The specialty food ingredient is projected to grow at a CAGR of 5.8% during the forecast period.
According to MarketsandMarkets, the global specialty food ingredient 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 5.8%. Factors such as the growing concern of clean label food and healthy consumption is going to drive the market for specialty food ingredients.
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By type, the functional food ingredient is projected to dominate the market during the forecast period
Functional food ingredients are used to enhance certain physiological functions such as improve gastrointestinal health, reduce cholesterol levels, prevent dental caries, and improve bone & and gut health to prevent or cure various diseases. Regular consumption of functional food ingredients reduces the risk of several chronic diseases such as cardiovascular diseases, cancer, diabetes, high blood pressure, rickets, and osteoporosis. Therefore, it is high in demand in both developed and developing economies and thereby dominating the market.
By type, the acidulant is projected to grow at the highest CAGR during the forecast period
These products provide pleasant taste and function as a flavor masking agent to avoid the after taste effect of other acids, fibers, vitamins, and antioxidants. The introduction of a variety of value-added products and an increase in functional beverages are some of the key factors driving the demand for acidulants in food & beverage applications. Wide functionality of various acidulants, such as fumaric acid and lactic acid, is creating a rise in demand for food acidulants.
The Asia Pacific region is projected to grow at the highest CAGR during the forecast period
Owing to the large production of sugar, enzymes, dairy and various other specialty food ingredients are on of the reasons for the fastest growing market in Asia Pacific. Presence of large number of local players and increase in the purchasing capacity of the consumers is also one of the driving factors. Higher production capabilities, availability of raw materials, government initiatives, and cheap labor are some of the major reasons for the shifting of manufacturing operations from developed economies to the developing regions of Asia Pacific market.
The specialty food ingredients market is segmented region-wise, with a detailed analysis of each region. These regions include Asia Pacific, North America, Europe, South America, and RoW (Africa, the Middle East, and Others in South America).
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Leading players profiled in this report include the following:
- Cargill (US)
- ADM (US)
- DuPont (US)
- Ingredion (US)
- Kerry (Ireland)
- DSM (Netherlands)
- Chr. Hansen (Denmark)
Research Coverage
This report segments the specialty food ingredients market based on types, application, and region. In terms of insights, this research report focuses on various levels of analyses—competitive landscape, pricing insights, end-use analysis, and company profiles—which together comprise and discuss the basic views on the emerging & high-growth segments of the specialty food ingredients market, high-growth regions, countries, industry trends, drivers, restraints, opportunities, and challenges.