Specialty food is often used as an umbrella term for various gourmet, organic, natural and imported grocery products. Specialty food ingredients vary in texture, taste and characteristics. These characteristics help them add special functionalities to the number of food products. Technological developments are considered as the strongest factor leading to the growth of the specialty food ingredients market. Changing dietary preferences and rising demand for specialty foods across emerging markets are some of the crucial driving factors for this industry. As a result, the industry is expected to progress at a steady growth rate.
Scope of Research – Segmentation
The global specialty food ingredients market is segmented on the basis of the types of ingredients, their applications, and geographic regions. Following are the details of the sub-segmentation in the industry:
- Products: Sugar substitutes, acidulants, specialty starches, enzymes, food preservatives, emulsifiers, colors, flavors, hydrocolloids, stature cultures, nutraceuticals & functional food ingredients
- Applications: Dairy products, bakery and confectionary foods, convenience foods, functional foods, beverages, meats, and seafood
- Geography: Europe, Asia Pacific, North America and RoW (Rest of the World)
Drivers and Trends in Specialty Food Ingredients Industry
The global specialty food ingredients market has growth significantly, especially over the past few years. Although growing at a stable growth rate at present, the industry is expected to witness exponential growth in near future. This growth is attributed to the changing customer preferences towards their traditional diet, inclusion of imported, gourmet and specialty foods in the daily diet and changing preferences towards eating healthy foods. Increasing awareness towards healthy and tasty foods is contributing to the rising demand for these ingredients in the global market. Advancing technology in terms of innovative products and their uses in the food and beverage industry also have a major role in the current condition of the global market.
According to the latest research reports, the specialty food ingredients market is set to grow at a steady CAGR of over 5.8% from 2013 to 2018. At the estimated CAGR, the industry is expected to grow worth $80,323.4 million by the end of the year 2018. Rise in the disposable income, changing dietary preferences, innovative products, and swiftly changing lifestyles across the emerging markets are some of the major drivers for the global market. The industry is currently dominated by the developing regions like North America and Europe. However, Asia Pacific region is set to take over these developed regions during the forecasting period.