel the growth of various ingredients. Enzymes are projected to exhibit robust growth in the coming years. Demand for acidulants, flavours, colours, emulsifiers and so on are also steaming ahead with a remarkable CAGR, according to Markets and Markets.
The global specialty food ingredients market has grown considerably in the last few years and is estimated to grow at a rapid pace in the near future, said the researchers. Factors such as the growing consumer preferences towards health and taste and soaring consumption in emerging economies are helping the specialty food ingredients market grow. The increasing innovations in the industry help to drive down the cost of production, incorporate additional benefits in the products, and launch new types of products. This acts as an important driver for the specialty food ingredients market. However, the numerous regulations and consumers’ food safety concerns act as hurdles in the growth of this market.
The report analyses the specialty food ingredients market by type, application, and geography. The specialty food ingredients types included in the report are food colours, acidulants, food and beverage enzymes, specialty starches, food emulsifiers, food and beverage starter cultures, sugar substitutes, food preservatives, hydrocolloids, food flavours, and functional food ingredients. The applications covered in the report include bakery, confectionery, dairy, convenience foods, beverages, meat and seafood products, and functional food products.
Geographically, the report is segmented into Asia-Pacific, Europe, North America, and Rest of the World. The purpose of using specialty food ingredients in various applications may differ depending on the functional characteristics of the ingredients. The report estimates the global specialty food ingredients market size in terms of value ($million). It discusses the market drivers, restraints, and opportunities. The report also tracks the recent strategic activities such as product launches, expansion plans, supply contracts, and partnerships and collaborations adopted by the market players.
