Specialty Food Ingredients Market : Projection of Each Major Segment over the Forecast Period.
Specialty ingredients are the imperative products, which guarantee the wellbeing of a wide range of processed food, performing various functional activities, and enhancing the taste and diet quality of food products. Apart from these benefits, specialty food ingredients reduce downstream losses, along with the value chain, on the back of their extremely effective impact at the time of processing and storage of food. This further enhances the efficiency of resource.
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The global specialty food ingredients market driven by an uproar for convenience foods, by the increasing urban population, along with their rising purchasing power and changing lifestyles.
In addition, continuously changing dietary preferences, owing to health problems such as obesity and diabetes, are making consumers to adopt specialty foods. Several companies in the market are entering into aggressive mergers & acquisitions for enhancing their product portfolios and catering to changing consumer preferences.
Multinational companies are acquiring medium-sized industries, which specialise in technologies but lack in funds for expansion. These factors might further drive growth of the market in the long run.
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North America is estimated to remain the largest market for specialty food ingredients, with sales poised to account for approximately US$ 24,000 Mn by 2022-end. Asia-Pacific excluding Japan is projected to be the fastest growing market for specialty food ingredients.
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