Global Speciality Food Ingredient Market
Specialty Food Ingredients Market
The food processing industry includes activities that not only make the product attractive, but also more usable and increases the shelf life. Globally, food processing market amounts to USD 7 trillion of annual production. The increasing number of health-conscious consumers with preference for convenience foods is fuelling the global speciality food ingredients market, which is estimated to reach USD 92.5 billion by 2023, up from USD 63.8 billion in 2016 with a CAGR of 5.9% from 2018 to 2023.
Increasing urbanisation and growing consumer preference for processed foods is driving the speciality food ingredients market. However, the consumer is aware of the use of food additives that strip the product of its nutrients. This paved the way for consumers demanding for a safe, quality product having a long shelf life. Ingredients used for improving the shelf life of the processed foods are seen by consumers as using artificial ingredients and containing high trans-fat content making the product anti-nutrient. Companies, by introducing functional food ingredients, have increased the demand and kept the nutrient value intact. Also, organized retail sector, which is a small percentage in the emerging countries, is seeing inroads in the processed food sector, thus increasing its penetration and fuelling the demand for speciality food ingredients.
Food ingredients have been used since many years to flavor, preserve, blend, thicken, color and also maintain the nutritional content of foods, thus reducing serious nutritional deficiencies in the consumers. The speciality food ingredients find major applications in fruits and vegetables, alcoholic and non-alcoholic beverages, vegetable and animal oils, bakery and confectionary, dairy, meat and marines food, pet foods, starch products, etc. Functional food ingredients constitute maximum market followed by growing demand for enzymes, acidulants, emulsifiers, etc. Food emulsifiers market is estimated to be worth USD XX billion in 2023. The nutraceutical ingredient market is estimated to grow from USD 26 billion in 2016 to USD XX billion in 2023 at a CAGR of 7.5% from 2018 to 2023. This is attributed to the high penetration levels leading to demand for functional foods in developed and emerging countries.
North America and Europe are the major end-users of the speciality food ingredients and are expected to see slow growth. With high organised retail penetration, the US and the UK are seen as saturated markets for processed foods. And with a huge percentage of population suffering from obesity and diabetic risks, there is yet demand for functional foods and hence speciality food ingredients. Europe, with its weak consumer environment and high raw materials costs, has led food and beverages manufacturers to look for technological advancements and identify ingredients that result in lower production costs. Brazil, India, China and Russia, with their economic growth, are seen as most potential markets for food ingredients. The key issue emerging economies face is in the supply chain sustainability, as these economies lack infrastructure, cold storage facilities that are affecting the imports and exports of the processed foods, and also which is a key restrain for supply of speciality food ingredients for the India food processing industry.
The leading manufacturers of speciality food ingredients include Cargill (U.S.), Chr. Hansen (Denmark), DuPont (the U.S.), Royal DSM (the Netherlands), and Tate & Lyle (the U.K.). These companies are adopting expansions through mergers and by investing in R&D for development of new products. The major constraint this industry faces is the adherence to stringent regulatory guidelines of various countries. Another practice followed by many major players is technological advancements and innovation to introduce new product lines and meet the demands of health-conscious urban consumer. One such approach is encapsulation, which delivers ingredients at the right time and at right place and helps in retaining flavor, mask bad tasting and smelling and also for fermentation and metabolite production.
Key Deliverable of the Study
The current landscape of the specialty food ingredients market
Specialty ingredients that are most likely to fuel the next generation of energy food and drinks
The key consumer and innovation trends in specialty ingredients and how can to adapt strategy to these opportunities
Value and growth analysis for global specialty food ingredients market with inputs on individual segment share within each category and the change in their market share forecast for 2018-2023.
Insights on the major countries/regions where the specialty food ingredients are developing and to also identify the regions that are still untapped.
Why should you buy this report?
For getting a comprehensive overview of the global specialty food ingredients market.
To gain a wide ranging information about the major players in this industry and the strategies adopted by them.
To gain an insight into the major countries/regions in which this industry is blooming and also to identify the regions that are yet untapped.