COVID-19 Impact Affects Specialty Food Ingredients Market Globally in 2020; key players are Naturex S.A., Frutarom Industries Ltd, Ashland Global Holdings Inc., Archer-Daniels-Midland Company and more
List of the Companies Operating in the Market:
• Naturex S.A.
• Frutarom Industries Ltd.
• Ashland Global Holdings Inc.
• Archer-Daniels-Midland Company
• Dow DuPont de Nemours, Inc.
• Associated British Foods, plc.
• Tate and Lyle PLC.
• Vantage Spcialty Ingredients, Inc.
• Louis Food Ingredients
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The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.
Specialty food ingredients consist of several food ingredients such as food preservatives, colors, food and beverage enzymes, sugar substitutes, and other food and beverage essentials. In addition to this, the specialty food ingredients ensure that the wide ranges of foods such as processed foods are safe and healthy for human consumption. Furthermore, they are in great demand by several food-processing industries such as large-scale food manufacturers and medium-sized food companies. Increasing demand for convenience foods by the working professionals globally will contribute to the growth of the market during the projected horizon.
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What does the Report Provide?
The specialty food ingredients market report provides detailed information on the growth parameters such as the drivers, challenges, opportunities, and restraints that the market will go through during the forecast period. Furthermore, it provides qualitative and quantitative details about the regional demographics present in the market between 2019 and 2026. Moreover, the competitive landscape includes in-depth information of the companies proliferating in the market and the strategies such as mergers and acquisitions, product launches, and collaborations adopted by them to gain market presence.
Drivers and Restraints:
Rising E-commerce to Fuel Healthy Growth
According to the figures by U.S. Department of Commerce, consumers spent an overwhelming $601.75 billion on online purchase in 2019. Furthermore, it is expected to rise owing to growing internet access and changing consumer-spending habits. Rising e-commerce sector will bode well for the growth of the market in the forthcoming years. Moreover, according to the market report, several companies operating in the market are striving to gain major market share during the forecast period. This is expected to drive the growth of the market during the forecast period.
For instance, the growing unrest among the people and rising concerns regarding the global pandemic, COVID19, has propelled the companies to plan and alter their strategies such as product development and innovation to maintain market stronghold and gain maximum specialty food ingredients market revenue. For instance, in March 2020, Mercato, an online grocery platform, announced its plan to waive of delivery charges for those people above the age of 60 and older. Additionally, the e-commerce store in partnership with its delivery partner, DoorDash, will provide unlimited supplies of groceries and food specialty products.
Moreover, DandL Industries, a Philippine specialty food ingredients company, has announced in March 2020, that it will continue its operation activities to prevent any type of disruption in raw materials during the global pandemic situation. The companies coming with novel method to stay ahead of the fierce completion will drive the growth of the market during the forecast period.
Busy Lifestyle of the Millennials to Promote Growth in North America
Among the regions, North America is expected to witness significant growth for the market during the forecast period. This is ascribable to factors such as increasing focus on health diet, growing popularity for read-to-eat products. Additionally, busy lifestyle of the working population and growing preference for convenient foods will boost the growth of the market in the forthcoming years. Asia-Pacific, on the other hand, will witness substantial market growth during the forecast period. This is attributable to factors such as growing urban population, and major lifestyle changes adopted from the western world. Moreover, the manufacturers are focusing on meeting the rising demand for packaged food in Asia-Pacific that will drive the growth of the market between 2019 and 2026.
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