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11
Nov-2019
Specialty Food Ingredients Market Guide
The Specialty Food Ingredients Market is valued at 57.59 Billion USD in 2019 and the market is expected to grow at a 76.14 Billion USD in 2024.
Specialty Food Ingredients Market Introduction:
Special food ingredients emulsify, preserve, give colour and texture and enhance the nutritional value of processed or cooked foods. Thanks to these factors, the industry can respond to consumer demand. In addition, a strong position based on science and innovation in the food chain process makes the specialty food ingredients market a significant player in the food and beverage industry.
Growth:
North America currently dominates the global market for specialty food ingredients. The increasing attention of consumers to a healthy diet is generating demand for unique food ingredients. The busy lifestyles of consumers in the region are fueling the strong demand for ready-to-eat and processed foods. Besides, the consumption of natural preservatives is expected to increase in poultry and meat products in the United States. The growing importance of large companies in the manufacture of natural food preservatives is expected to drive the growth of the specialty food ingredients market in North America over the forecast period.
Recent developments:
• In October 2013, Cargill (USA) invested nearly US $ 52 million to increase the production of specialty oils and fats at its Itumbiara (GO) and Mairinque (SP) plants. This expansion was designed to meet the growing demand for healthier dietary solutions such as Levia, a range of reduced trans-fat and saturated fats.
• In November 2013, Archer Daniels Midland (USA) announced an expansion project to diversify and increase the efficiency of its oilseed processing facilities in Olomouc, Czech Republic. The expansion project would include the purchase of new equipment to expand the plant's product line, increase storage capacity and improve production processes.
• In July 2013, DuPont (USA) launched a state-of-the-art probiotic mixing and packaging facility in China. The new Beijing site represents the first step of DuPont Nutrition & Health to package probiotics in commercially available formats. This would allow DuPont to offer improved speed, quality and flexibility to its customers in the marketplace.
Key trends
Special Food Ingredients Growth Factors and Market Trends:
· Special herbal ingredients
The year 2018 has been a year for plant-based foods on the market. Due to the growing preference for vegan and organic foods and the evolving lifestyle of consumers, specialized herbal food ingredients are considered the most nutrient-rich foods on the planet. Besides, the growing concern for medical care is driving the market for specialized herbal food ingredients.
· Ayurvedic products thrive in the market
The specialized food ingredients market is aimed at older consumers, who are more inclined to Ayurvedic products. Manufacturers are striving to establish a new menu for their consumers and are driving market growth.
· growth of functional drinks favorable to probiotics
Sales of RTD chilled functional beverages have grown significantly in recent years. For example, probiotic kombucha has conquered the market, inviting its competitors to buy more functional drinks that promote health.
· Ingredion Incorporated Acquires Western Polymer
In March 2019 Ingredion Incorporated, an ingredient supplier, announced the acquisition of Western Ploymer, a company supplying high-quality starch products. The purchase aims to improve the business of specialty ingredients and valuable processing capabilities.
· Cargill intends to acquire Smet
In April 2019, Cargill Incorporated, a conglomerate company, announced its intention to acquire Smet, a Belgium-based chocolate supplier, for its global gourmet chocolate business by expanding its portfolio of products and services.
Regional Analysis:
Food ingredients provide cooked or processed food products with unique colors, textures, nutrients, characteristics and flavors. Food ingredients are added to improve the taste of processed foods. The food and beverage industry uses unique food ingredients to enhance the flavor and taste of processed foods. Special food ingredients can meet customer demands with their unique characteristics, including processing aids, coloring, preservation, emulsification and nutritional improvement. Also, it helps improve the shelf life, stability and texture of food products. Specialized food ingredients are mainly sold to the food processing industry, including large food manufacturing companies and medium-sized companies.
Keynote Speakers:
- Manufacturers / Suppliers or food manufacturers and processors
- Research and development laboratories.
- Regulatory bodies
- Organizations such as the Food and Drug Administration (FDA), the United States Department of Agriculture (USDA), the European Food Safety Agency (EFSA), EUROPE, the Codex Alimentarius and Food Safety Australia and New Zealand (FSANZ)
- Intermediate providers
- End users
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