The global specialty food ingredients market size is estimated to be valued at USD 134.7 billion in 2020 and projected to reach USD 178.3 billion by 2025, recording a CAGR of 5.7% during the forecast period. The market is strongly driven by shifting consumer preferences, rising health awareness, growing millenial population, and increase in supplementary income among consumers. The convergence of major industry trends is giving rise to new opportunities for key players in the industry. Changing lifestyles and high prevalence of chronic diseases are the key factors driving the demand for specialty food ingredients.
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Key Market Players:
Key players in this market include Cargill (US), ADM (US), DuPont (US), Ingredion (US), Kerry (Ireland), DSM (Netherlands), Chr. Hansen (Denmark), Sensient (US), Tate & Lyle (UK), Givaudan (Switzerland), Biocatalysts (UK), Omega Protein (US) Enzyme Supplies (UK), FDL Ltd (UK), Nutriati (US), Crespel & Dieters (Germany), Axiom Food (US), Amano Enzymes (Japan), Amicogen (South Korea), and Aminola (Netherlands).
Geographical Prominence:
In North America, the US dominated the specialty food ingredient market due to the high production and demand for clean label food & beverages. The global specialty food ingredients market is primarily driven by the rising demand for safe and plant-based products. The specialty food ingredients industry functions with legislators and regulators to deliver qualitative products to its end users. In the major markets.
The increase in the developed economy and per capita income has enabled the consumers to invest in more health and health-related services, in the Asia Pacific region. This is one of the major drivers for specialty food ingredients in the region. Apart from that, the millennial consumers are more health-conscious and open to experimenting with various ingredients, this is also thriving the market in the Asia Pacific.
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The food & beverages segment is projected to witness significant growth during the forecast period
Based on type, the specialty food ingredient market is dominated by the food & beverage segment. The consumer trends such as easy-to-use, health & wellness, and clean label trends influence the overall market. The easy-to-use trend is due to the rapid urbanization in emergent markets. Consumers demand healthier ingredients in their food products. The growing obesity and diabetes incidences compel the consumers in emerging and developed economies to focus on an improved lifestyle.
