Global Specialty Food Ingredients Market was valued US$79.81 Bn in 2017 and is estimated to reach US$132.12 Bn by 2026 at a CAGR of more than 6.5% during a forecast period.
Global Specialty Food Ingredients Market is segmented by Type, by Application, and by Region.
Specialty food ingredients market by type segment is classified into Enzymes, Emulsifiers, Flavours, Colorants, Vitamins, Minerals, Antioxidants and Preservatives. By application, a segment is classified into Bakery & Confectionery, Beverages, Dairy & Frozen Foods, Convenience Foods, Meat Products, Functional Foods, and Dietary Supplements. Geographically split into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America.
Based on the type the enzymes segment is growing at the highest CAGR during the forecast period. The softening, anti-staling and digestive properties related to enzymes are anticipated to boost the growth of the segment. Colorants and flavors are the fastest growing segments with large consumption rate. The increasing trend of incorporating antioxidants and vitamins in edible oils and other food supplements in order to improve the nutritional value of food items is projected to fuel the growth of the segment.
Based on application Bakery & Confectionery segment headed the specialty food ingredients market. The beverage industry is the second main segment and is anticipated to grow at a significant CAGR during the forecast period. The rising trend of fortified, carbonated and flavored beverages is expected to boost the demand for flavors and minerals in the beverage industry.
Global Specialty Food Ingredients Market
The significant factors driving the growth of the global food ingredient industry include increasing global population, changing demographics, escalating middle-class population, the launch of new products, increasing acceptance of natural ingredients, growing awareness towards health and wellness, food safety, increasing preference for taste and growing demand for convenience. The global companies are concentrating on business enlargement through investments in a number of key projects which is increases the specialty food ingredients market.
North America specialty food ingredients market is projected to grow at the highest CAGR during the forecast period. Specialty food ingredients owing to its outstanding capability of production and growing preference of consumers in the regions towards eating healthier food. The increasing consumer focus on healthy diet, the rising rate of diabetes and obesity which is warning consumers to focus on healthier lifestyles thus, it is fuel