LONDON–Technavio analysts forecast the global specialty food ingredients market to grow at a CAGR of over 5% during the forecast period, according to their latest report. The research study covers the present scenario and growth prospects of the global specialty food ingredients market for 2017-2021.
Specialty food ingredients market at a glance
Specialty food ingredients, which include food colors, flavors, and preservatives, cater to specific requirements of the food and beverage industry like increasing the shelf-life, enhancing the taste, and many other purposes. During the forecast period, APAC will be the largest contributor to the global market in terms of volume. This is because of the use of several natural ingredients derived from various plants, which come under the category of nutraceutical ingredients, in traditional health remedies and treatments. China and India will lead the market for nutraceutical ingredients during the forecast period.
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Technavio analysts highlight the following three factors that are contributing to the growth of the global specialty food ingredients market:
- Demand for specialty food ingredients in food processing industries
- Growing demand for nutraceuticals
- Continuous innovations driving the demand for specialty food ingredients
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Demand for specialty food ingredients in food processing industries
With the rise in demand for convenience, ready-to-eat, and packaged foods, the demand for specialty food ingredients has also increased. With a wide range of applications in the food processing industry, specialty food ingredients are used for several purposes. They are the basic ingredients in many processed foods.
Manjunath Jaganathan, a lead food research analyst at Technavio, says, “Processed food products require special preparation and packaging techniques so that they are consumable even after several days of manufacturing. This can only be made possible with the use of specialty food ingredients. While specialty food ingredients like preservatives and enzymes are used to increase the shelf life of food products, ingredients like color, flavors, starches, and others constitute the basic requirements for preparing processed food products.”
Growing demand for nutraceuticals
Nutraceutical ingredients constitute one of the leading segments of the global specialty food ingredients market. Nutraceuticals, which mostly include supplements and functional food ingredients, refer to those ingredients that provide extra health benefits in addition to the basic nutritional needs. There is an increased demand for these ingredients owing to the rising health concerns due to hectic lifestyle of individuals across the world.
“Nutraceutical ingredients are used in the preparation of many dietary and health supplements, which can be consumed in the form of a pill, powder, or capsule. They are used to address the deficiency of certain specific vitamins or minerals in the body as well as to prevent certain diseases,” adds Manjunath.
Continuous innovations driving the demand for specialty food ingredients
There are continuous innovations going on in the global specialty food ingredients market. Innovations are mostly targeted at making the ingredients better and in accordance with the changing trends. With the rising awareness among consumers regarding health and food safety, vendors are currently focusing more on producing sustainable, safe, and clean-label products.
Most specialty food ingredients, like preservatives, emulsifiers, and enzymes, which are used extensively in the food and beverages industry, are artificial. As such, vendors are now focusing on finding the natural substitutes for these ingredients, so that they do not have any negative impact on one's health. The natural variants of specialty food ingredients like sugar substitutes are already available in the market (stevia is one of the most commonly used natural sugar substitutes).
- Archer Daniels Midland
- Kerry Group
- Royal DSM
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