Development of Novel Technologies have Increased Popularity of Specialty Food Ingredients
Development of Novel Technologies have Increased Popularity of Specialty Food Ingredients
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.
A major trend being witnessed in the market is shifting consumer demand for organic food. The aforementioned factors might impact the market growth in the near future.
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.
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A new report by Future Market Insights (FMI) states that the global market for specialty food ingredients is expected to register a steady growth during the forecast period 2017 to 2022. Revenues from the global specialty food ingredients market are expected to reach nearly US$ 85,000 Mn by 2022-end.
Enzymes to Remain Most Lucrative Specialty Sensory Ingredient in the Market
Based on specialty sensory ingredients, enzymes will remain the most lucrative, with sales poised to surpass US$ 20,000 Mn by 2022-end. Sales of emulsifiers and colorants are expected to witness a close competition in terms of revenues, exhibiting similar CAGRs through 2022. Sales of flavors will register the fastest expansion through 2022.
Although minerals are estimated to remain preferred specialty functional ingredients in the market, sales of preservatives are expected to register the highest CAGR through 2022. In contrast, sales of vitamins will register the lowest CAGR through 2022.
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Bakery & Confectionaries – Largest Application Segment in the Market
Bakery & confectionaries will continue to be the largest application of specialty food ingredients in the global market, followed by convenience food. However, sales of specialty food ingredients for application in meat products, and functional food/beverages/dietary supplements will register a relatively higher CAGR through 2022.
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.
Future Market Insights is the premier provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in London, the global financial capital, and has delivery centres in the U.S. and India.
FMI’s research and consulting services help businesses around the globe navigate the challenges in a rapidly evolving marketplace with confidence and clarity. Our customised and syndicated market research reports deliver actionable insights that drive sustainable growth. We continuously track emerging trends and events in a broad range of end industries to ensure our clients prepare for the evolving needs of their consumers.
FMI’s team of over 200 research analysts provides market intelligence at global, regional, and country level. Our analysts are committed to provide independent insights, relying on our cognitive defusion training module, which conditions them to look at data objectively and unbiasedly.
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