According to MarketsandMarkets, the “Specialty Food Ingredients Market by Type (Acidulant, Colors, Flavors, Enzymes, Emulsifiers, F&B Starter Culture, Preservatives, Functional Food Ingredients, Specialty Starches, Sugar Substitutes), Distribution Channel – Global Forecasts to 2025″The specialty ingredients market is estimated to be valued at USD 134.7 billion in 2020. It is projected to reach USD 178.3 billion by 2025, recording a CAGR of 5.8% during the forecast period. With the rise in demand for natural food ingredients, the trend of clean-label and plant-based products has significantly boosted the utilization of specialty food ingredients. For instance, Paprika is a natural food color that is ground and is made from the chili peppers (capsicum). It is used as a garnish in many recipes to create vibrant colors. Such increasing applications and demands specialty ingredients manufacturers continue to innovate and offer new label-friendly products ultimate boosting the growth of the market.
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Restraints: Price fluctuations of raw materials which is increasing the cost
Price is one of the major restraining factors in the specialty food ingredients market. Functional foods and premium products are comparatively uneconomical, owing to the expensive ingredients used in them, which is likely to impact its growth in price-sensitive markets such as India, China, and South Africa. There are various fluctuations in raw material prices, such as the prices of starch and sugar for sweetener ingredients. According to a report published by the FAO, in 2018, the modified starch price was quoted at nearly USD 507/ton, 44% higher than in October 2017, this is due to high demand and reduced supply .
Growth in Demand for Juices & Functional Beverages Drive the Food Colour Ingredient Market
The functional beverage is witnessing rise due to rising awareness regarding health benefits of functional beverage enriched with important health-enhancing components such as vitamins, amino acids etc. Food colors are also now essential additives used in the food & functional beverage industry not only to provide color to the food but also to add nutritional value and increase the palatability of the food or beverage product. The application of colors in food and beverages helps in enhancing the color and aesthetics of the product.
In Europe, functional beverages make up one of the key applications of natural colors, with non-alcoholic beverages forming an integral part of the diet in the region. Dairy products form a major area of application for colors, especially with increasing demand for flavored yogurt and milk products. Natural colors are also used in a variety of food items such as candies, toffees, chewing gums, aerated gums, chocolates, health bars, fillings, decorations, crackers, stuffings, fillings, sauces, dressings, pastries, and cookies.
Versatile Health Benefits And Added Sensory Benefits Are Increasing The Demand For Functional Foods
Functional foods are composed of naturally occurring components that are scientifically demonstrated to have a positive impact on target functions beyond basic nutrition. Functional food ingredients provide health benefits, thereby promoting optimal health, longevity, and quality of life. With the increase in health problems, such as diabetes, high blood pressure, arthritis, and digestive disorders, consumers are demanding products that deliver health benefits, including cholesterol reduction, immunity improvements, and easing of intestinal problems. This demand for functional foods has led manufacturers, including products with healthy and functional ingredients, in their product portfolios.
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North America is projected to reach USD 56.96 billion during the forecast period.
In 2020, North America accounted for a market share of 32.7% in the specialty ingredients food market In North America, the market for specialty food ingredients is being pushed by rising incidences of diabetes and obesity, which are urging people to focus on healthy lifestyles and, as a result, fueling demand for food items containing functional and specialty ingredients. As the American population becomes more health-conscious, there is a greater demand for healthy food products, prompting producers to introduce products including specialty food ingredients. The number of food processing companies in the North American market is increasing at a significantly high rate. According to a report published by the USDA, in 2018, the demand of processed food products had increased significantly, due to which the number of processing plants operating in mainly five US states—California, New York, Texas, Pennsylvania, and Illinois—accounted for 38% of the total US food and beverage processing units in 2017. This trend in the food industry is projected to drive the growth of the market for different food flavors.
The Key players in this market include Cargill (US), ADM (US), DuPont (US), Ingredion (US), Kerry (Ireland) and DSM (Netherlands).
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