The Global Speciality Food Ingredients Market is forecasted to reach USD 72.4 billion by 2024 growing at a CAGR of 5.10% during the forecast period (2019
NEW YORK, Feb. 27, 2020 /PRNewswire/ --
Market Overview
The Global Speciality Food Ingredients Market is forecasted to reach USD 72.4 billion by 2024 growing at a CAGR of 5.10% during the forecast period (2019 - 2024). The industry for speciality food ingredients essentially thrives on the wider technological and functional benefits that these ingredients confer, in terms of high quality, safety, affordability, nutrition, and deliciousness of the processed food products. The preference for certain types of food products is now core to some consumers' identities, especially in developed economies, which is driving the demand of speciality food ingredients. There is strong correlation between the speciality food ingredient market and the processed food market, with the former conferring functional benefits and customized value-addition as per the end-user applications.The globally recognized companies operating in specialty food ingredients market utilize smart technology or intellectual property to develop innovative ingredients and solutions. However, the new product development is a highly capital-intensive process.
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Scope of the Report
The report on global speciality food ingredient market offers key insights into the latest developments. Based on type, the global speciality food ingredient market has been segmented as preservative, emulsifier, functional food ingredient, specialty starch and texturants, sweetener, enzyme, colorants, speciality oil, culture, flavor, yeast, and protein. By application, the global speciality food ingredient market has been segmented into bakery, confectionery, beverage, dairy, sauces, dressings and condiments, dried processed food, frozen/chilled processed food, sweet and savory snacks, and other applications.
Key Market Trends
Innovative Product Offerings Necessitate The Use Of Speciality Food Ingredients
The preference for certain types of food products has become core to some consumers' identities. There is strong correlation between speciality food ingredient market and processed food market, with the former conferring functional benefits and customized value addition as per the end-user applications. Today's consumers are more aware of label claims and ingredient lists and their nutrition profiles. People are taking proactive participation, to enhance health and fitness in everyday life. This trend has been driving the demand for speciality food ingredients. For instance in 2017, the sales value for probiotic products, such as yogurt and baby formula and children nutrient drink, saw maximum share of 27%, thereby validating the claim that people are increasingly consuming speciality ingredient induced food products. Companies are targeting consumers by coming up with new and innovative value-added product lines, including sugar-free products, reduced fat, reduced sodium, and other functional benefits. For instance, the use of stevia extracts for added sugar content in processed food is an attractive value addition. The graph provided by IPPA, shows the percentage sales share of probiotic products.
Highest Growth in Functional Food Ingredient Segment
Functional food ingredient segment comprises of Vitamin and Mineral, Protein and Amino Acid, Omega 3 PUFA, Prebiotic and Probiotic, Botanical and Other Food Ingredients. Natural, functional, and convenient products that can deliver nutritional benefits without sacrificing taste continue to tap into major trends, currently, driving the thriving healthy beverage market. Thus, people are consuming nutritional and performance drinks before, during, or after exercising, which has resulted in increase in the vitamin and mineral ingredients market. Proteins and amino acids are widely used in nutritious and sports drinks, owing to the health benefits they provide leading several health food companies to introduce a pre- and post-workout drinks, which have high content of proteins and amino acids, as these ingredients help in muscle building. Probiotics already feature strongly in the nutraceuticals market, due to the popularity of probiotic yogurt. As technological challenges are being overcome and consumer awareness continues to rise, probiotics are also increasingly moving beyond the dairy sector.
Competitive Landscape
The global speciality food ingredients market is dominated by international players. DuPont holds the prominent position in the market, closely followed by Cargill. The most active companies globally are Ingredion, Royal DSM, Sensient Technologies, BASF, and ABF Ingredients. Royal DSM, BASF, Kerry, and DuPont have an extensive product portfolio for the speciality ingredients, such as enzymes, emulsifiers, proteins, flavors, colors, and stabilizers. Further expansion of product portfolio within all categories assists their position in the market. Cargill, ADM, and BASF have a strong position in the fast-growing global sports nutrition and speciality ingredient categories, benefiting from greater usage of these ingredients in food and beverages generally. Manufacturers are focusing on providing all-natural speciality ingredients that increase the shelf-life of the product and enables the manufacturer to label its products as "100% all natural", addressing consumer demand for "clean labels".
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