June 07, 2022 06:19 ET | Source: Market Research Future Market Research Future
New York, New York, UNITED STATES
New York, US, June 07, 2022 (GLOBE NEWSWIRE) -- Specialty Food Ingredients Market Overview:
According to a Comprehensive Research Report by Market Research Future (MRFR), "Specialty Food Ingredients Market Information by Ingredients, By Application, and Region - Forecast till 2030”, the market is proposed to exceed the USD 296.2 Billion Mark at a CAGR of 8.6% in the forecast period ranging from 2022 to 2030.
The specialty food ingredients business has been growing rapidly worldwide, in terms of volume as well as value. The said growth can be attributed to the wide range of applications in pharmaceuticals, food & beverages, personal use products, and cosmetics. There are a number of regulatory bodies, like Enzyme Technical Association (ETA), the US Food and Drug Administration (FDA), Association of Manufacturers, Canadian Food Inspection Agency (CFIA), the European Food Safety Authority (EFSA), Department of Agriculture, Fisheries, and Forestry and Food Standards Australia New Zealand (FSANZ) that ensure the quality of specialty food ingredients remains high, for higher customer safety.
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The eminent firms in the specialty food ingredients industry include
Specialty ingredients are essential products that ensure the well-being of various processed foods. Specialty ingredients ranging from a variety of macro ingredients like carbohydrates, fibers, fats & specific proteins to micro-ingredients such as vitamins & enzymes, and minerals, all perform numerous functional activities that enhance the diet quality as well as taste.
Specialty food ingredients help enhance color, emulsify, preserve the texture, elevate processing, and ultimately foster the health aspect of the produced food. The health, technological and nutrition-related functions of such products render the diet ideal for consumption, safe, tasty, affordable, and healthy. Therefore, these benefits related to specialty food ingredients will be a growth-inducing factor for the worldwide industry.
Other than the abovementioned benefits, specialty food ingredients are viewed as some of the top options for the sustainable processing of a variety of food products. These ingredients offer solutions to elevate the efficiency and quality of the resources by bringing down downstream losses as well as the complete value chain due to their highly effective effect during the processing and storage of food. Ingredients make use of all the valuable elements of raw materials, thereby augmenting the efficiency of the raw materials as well as resources.
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The uneven adoption of innovative food technologies in the larger market has been unfavorable. Low penetration rate of renowned brands in undeveloped countries would be a huge restraining factor for the worldwide market.
The COVID-19 outbreak’s negative impact has led to a series of severe repercussions on people’s health status across the world. The aftermath is linked with the significant social and economic burden on people worldwide. While the major policymakers are implementing new frameworks and industries are adopting advanced models of expansion to maintain their relevance, people are facing a series of mental trauma.
However, there is a huge demand for ready-to-eat and fortified food products among consumers that want to eat on the go. Several industries dependent on the specialty food ingredients Industry have been affected by the COVID 19 pandemic. However, with the growth rate of the specialty food ingredients market picking up along with the escalating demand for healthy, high-quality ingredients in foods, there will be a rise in lucrative opportunities in the future.
The major specialty food ingredients in the market are minerals and vitamins.
Vitamins are used extensively in meals, fortification in fats and oils, infant formula, and supplements. On the other hand, minerals are essential aspects of a balanced diet. One huge application of minerals is in facilitating the function of vitamins like calcium, assisting in the absorbance of the vitamin D by cells from the diet.
Beverages, bakery & confectionery, convenience foods, dairy & frozen foods, functional foods/beverages/dietary supplements, and meat products are the key applications of specialty food ingredients.
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In North America, Canada will be a huge market in the ensuing years, thanks to the evolving needs of the consumers compelling the food industry to measure the business conditions, focus more on innovations, and develop new products. The Canadian Food Inspection Agency reveals that the consumers in the country focus on the labels present on the food products to see if they are sourced from Canada. The manufacturers, like DuPont and Calico Food Ingredients Ltd in Canada, market and cater to certain demographics, such as the aging population and young adults for higher sales. Major brands in Mexico are progressively adopting business strategies, like mergers, product launches, and acquisitions, to up their positions in the market.
The US market will perform extremely well in the following years, on account of the surging intake of soft drinks, juice drinks, and energy drinks, fostering the use of acidulants. Citric acid is a major acidulant adopted by food developers in the US, owing to its importance in the production of soft drinks. Synthetic food colors market is extremely regulated in North America; with the Canadian and US governments implementing batch certification systems that ensure all the food colors cater to the strict quality standards. The North American market shows significant growth potential for food flavors, witnessing a tremendous surge in the demand for functional and processed food items. The market in the region is further pushed by the rising prevalence of busy lifestyles among consumers and their evolving eating habits.
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