Global Specialty Food Ingredients Market Industry Players to Show High Growth Rate by 2024

Specialty food ingredients provide specific flavors, textures, color, functionalities, and nutrients to the processed food products. These ingredients are used in the food and beverage industry, medium-sized companies, and large food manufacturing companies in order to improve the taste and flavor of the food. Specialty food ingredients consist of unique features such as emulsification, processing aids, nutritional enhancement, preservation, and coloring to meet the customer demand. They enhance the texture, shelf life, and stability of the food products. Specialty food ingredients are widely used in the food processing industry for the different applications that include convenience food, bakery and confectionery, dairy and functional food items, and meat and seafood products. Advanced technologies that qualify the specialty ingredients are encapsulation technologies, which include nano-encapsulation, spray drying, ribosomes, fluidized bed coating, micelles, chilling, bio-encapsulation, and others.

Major market players involved in the global specialty food ingredients market are E. I. Dupont De Nemours and Company, Cargill Inc., Advanced Food Systems Inc., Kerry Group Plc., and Cambrian Solutions Inc. Other influencing players include Ingredion Incorporated and Tate & Lyle, Specialty Commodities, Koninklijke DSM N.V., and Sensient Technologies Corporation.

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Rising demand for packaged and convenience food items among the population with increasing disposable income is expected to boost the specialty food ingredients market growth. Growing prevalence of diabetes, obesity, increasing number of patients in the developed and developing regions, changing consumer preferences towards healthier lifestyles and nutritious food products are factors that are driving the specialty food ingredients market. In addition, the food manufacturers are focusing on developing health and wellness food ingredients in order to meet the consumer’s demand, which is positively impacting the market. Increased purchasing power of the population is opening new growth opportunities for the food manufacturing companies to expand their market.

The specialty food ingredients market is segmented on the basis of application, specialty food ingredients, and geography. The application segment is classified into convenience food, oils & fats, bakery & confectioneries, functional foods, beverages, meat products, dairy & frozen foods, and others. Based on specialty food ingredients, the market is classified into colors, preservatives, F&B starter cultures, specialty starches, enzymes, functional food ingredients, emulsifiers, sugar substitutes, acidulants, and flavors. The geographical diversification of the market is given by North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.

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The region that dominates the specialty food ingredients market growth is North America, which is followed by Europe and Asia-Pacific. North America region holds the largest market share worldwide due to rise in consumption of specialty food ingredients by the U.S. and Canada.

Healthy eating habits of the people in Europe will enhance the specialty food ingredients market. Asia Pacific region may show the highest growth in coming future. Brazil, China, and India are emerging regions that are anticipated to boost the specialty food ingredients market.

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