Global Specialty Ingredients Market to Reach US$320.6 bn by 2021, Driven by Growth of Food and Beverage Sector
Albany, NY -- (SBWIRE) -- 12/27/2017 -- Transparency Market Research announces the publication of a new research report on the global specialty ingredients market. According to the report, the global specialty ingredients market will grow at a 6.60% CAGR during the period between 2015 and 2021. The report, titled 'Specialty Ingredients Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2021', states that the global specialty ingredients market stood at US$205.2 bn in 2014 and will reach US$320.6 bn by 2021.
The global specialty ingredients market is primarily boosted by factors such as the rapidly developing food and beverage sector, increase in demand for personal care products, and growing nutrition and health awareness. Leading market players are introducing numerous specialty ingredients, which are used in food items for various purposes such as to preserve freshness, flavor, and nutrients. This helps in avoiding wastage of food. Many leading companies in the global specialty ingredients market introduce specialty ingredients that can be used in personal care products in order to increase their shelf life.
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Considering all these factors, the global specialty ingredients market is expected to develop rapidly during the forecast period. Some of other factors influencing the growth of the global specialty ingredients market are healthy economic growth, increasing disposable incomes, changing consumer preferences and tastes, and changing demographic profile of consumers. The global specialty ingredients market includes leading market players dealing in different kinds of specialty ingredients. Some of the leading players in the global specialty ingredients market are Archer Daniels Midland Co., E.I. du Pont de Nemours and Company, Koninklijke DSM N.V., CHR Hansen Holding A/S, and many others.
Introduction of new flavors in specialty ingredients will boost the global specialty ingredients market further. By geography, the global specialty ingredients market is divided into North America, Asia Pacific, Europe, the Middle East, and Rest of the World. In terms of revenue, the North America market for specialty ingredients led the global specialty ingredients market in 2014 and will continue to hold its dominance during the forecast period. In terms of revenue, Asia Pacific is expected to be on the second position during the forecast period. Growing preference of the consumers for natural ingredients in cosmetics, food, and wellness products will influence the development of global specialty ingredients market in North America and Asia Pacific.
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By application, the global specialty ingredients market is divided into nutrition and health, personal care, and food and beverage. The nutrition and health application segment of the specialty ingredients market was the largest in 2014, with a US$152.4 bn valuation. Growing health awareness is the primary factor driving the market for nutrition and health specialty ingredients. The market for food and beverages is predicted to grow at a strong CAGR during the forecast period, leading to steady demand from the specialty ingredients market. Improving income of the average buyer, demand for anti-aging food products, and health consciousness will propel the global specialty ingredients market till 2021.