Specialty food ingredients are unique materials that find use in specific food production operations that are inherently different from conventionally used ingredients, in traditional recipes. These ingredients are usually produced to meet high quality standards, and are of a relatively higher value in comparison to other ingredients. These products offer users with better flavor, nutrition, and longer shelf life.
These ingredients find extensive application in the commercial food and beverage industry, for achieving better quality in end products. These products enhance texture, improve emulsification, boost color, and ease processing.
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Advances in terms of health, production technology, and safety for consumption are some of the key factors that enhance the prospects of the specialty food ingredients market. Other major influencers that are considered to have a major impact on the field may include:
- Specialty food ingredients are expected to be most widely used in bakery and confectionary applications, closely followed by the convenience foods segment, which gives them control over majority market share. On the other hand, the sales of specialty food ingredients is expected to witness a relatively faster rate of growth in meat products, dietary supplements, and functional foods.
- Food enzymes, followed by food colorants and emulsifiers are anticipated to remain lucrative for manufacturers in terms of revenue streams. Specialty flavor enhancers are expected to display a faster rate of growth. Mineral additives currently hold a large share in the specialty food ingredients market, while preservatives are expected to gain a faster growth rate.
- The development of new production technologies such as decaffeination and the rise in organic methods of production are also expected to have a major impact on the growth of the market. Health awareness among consumers is expected to have a substantial impact on the developments of the specialty food ingredients market for the foreseeable future.
- The rise in demand and the subsequent growth in the demand for convenience foods are pushing major players in the market to turn their focus towards strategic mergers and acquisitions to enhance product portfolios as per consumer tastes.
The massive rise in demand for convenience foods from across the globe, mounting population in urban settings, and rising purchasing power of the global population are collectively driving the global demand for specialty food ingredients, observes a recent market research report published by Future Market Insights. The report is titled “Specialty Food Ingredients Market: Global Industry Analysis (2012-2016) and Opportunity Assessment (2017-2022).” The report states that the market will expand at a steady pace over the period between 2017 and 2022, rising to a revenue opportunity of nearly US$85,000 mn by the end of 2022.
Besides providing benefits in the form of extended shelf-life of a number of processed food products, specialty food ingredients also enhance qualities such as taste, texture, and flavor. Moreover, their addition to food products help reduce downstream losses owing to their impact on storage and processing of foods. These factors, along with the advent of several innovative technologies, such as the technology for decaffeination of coffee beans, has also increased the popularity of the global specialty food ingredients market.
The report segments the global specialty food ingredients market on the basis of criteria such as specialty sensory ingredient, specialty fundamental ingredient, application, and geography.
In terms of specialty sensory ingredient, the market has been segmented into varieties such as emulsifiers, enzymes, colorants, and flavors. Of these, the segment of enzymes is likely to remain the most promising segment over the report’s forecast period, surpassing a revenue valuation of US$20,000 mn by 2022. Demand for colorants and emulsifiers is expected to see close competition in terms of revenue contribution to the global market throughout the report’s forecast period. The segment of flavors will exhibit expansion at the most promising pace over the report’s forecast period.
In terms of specialty functional ingredient, the report segments the market into vitamins, antioxidants, minerals, and preservatives. Of these, the segment of preservatives is expected to record a highly promising growth pace over the report’s forecast period. However, the segment of minerals, which is presently the most consumed functional ingredient in the global market, will continue to exhibit a promising pace of expansion over the report’s forecast period as well. The sales of vitamins could dwindle and the segment is expected to record the lowest CAGR of all the other segments over the forecast period.
The key application areas of specialty food ingredients examined in the report include beverages, bakery and confectioneries, dairy and frozen foods, functional foods, beverages and dietary supplements, meat products, oils and fats, and sauces, savory snacks, and dressings and condiments. Of these, the segment of bakery and confectionaries is expected to retain its position as the largest shareholder in the global market, followed by the segment of convenience foods. However, the demand from the meat products and functional food, beverages and dietary supplements segments will record a higher pace of expansion over the report’s forecast period.
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From a geographical standpoint, the market for specialty food ingredients in North America is slated to emerge as the one with the most lucrative growth opportunities over the report’s forecast period. The North America market for specialty food products is expected to rise to a valuation of nearly US$24,000 mn by the end of 2022.
Some of the leading players operating in the global specialty food ingredients market are E. I. Dupont De Nemours and Company, Advanced Food Systems Inc., Cargill Inc., Ingredion Incorporated, Specialty Commodities, Kerry Group Plc., Koninklijke DSM N.V., Sensient Technologies Corporation, Cambrian Solutions Inc., and Tate & Lyle.