The global specialty ingredients market is anticipated to witness a hike, owing to the rising population of health-conscious consumers and their changing food preferences. Specialty ingredients are used to provide unique texture, colour, flavour, functionality, and nutrients to processed food or cooked food products. Specialty ingredients are preferred these days due to their unique features and properties, such as nutritional enhancement, colouring, emulsification, improving the stability and shelf life, and preservation. Owing to their versatile nature and a wide range of applications, the specialty ingredients market is increasing at a swift rate. The processed food industry is rising at a rapid rate, and as a result, a substantial growth in the demand for specialty ingredients is also being witnessed in the market. Increasing health awareness, increasing per capita disposable income, and the augmented demand for personal care products are the major growth drivers for the specialty ingredients market. The concentration of consumers is focused on natural products these days, which is creating opportunities for natural specialty ingredients. The demand for natural specialty ingredients is increasing, owing to the consumer shift from synthetic to natural products, which is a contributing factor in driving the growth of the specialty ingredients market.
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Increasing demand for the processed food industry and the rising health conscious trend among consumers are driving the specialty ingredients market
Globally, the demand for specialty ingredients is increasing, due to their rising applications in the processed food industry. Specialty ingredients also play an important role in the personal care industry, which has been experiencing an increase over the past years. Increasing urbanization coupled with rising disposable income is leading to the deeper penetration of convenience food and packaged food items, which is consequently increasing the demand for specialty ingredients in the market. Specialty ingredients are mostly used for enhancing the properties of food products, such as imparting flavour, improving texture, and increasing shelf life, which is the major reason for a rise in the demand for specialty ingredients in the market. The rising rate of obesity and diabetes in both, developing and developed countries, is leading the consumers to focus more on healthier lifestyles. North America is the largest shareholder in the global specialty ingredients market, and is expected to dominate the market over the forecast period, owing to the increased consumption of processed food in this region.
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Specialty Ingredients Market: Market Segmentation
On the basis of nature, the global specialty ingredients market has been segmented as:
On the basis of type, the global specialty ingredients market has been segmented as:
On the basis of end use, the global specialty ingredients market has been segmented as:
- Food and Beverages
- Dietary Supplements
- Convenience Foods
- Dairy & Frozen Foods
- Functional Foods
- Meat Products
- Personal Care
- Nutrition and Health
- Nutraceutical Ingredients
- Active Pharmaceutical Ingredients
On the basis of distribution channel, the global diabetic food market has been segmented as:
- Convenience Stores
- Specialty Retail Stores
- Online Retailers
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Global Specialty Ingredients Market: Market Participants
The key market participants identified across the value chain of the global specialty ingredients market are Evonik, Archer Daniels Midland Company, PPG Industries, KF Specialty Ingredients, Koninklijke DSM N.V., Specialty Commodities Inc., Ingredion Incorporated, Prinova Group, LLC, Naturex, Kerry Group Plc, E. I. Dupont De Nemours and Company, Cargill Inc., Frutarom, Woodland Foods Inc., Tate & Lyle Plc, AmTech Ingredients LLC, Roquette Frères S.A., Vidhi Specialty Food Ingredients Limited, and Sensient Technologies Corporation.
Opportunities for Specialty Ingredients Market Participants
In the present scenario, the specialty ingredients market is witnessing a boost, owing to the increasing awareness among consumers about the benefits of these specialty ingredients in their diets. The specialty ingredients market is also influenced by the growth of the processed food industry, due to a wide range of applications of specialty ingredients in various processed food products. Recent trends show that, innovations driven by evolving consumer and market needs have fuelled the demand for personal care products, and consequently increased the demand for specialty ingredients in the market. Owing to consumer shift from synthetic to natural ingredient-based products, there is a vast opportunity for the supply side participants of the specialty ingredients market to capitalize on this trend and introduce products in the natural specialty ingredients segment. Due to the increased awareness about the availability of these ingredients and products based on specialty ingredients, the North American market has the largest share in the specialty ingredients market.
Brief Approach to Research for Specialty Ingredients Market:
The company will follow a modelling-based approach and triangulation methodology to estimate data covered in this report. A detailed market understanding and assessment of the applications, types, forms, and end uses of the product segments covered in the study is followed by carrying out a demand-side approach to estimate the sales of target product segments, which is then cross-referenced with a supply-side assessment of value generated over a pre-defined period. The statistics and data are collected at a regional level and consolidated and synthesized at a global level to estimate overall market sizes.
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