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Speciality food ingredients are specially used for colour, texture, mixing, and to preserve food products. The ingredients improve the nutritional properties of the food and processed food. The increasing demand for convenience foods and processed foods is attributed to an increase in the demand for speciality food ingredients. The wide range of qualitative, safe, tasty, and healthy foods are derived with the use of speciality food ingredients.
The increased health awareness among the consumer is raising the demand for high quality and fresh food products. The growth of the speciality food ingredients market is highly dependent on changing lifestyle and the rising consumption of processed foods in the developing economies. The manufacturers are using a huge quantity of speciality food ingredients in their food processing. The rising trend of the bakery sector, confectionery sector, and other applications are anticipated to fuel the growth of the global speciality food ingredients market in the upcoming years.
Key Market Driver -
Consumers Shift towards Organic Food and Increased Demand from Various Industries
Key Market Restraint -
Stringent Regulations and Food Manufacturing Procedures
The food and beverage sector is dominating the global speciality food ingredients market. The manufacturers use speciality food ingredients to add nutritional value, quality, and taste. The rising trend of safe and improved fresh food consumption has influenced the consumers to shift towards organic food products, which is expected to boost the overall growth of the segment in the upcoming years.
The manufacturing procedure requires stringent regulations in adding the ingredients in the processed foods. The selling process of the products gets delayed due to its quality check procedure, which impacts the pace of the business.
The Specialty food ingredients market is highly emerging across the globe and manufacturers are actively building their business strategies to improve their product quality and reach in the market. Some of the major key players that are operating in the global speciality food ingredients market include Naturex S.A. (France), Frutarom Industries Ltd. (Israel), Ashland Global Holdings Inc. (U.S), Archer-Daniels-Midland Company (U.S), Dow DuPont de Nemours, Inc. (the U.S), Associated British Foods plc. (U.S), Tate & Lyle PLC. (U.S), Vantage Specialty Ingredients, Inc. (U.S), and St. Louis Food Ingredients (U.S).
Based on the product type, the enzymes segment is dominating the market, owing to its associated properties such as softening and digestive properties. Various food and beverages manufacturers utilise the enzymes for their fast and accurate chemical reaction during the process, to get perfect final products on time. The emulsifier is another product type which is also used by manufacturers. The rising trend of fortifying the antioxidants and vitamins in edible oil and other food products to enhance the nutritional value of food is expected to boost the growth of the global speciality food ingredients market.
Based on the applications, the bakery and confectionery sector is accounted for the major market share. The demand for the bakery sector in various countries is rising due to the changing food pattern and urbanisation, and it is expected to grow at a significant pace over the forecast period.
North America is one of the leading regions in the speciality food ingredients market. The consumers are getting more focused on a healthy diet, which is driving the demand for the segment. The ready-to-eat products are getting popularity among the consumers due to their busy lifestyle and convenience factor. The consumers a so prefer organic poultry and meat products to consume gluten-free products. The poultry and meat products industry is utilising a significant quantity of speciality food ingredients to enhance the product quality, which helps the segment to expand across the globe.
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The Asia Pacific is also anticipated to record promising growth during the upcoming years. The rising urban population and their lifestyles in the region are encouraging the popularity and penetration of processed and packaged food. The manufacturers are utilising this opportunity by availing the processed and packaged food products in the market. The overall market of speciality food ingredients is expected to influence positively across the globe.
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