Specialty Ingredients Market - Detailed Analysis of Current Industry Figures with Forecasts Growth By 2021

Global specialty ingredients market is expected to undergo several changes such as increasing demand for natural specialty ingredients and introduction of new flavours. By application type, the global specialty ingredients market is segmented into food and beverage, nutrition and health and personal care. Food and beverage specialty ingredients is further sub divided into natural and synthetic category. The nutrition and health specialty ingredients is sub categorized into nutraceutical ingredients and active pharmaceutical ingredients where both the categories have been further subdivided into natural and synthetic type. Likewise, the personal care specialty ingredients is also been segmented into natural and synthetic categories.

The global specialty ingredients market is primarily driven by factors such as growing health awareness among people, increasing income levels of consumers, and an augmented demand for anti-aging products. The growing demand for packaged and processed food is stimulating the usage of food ingredients in the emerging markets. The increasing demand for personal care products has propelled the demand for personal care ingredients such as additives, antioxidants, antimicrobials, and other refined ingredients. Moreover, heightened awareness about natural products among consumers, supported with their rising disposable income, offers high growth potential for the development of personal care products formulated with natural specialty ingredients in economies such as India, China, South Korea, and Indonesia.

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North America held the largest market share of specialty ingredients in terms of revenue in 2014 and is expected to continue its dominance throughout the forecast period. A growing consumer preference for natural ingredients in food, cosmetics, and health and wellness products has led to the increasing demand for natural specialty ingredients in this region The North America market is expected to be closely followed by Asia Pacific in terms of revenue throughout the forecast period.

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The market for nutrition and health specialty ingredients is the largest as compared to other specialty ingredients. Consumers prefer nutrition and health specialty ingredients due to the growing health awareness and to maintain a proper balanced diet. The nutrition and health specialty ingredients segment is expected to dominate the specialty ingredients market throughout the forecast period of 2015 to 2021.

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