New York, NY, Sept. 24, 2018 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Specialty Food Ingredients Market By Type (Enzymes, Emulsifiers, Flavors, Colorants, Vitamins, Minerals, Antioxidants, and Preservatives) and By Application (Bakery & Confectionery, Beverages, Dairy & Frozen Foods, Convenience Foods, Meat Products, Functional Foods, and Dietary Supplements): Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 – 2024”. According to the report, the global specialty food ingredients market was valued at around USD 79.81 billion in 2017 and is expected to reach approximately USD 121.6 billion by 2024, growing at a CAGR of around 6.2% between 2018 and 2024.
Specialty food ingredients are the ingredients typically used for texture, color, emulsify, and preserve food products. These ingredients improve the nutritional profile of the processed food. Specialty food ingredients provide necessary association facilitating entire amalgamation from the farm-gate level to the final value-added processed food stage. Specialty food ingredients offer technological and functional benefits which play an essential role in developing a wide range of safe, qualitative, tasty, healthy, and affordable food. Specialty food ingredients are either synthesized naturally or artificially.
Browse through 223 Tables & 30 Figures spread over 110 Pages and in-depth TOC on “Global Specialty Food Ingredients Market: Industry Type, Size, Share, Trends and Forecast Report, 2017 – 2024”.
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The global market for specialty food ingredients market is growing at a promising CAGR. The growth of the specialty food ingredients market is primarily due to the rising consumption of processed food and changing lifestyles across developing economies. Moreover, rapidly expanding end-use industries including bakery & confectionery, functional foods, and beverages is expected to fuel the growth of the specialty food ingredients in the coming years. Increasing awareness about health benefits of the specialty food ingredients, growing urbanization, and rising disposable income are the key factors projected to boost the demand for the specialty food ingredients within the forecast period.
Based on product type, the market is classified into enzymes, emulsifiers, flavors, colorants, vitamins, minerals, antioxidants, and preservatives. Colorants and flavors are the fastest growing segments with high consumption rate. The softening, anti-staling and digestive properties associated with enzymes are projected to boost the growth of the segment during the forecast period. Growing trend of incorporating antioxidants and vitamins in edible oils and other food supplements in order to enhance the nutritional value of food items is anticipated to fuel the growth of the segment over the forecast period. Based on the application, the market is segmented into bakery & confectionery, functional foods, beverages, convenience foods, meat products, dairy & frozen foods, and dietary supplements. Bakery & confectionery segment accounted for the significant market share. The beverage industry is the second important segment and is expected to grow at a significant CAGR over the forecast period. The growing trend of fortified, carbonated, and flavored beverages is expected to boost the demand for flavors and minerals in the beverage industry.
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The global market for specialty food ingredients is currently dominated by North America. The increasing consumer focus on healthy diet is driving the demand for specialty food ingredients. The busy lifestyles of consumers in the region are driving the high demand for ready-to-eat and processed food items. Moreover, the increasing consumption of natural preservatives in poultry and meat products in the U.S. is anticipated to boost the expansion of the market for specialty food ingredients in the near future. The increasing focus of the major companies on manufacturing natural food preservatives is anticipated to fuel the growth of the market for specialty food ingredients in North America within the period of forecast.
The market for specialty food ingredients in the Asia Pacific is anticipated to record a promising market share over the forecast timeframe. The increasing penetration of processed and packaged food due to rising urban population is expected to boost the demand for different types of specialty food ingredients in the years to come. Additionally, the global companies are focusing on business expansion through investments in a number of key projects in the Asia Pacific. For instance, in 2017, the Cargill Asia Pacific announced the set up of the modified starch facility in China for manufacturing a range of specialty starch solutions.
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In Europe, the market for specialty food ingredients is growing significantly with an increased import of specialty ingredients in Italy, France, and Belgium. There are considerable numbers of food processing and confectionery companies in Germany and the UK, which exhibits the potential demand for various specialty food ingredients. The increasing preference for specialty food ingredients in order to improve the nutritional characteristics of consumer products is expected to fuel the growth of the market for specialty food ingredients within the forecast period. Moreover, the specialty food ingredients companies in Europe are primarily investing in R&D activities to develop innovative specialty ingredients. This, in turn, is anticipated to enhance the growth of the Europe specialty food ingredients market within the forecast period.
The market for specialty food ingredients in Latin America is expected to display a steady growth rate. Rising middle-class population coupled with increasing disposable income is expected to fuel the growth of the specialty food ingredients market in Latin America during the forecast period.
Browse the full "Specialty Food Ingredients Market By Type (Enzymes, Emulsifiers, Flavors, Colorants, Vitamins, Minerals, Antioxidants, and Preservatives) and By Application (Bakery & Confectionery, Beverages, Dairy & Frozen Foods, Convenience Foods, Meat Products, Functional Foods, and Dietary Supplements): Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 – 2024" report at https://www.zionmarketresearch.com/report/specialty-food-ingredients-market
The market for specialty food ingredients in the Middle East and Africa is driven by the rapid expansion of the tourism industry. The increasing purchasing power coupled with changing lifestyles is expected to fuel the growth of the market for specialty food ingredients in the Middle East and Africa during the coming years.
The companies are focusing on technological innovations and investment in R&D projects in order to launch new products in emerging markets. Some of the key players included in the global specialty food ingredients market are Archer Daniels Midland Company, Naturex, Tate & Lyle Plc, Frutarom, Prinova Group, LLC, Roquette Frères S.A, Ingredion Incorporated, Cargill Inc., Specialty Commodities Inc., AmTech Ingredients LLC, Sensient Technologies Corporation, Koninklijke DSM N.V., Ingredion, KF Specialty Ingredients, Woodland Foods Inc., Kerry Group Plc, PPG Industries, E. I. Dupont De Nemours and Company, Vidhi Specialty Food Ingredients Limited, and Evonik.
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This report segments the global specialty food ingredients market as follows:
Global Specialty Food Ingredients Market: Type Segment Analysis
- Enzymes
- Emulsifiers
- Flavors
- Colorants
- Vitamins
- Minerals
- Antioxidant
- Preservatives
Global Specialty Food Ingredients Market: Application Segment Analysis
- Bakery & Confectionery
- Beverages
- Dairy & Frozen Foods
- Convenience Foods
- Meat Products
- Functional Foods
- Dietary Supplements
Global Specialty Food Ingredients Market: Regional Segment Analysis
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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