R&D and technological innovations, uproar for convenience foods, nutrition and taste convergence, and growing end-user applications are some of the major drivers of the specialty food ingredients market.
Northrook, IL -- (SBWIRE) -- 11/22/2019 -- The specialty food ingredients market is projected to reach USD 91.2 billion by 2020, at a CAGR of 5.5% from 2015 to 2020. The market is driven by the factors such as growing R&D and technological innovations, increasing demand for convenience foods, nutrition & taste convergence, and the growing end user applications.
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Prebiotics is the fastest growing segment among functional food ingredients
The functional food ingredients market has been driving the overall specialty food ingredients market with the largest market share in 2014 and because of the increasing demand for health & nutrition based foods. Prebiotics is the fastest growing market in functional food ingredients which finds its major application in dietary foods. This is followed by probiotics, carotenoids, and minerals market. Proteins & amino acids contribute to the highest market share in functional food ingredients, in 2014.
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Emerging nations – A hub for resources
The Asia-Pacfic countries such as China, Japan, India, Malaysia, and Indonesia are rich in raw material resource necessary for the specialty ingredients extraction and production. The countries are also rich in manpower resources. Urbanization has led to changes in the lifestyle of consumers in developing countries. Asia-Pacific being the fastest market for all the specialty ingredients, major players find their opportunities to expand their business operations. In 2014, Archer Daniels Midland Company (U.S.) officially opened the sweetener-manufacturing portion of its integrated food manufacturing complex at the port of Tianjin in North China. Givaudan (Switzerland) invested CHF 12 million to expand its flavor business in Japan.
The key market players of specialty food ingredients profiled in the report are Archer Daniel Midland (U.S.), Royal DSM N.V. (The Netherlands), Kerry Groups (Irelands), Cargill Inc. (U.S.), E. I. DuPont de Nemours and Company (U.S.), Givaudan Flavors (Switzerland), Sensient Technologies (U.S.), CHR. Hansen (Denmark), Ingredion Incorporated (U.S.), and Tate & Lyle PLC (U.K.).