Europe Specialty Food Ingredients Market - Growth, Trends and Forecast (2019 - 2024)
Europe specialty food ingredient market is growing registering a CAGR of 4.96% during the forecast period (2019-2024).
By type, the flavors segment occupied the largest market share of in 2018. The specialty oil segment is projected to witness the highest CAGR over the forecast period.
By functional food ingredient type, vitamins and minerals occupied the largest market share in 2018. The botanical functional food ingredient is projected to witness the highest CAGR, over the forecast period.
By application type, the beverages application occupied the largest market share in 2018. Bakery segment is projected to witness the highest CAGR over the forecast period.
Scope of the Report
Europe Specialty Food Ingredient Market is Segmented by Ingredients into Functional Food Ingredient, Specialty Starch and Texturants, Sweeteners, Flavors, Acidulants, Preservatives, Emulsifiers, Colors, Enzymes, Cultures, Proteins, Specialty Oils, Yeasts. By Application the market is segmented into Beverages, Sauces, Dressings, and Condiments, Bakery, Dairy, Confectionery, Dried Processed Foods, Frozen/Chilled Processed Foods, Sweet and Savory Snacks and Other Applications. The geographical analysis of the market has also been included.
Key Market Trends
Obesity And Overweight in Europe – Leveraging Opportunity For Manufacturers
A few centuries on, with the onset of industrial farming, food is no longer a status symbol and the specter of famine has receded from the consumer consciousness. The abundance of food is such that the link between calorie intake and social status has not so much been eliminated but it has been highly reversed the other way. Across Europe and most of the developed countries, people have easy access to cheap, high-calorie fast food and ready meals. As a result, the average body mass index (BMI) has shot up across the developed world and beyond. Utilising the latest estimates from EU countries, the World Health Organization suggests that 30-70% of adults are overweight in Europe, whilst obesity affects 10-30% of adults. Moreover, according to the WHO, in the EU, one in three 11-year-olds are either overweight or obese.
Functional Food Ingredients Holds The Major Share
Functional food ingredients are fortified with ingredients to enhance their basic nutritional values. The increase in consumption of nutritive convenience food and fortified food and the growth in health awareness among consumers are driving the functional food ingredients segment. Rapid advancements in technology and companies’ efforts in trying to develop products with multi functional applications are driving the functional food ingredients segment of the market studied. The major factors restraining the growth of the functional food ingredients segment are the high cost for functional food products, due to the inclusion of healthier or naturally sourced ingredients and the complexities that are related to the adulteration of functional food products.
The European specialty food ingredients market is fragmented and includes regional and global competitors. The market is dominated by players, like Cargill Inc., Koninklijke DSM NV, ADM, and DuPont. There are various small and medium local players, holding a significant share in the market.
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