Specialty food ingredients are utilised by the food & beverage industry for enhancing the taste and flavour of the processed food. Specialty food ingredients preserve the texture, emulsify, add benefits in processing, add superfluous edge health dimension, and enhance colour of the produced food. Health, technological, and nutritional related functions of these ingredients make the diet tasty, safe, affordable, healthy, and pleasant for consumption.
Development of Novel Technologies have Increased Popularity of Specialty Food Ingredients
Specialty ingredients are the imperative products, which guarantee the wellbeing of a wide range of processed food, performing various functional activities, and enhancing the taste and diet quality of food products. Apart from these benefits, specialty food ingredients reduce downstream losses, along with the value chain, on the back of their extremely effective impact at the time of processing and storage of food.
This further enhances the efficiency of resource. Development of novel technologies, for example – decaffeination of coffee beans, which reduces gastro-oesophageal reflux in healthy people as well as patients, have increased the popularity of these ingredients.
Various organic technologies have been formulated to process the ingredients, flavour components, processing aids, nutritional supplements, and reagents. A major trend being witnessed in the market is shifting consumer demand for organic food. The aforementioned factors might impact the market growth in the near future.
The global specialty food ingredients market driven by an uproar for convenience foods, by the increasing urban population, along with their rising purchasing power and changing lifestyles. In addition, continuously changing dietary preferences, owing to health problems such as obesity and diabetes, are making consumers to adopt specialty foods. Several companies in the market are entering into aggressive mergers & acquisitions for enhancing their product portfolios and catering to changing consumer preferences.
Multinational companies are acquiring medium-sized industries, which specialise in technologies but lack in funds for expansion. These factors might further drive growth of the market in the long run. Growth of the market is expected to be hindered on the back of factors such as stricter regulations and legislatives concerning food safety and shelf-life of food products.
A new report by Future Market Insights (FMI) states that the global market for specialty food ingredients is expected to register a steady growth during the forecast period 2017 to 2022. Revenues from the global specialty food ingredients market are expected to reach nearly US$ 85,000 Mn by 2022-end.
Enzymes to Remain Most Lucrative Specialty Sensory Ingredient in the Market
Based on specialty sensory ingredients, enzymes will remain the most lucrative, with sales poised to surpass US$ 20,000 Mn by 2022-end. Sales of emulsifiers and colorants are expected to witness a close competition in terms of revenues, exhibiting similar CAGRs through 2022. Sales of flavors will register the fastest expansion through 2022.
Although minerals are estimated to remain preferred specialty functional ingredients in the market, sales of preservatives are expected to register the highest CAGR through 2022. In contrast, sales of vitamins will register the lowest CAGR through 2022.
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Bakery & Confectionaries – Largest Application Segment in the Market
Bakery & confectionaries will continue to be the largest application of specialty food ingredients in the global market, followed by convenience food. However, sales of specialty food ingredients for application in meat products, and functional food/beverages/dietary supplements will register a relatively higher CAGR through 2022.
North America is estimated to remain the largest market for specialty food ingredients, with sales poised to account for approximately US$ 24,000 Mn by 2022-end. Asia-Pacific excluding Japan is projected to be the fastest growing market for specialty food ingredients.
- North America
- Latin America
Specialty Sensory Ingredients
Specialty Functional Ingredients
- Bakery & Confectioneries
- Dairy & Frozen Foods
- Convenience Food
- Meat Products
- Functional Foods/ Beverages/ Dietary Supplements
- Oils & Fats
- Others (includes Savory snacks, Sauces, Dressings & Condiments )