The growth of an approximately US$75 Bn specialty food ingredients market (as of 2021) revolves around the transforming consumer trends on of which is the mass shift toward natural, healthier ingredients.
Rising Inclination Toward Natural Colourants in Food and Beverages to Augment Specialty Food Ingredients Market Growth
Food industry has always reflected a dynamic scenario with growing developments in terms of food additives and components. Moreover, with growing health awareness, the consumption of functionally fortified food products is on the rise. This has paved potential opportunities for food manufacturers to innovate their products using natural additives such as specialty food ingredients. Consumer shift towards nutritional healthy food are demanding products with optimum balance of micro and macro ingredients from a diet standpoint. This is likely to drive the need for nutrition powered food products along with improved aesthetics, thus auguring well for the specialty food ingredients market.
Rising preference of clean label products has resulted in an increasing demand for organic or natural colourants. Natural colourants are obtained from different renewable sources and do not have adverse impact on human health. Colourants have been used in the food and beverage sector to impart necessary aesthetics that enhance the product’s appearance and attractiveness. They are widely used in different food products such as candies, margarine, soft drinks, jams and jellies, snacks, pudding, pie fillings, and other processed foods. In addition, natural food colours do not contain allergy-prone components and add nutritional value to the food product. For instance, beetroot acts as a natural colourant that provides pink tinge to the food apart from promoting healthy cardiovascular system as they are rich in nitrates. This has accelerated use of natural colourants in beverages and food items in turn complementing growth of the specialty food ingredients market.
Sensory Specialty Food Ingredients to Reflect a Volume and Value Upswing in Specialty Food Ingredients Market
Sales of sensory specialty food ingredients have been reflecting an upward trend since the past few years and are expected to maintain stability going forward. Sensory ingredients are crucial components that improve smell, taste, texture, and flavour of food products. Growing demand of these components in convenience and packaged food products and other confectioneries is expected to drive their sales, in turn accounting for a major revenue share in the specialty food ingredients market. Among different sensory ingredients, flavour imparting counterparts are likely to witness significant growth. Changing consumer preference apropos to flavour of food products has resulted in the development of new fresh taste imparting ingredients. Moreover, with growing inclination towards organic products, natural flavour imparting ingredients are in high demand. These aspects are likely to bode well for the sensory ingredient scenario, consequently contributing towards market growth.
North America Continues to Sketch Dominance in Global Specialty Food Ingredients Market
Developed nations in North America are poised to hold a significant share in the specialty food ingredients market. Increasing demand for specialty food ingredients is largely driven by growing rates of lifestyle disorders such as obesity, and diabetes. Increasing prevalence of these disorders has generated awareness among consumers to adopt healthier lifestyles by regulating their diets and including specialty ingredients such as functional food components, and protein. In addition, ready to eat and convenience food products have been trending in the region owing to busy lifestyles of individuals. This is expected to provide ample opportunities of growth with regards to inclusion of specialty food ingredients in convenience and packaged foods.
Furthermore, rising inclination towards gluten free, natural, and organic food has also embossed a positive influence on the demand for specialty food ingredients. In wake of this shift, the meat and poultry industry has been adopting appropriate quantity of specialty food ingredients to improve the nutrition value, offer a sufficient quantity of micros and macros that the human body requires and enhance overall food quality. These factors remain instrumental in driving the consumption of nutritional food, in turn paving potential avenues for specialty food ingredients market in North America.
Specialty Food Ingredients Market: Competition Scenario
Major players in the specialty food ingredients market have been adopting growth strategies such as mergers and acquisitions and new product launches to strengthen their position among competitors. For instance, in 2021, Divi’s Nutraceuticals introduced CaroNat. CaroNat is a specialty food ingredient that is naturally sourced and provides dark yellow to orange tinge in terms of colouration to various food products and beverages including the dairy industry. Likewise, in 2020, Cargill Inc. announced the launch of label friendly and specialty sweetener – C✩TruSweet 01795. This sweetener offers a 30% calorie and sugar reduction in beverages and is also used in several food applications particularly in the European market. In 2021, merger between DuPont’s Nutrition & Biosciences Business and International Flavours & Fragrances was concluded. With this strategy, International Flavours & Fragrances, with the combined product portfolio, can establish its leadership in high value specialty ingredients used in health and wellness food, personal care and food and beverage sectors.
Few of the major players in specialty food ingredients market include Cargill Incorporated, DuPont de Nemours Inc., International Flavours & Fragrances, Kerry Group PLC, Koninklijke DSM NV, ADM, Nutriati, Amco Proteins, Ingredion, Tate & Lyle, and Crespel & Dieters.
The Global Specialty Food Ingredients Market Is Segmented As Below:
By Product Type
Key Elements Included In The Study: Global Specialty Food Ingredients Market
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