The increasing consumer awareness of different types of functional food ingredients and health benefits are driving the demand for the market.
New York, Aug. 24, 2020 (GLOBE NEWSWIRE) -- The Specialty Food Ingredients Market is projected to reach USD 125.66 billion in 2027. As the use of these products increases in modern processing, the industry is expected to grow substantially over the forecast period in order to meet a wide variety of demands for various product qualities. Value Additions in process technologies help to make efficient use of specialty ingredients in finished foods. One such advance is Clextral's twin-screw extrusion lines, which help to increase the flexibility of different constituents during processing.
Specific advances in encapsulation technology to enhance the fragrance and taste separation, conceal unwanted odor and poor tasting materials, maximize their bioavailability, and stable additives; have resulted in considerable changes in the consistency of finished goods. This, in turn, has helped to meet various consumer demands in the processors.
Within this sector, the regulatory situation plays a significant part. The legislative structure that is evolving constantly is an issue for market stakeholders across the whole supply chain. The wellness policy provides various incentives for reformulation and invention in specialty products. Nonetheless, this calls for technological advances that are of vital significance for the latest components.
The functional specialty food ingredients are expected to be the fastest-growing segment in the next decade and are expected to grow between 2019 and 2027. Such goods lead to the prevention of multiple diseases and health. The need for these elements is, therefore, more or less globally homogeneous; however, recent studies mixing functional diet and molecular nutrition may challenge the traditional paradigm change, which is expected to drive demand over the forecast period.
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COVID-19 Impact Analysis
The COVID-19 pandemic did not impair business efficiency. Key market leaders are uncertain about the prospects of the industry and are trying to find solutions to this problem. Most hospitals have altered their pandemic services and other projects greatly. There is no money in various parts of the world for avoiding the usual lockouts. COVID-19 resulted in a substantial decline in demand for the domestic commodity, exports, and imports. The world's biggest companies tend to slash their budgets so they can create cash reserves. True efficiency levels would inevitably lead to new ways for employees and companies to meet customer demand at a much lower cost.
Further key findings from the report suggest
- Developing new technologies such as coffee bean decaffeination that reduces gastro-esophageal reflux in both patients and healthy people with reflux disease adds to the growing importance of functional ingredients.
- In the recent past, various organic technologies have been formulated for the processing of ingredients, nutritional supplements, flavor components, processing aids, and reagents, which is a major trend expected to drive demand for these products due to the shift in consumer demand for organic food.
- Flavors are considered to be the sensory additives that develop more rapidly. This market is characterized by its innovative, technical, and specialized nature, and its growth parameters include a changing consumer lifestyle and an increased demand for convenience food.
- Regulatory agencies have an important role to play in this sector's development. The NSF / ANSI defines requirements for marketing and labeling of dietary products containing organic ingredients.
- In the coming years, the Asia Pacific region is projected to be the fastest-growing region in the specialty food ingredients market. This is primarily due to the booming food & beverage market in this region, and the technological progression and westernization of diets.
- Many firms have been engaged in mergers and acquisitions to expand their product lines as specialized requirements for food producers to satisfy the rising customer expectations.
- In March 2019, Ingredion acquired potato starch supplier Western Polymer to increase its range of products and consumers by supplying the required materials, growing manufacturing efficiency, enhancing processing capability, and expanding its premium specialty business.
- Key players in the market include Naturex, KF Specialty Ingredients, Frutarom, DuPont, Ingredion, PPG Industries, Evonik, Archer Daniels Midland, Kerry Group, and Ashland Inc., among others.
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For the purpose of this report, Reports and Data has segmented the Specialty Food Ingredients Market on the basis of product, application, and region:
Product Outlook (Revenue: USD Billion; Volume: Million Tons; 2017-2027)
- Specialty sensory ingredients
- Specialty functional ingredients
Application Outlook (Revenue: USD Billion; Volume: Million Tons; 2017-2027)
- Bakery and confectionery
- Dairy and frozen foods
- Convenience foods
- Meat products
- Functional foods
- Oils and fats
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/specialty-food-ingredients-market
Regional Outlook (Revenue: USD Billion; Volume: Million Tons; 2017-2027)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- Rest of MEA
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