According to a new research report by Transparency Market Research (TMR), a leading market research and intelligence firm,
the global specialty ingredients market is witnessing a considerable rise in its valuation, thanks to the increased focus of consumers across the world towards attaining a healthy lifestyle. With the presence of a large number of participants, such as Royal DSM N.V., Archer Daniel Midland, Kerry Groups, Cargill Inc., E. I. DuPont de Nemours and Co., Givaudan Flavors, CHR, Sensient Technologies, Hansen, and Tate & Lyle Plc, the competitive landscape in the market looks highly fragmented, notes the market study. The level of the competition is expected to get higher in the next couple of years due to the continuous entry of new players in this market. Currently, the leading specialty ingredients producers are relying more on product development and differentiation for the growth of their business. Over the coming years, they are expected to shift their focus towards expanding their businesses in developing economies to remain in the competition.
TMR report evaluates the global market for specialty ingredients to rise at a CAGR of 6.60% during the period from 2015 to 2021. In terms of function, specialty ingredients are classified into acidulants, starches and nutraceuticals, color additives, food enzymes, food preservatives, flavor additives, and food emulsifiers. Among these, the nutraceuticals segment reports the most prominent share in global specialty ingredients markets. TMR notes that the scenario may remain so over the period of the forecast. Food and beverage has surfaced as the key application area of specialty ingredients. With an increasing preference for nutritional food and drinks among consumers, the usage of specialty ingredients in food and beverages is likely to continue to rise in the years to come, states the research report.
In terms of the region, the worldwide specialty ingredients market registers its presence mainly across North America, Latin America, Asia Pacific, Europe, and the Middle East and Africa. Among these, North America has been leading the global market, owing to the increasing consumption of processed food in countries like the U.S. and Canada. The North America specialty ingredient market is expected to remain on the top of the game the next few years. However, Asia Pacific is anticipated to report a greater growth rate in the near future, thanks to the rising appropriation of western culture in a number of Asian economies, notes the market study.
Increase in Health Awareness to Boost Global Specialty Ingredients Market
The global specialty ingredients market is experiencing a decent growth, thanks to the considerable rise in the disposable income of people and the increase in health awareness level among them. The augmenting demand for anti-ageing cosmetics and several other personal care products is also supporting the growth of this market. Going forward, the surge in the demand for nutritional food and drinks is likely to propel the worldwide specialty ingredients market in the years to come, reports the research study.
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Implementation of Stringent Rules to Hinder Market Growth
Although the global specialty ingredients market reports a thriving future, it may face issues due to a number of factors in the long run. One of the significant factors that may hinder the growth trajectory of the worldwide specialty ingredients market is the implementation of stringent rules regarding the usage of specialty ingredients for consumption. However, with the increasing demand for cosmetics, bath products, and fragrances, the usage of specialty ingredient will also increase, reflecting positively on the global market, states the research report.