Global Specialty Ingredients Market to Reach US$320.6 bn by 2021
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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. Rise in demand for food and beverage, nutrition and health, and personal care products has fueled the growth of specialty ingredients market. In order to preserve the flavor, nutrients, and freshness, specialty ingredients are used in food products as they help to prevent food wastage and extend the overall shelf life. In many situations, two or more specialty ingredients are used in food products to enhance food quality protection. The growing demand for packaged and processed food is stimulating the usage of food ingredients in the emerging markets. There has been an increase in the demand for personal care ingredients such as antioxidants, additives, antimicrobials, and other refined ingredients as a result of the increasing demand for personal care products. Moreover, increasing focus towards natural products among consumers coupled 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. As chemical components are included in synthetic products, consumers are shifting towards natural products. Introduction of new specialty ingredients with natural elements is another key factor driving the sales of specialty ingredients globally. Therefore, people are shifting from synthetic products to natural products.
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Recent trends have shown that innovations driven by market needs and evolving consumer needs leading to product differentiation has fuelled the growth of the personal care ingredients market. Demand for natural specialty ingredients is expected to be high as consumers are shifting from synthetic to natural products as they do not contain harmful compounds. Moreover, due to the growing applications of skin care, hair care, cosmetics, bath products, and fragrances, the demand of natural specialty ingredients is expected to remain high in order to suit the specific needs of the consumers globally. However, different kind of stringent government regulations has created burden for the manufacturers to trade in the market.
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