Boston, MA -- (SBWIRE) -- 05/01/2014 -- Specialty Food Ingredients Market by Type (Flavors, Colors, Texturants, Preservatives, Sweeteners, Nutraceuticals, Starches, Cultures, Acidulants) & by Application (Bakery & Confectionery, Dairy, Beverages, Meat Products) - Global Trends & Forecast to 2018
The specialty food ingredients market is experiencing new traction due to rise in the demand for healthier & tasty food and changing lifestyles of the consumers. This report estimates the market value of specialty ingredients by types and applications. In terms of geography, the report is segmented into Asia-Pacific, Europe, North America, and Rest of the World (ROW). The specialty food ingredients market is broadly segmented on the basis of types and applications. With a huge market potential and growing consumer preference, the market is likely to witness remarkable growth in the coming years. Specialty food ingredients applications may differ from one ingredient to another depending on the required characteristic of both the application and the ingredient.
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SPECIALTY FOOD INGREDIENTS MARKET SIZE, BY TYPE, 2011-2018 ($MILLION)
Source: MarketsandMarkets Analysis
The figure above shows the trend of the specialty food ingredients market value from 2011 to 2018. Functional food ingredients are the dominant specialty ingredients being used in a wide range of applications and are growing at robust pace. Enzymes are the fastest growing specialty food ingredient type. Other ingredients such as emulsifiers, hydrocolloids, sweeteners, colors, and flavors are also estimated to grow at healthy CAGR.
North America generated maximum revenue in the specialty food ingredients market. Europe follows North America and has reached maturity due to maturity of end-user industries. Demand for specialty food ingredients will be led by the emerging economies, such as China, India, Brazil, and South Africa due to rising consumption of processed foods, rising disposable incomes, and urbanization in these countries. Asia-Pacific is estimated to be the fastest growing market for specialty food ingredients. Latin American and the Middle East & African countries exhibit rapid gains in this market. Factors such as growth of the global aging population and the increasing demand for specialty nutrition sector will ramp up the demand for these ingredients in emerging economies.
Major companies are investing in R&D for developing new products. Specialty food ingredients companies are adopting expansion strategies by way of mergers and brown field operations to explore new product categories and markets.
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