Global specialty food ingredients market size is predicted to reach USD 67.76 Bn by the year 2026, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2017-2026.
Of late, the specialty food ingredients sector has outclassed various other sectors of the food and beverage market. As per the report, the progression of this sector can be attributed to the shift in dynamics of the F&B business space such as changing customer demands with rising preference for natural, organic, and exceedingly nutritious processed food items. Moreover, a large number of studies have demonstrated the strong relationship between the processed food market and specialty food ingredients. Both the industries are jointly evolving because of high levels of collective innovation and product developments to conform with strict regulations and novel customer trends. A huge portion of the value chain is dominated by a relatively small number of ingredient suppliers, hence presenting margin and valuation opportunities across the globe.
These products enhance sustainability during food processing, in addition to offering their basic functions for the food materials. Specialty food ingredients help in increasing the efficiency of food processing by restricting the amount of raw material needed and using it in optimum quantities. Furthermore, with their health related, technological, and nutritional functions these ingredients extend an array of advantages such as improving taste, increasing food safety, affordability, and extending food choices. All these factors have added to the glory of specialty ingredients and positioned them as an integral part of the food supply chain. Thus, the demand of these macro and micro food constituents is anticipated to surge significantly in the near future, cites the report. Also, F&B being an innovation driven industry, the specialty food ingredients market is a prime contributor in increasing the competitiveness of the complete value chain.
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The key findings of the report suggest that the Asia Pacific held the biggest share of the global market in the year 2017. The region has also played a pivotal role in supplying these constituents to other geographical realms. China is one of the biggest Asia Pacific markets and also worldwide, boasting the presence on an extremely diverse ingredient production sector with a large number of national and international players currently operating in the nation. The leading factors contributing to the higher regional growth include rising spending power, growing economies, youthful population, increasing westernization of the FMCG sector, growing urbanization, and hiking interest in health & wellness among the consumers. North America market is another strong market contender, which is home to some of the topnotch global ingredient companies. The report cites that United States is the biggest manufacturer of specialty food ingredients in the region with more than 85 percent of the firms concentrated in the nation.
The distinguished players operating in the global specialty food ingredients marketplace are Givaudan, ABS Food, BASF, General Mills, Ingredion, Kerry Group, Archer Daniels Midland (ADM), CHR. Hansen Holding A/S, Tate & Lyle, DuPont, Royal DSM N.V., and Cargill Inc.