At a time when Indian cuisine is growing globally, the market for specialty food ingredients is projected to reach a value of USD 91.2 Billion by 2020, growing at a CAGR of 5.5% from 2015.
An uproar for the convenience foods being a key trend, owing mainly to the changing lifestyle and the purchasing power of the consumer, has also fuelled the growth for the Specialty Food Ingredients Market.
There is a strong co-relation seen between the trends of the global Specialty Food Ingredients Market and the global processed food and beverage markets. The key aspect for this co-relation is the role played by the specialty food ingredients' applications.
The stricter legislatives and regulations with respect to food safety and shelf-life, implied that processing industries are keen on getting the right formulation to present the best food product to the consumer, and specialty food ingredients play a pivotal role in this aspect. The main driving forces for the growing market are the advanced technology, nutrition and taste convergence, rise in convenience food sector and growing end users applications.
North America dominates global Specialty Food Ingredients Market followed by Asia-Pacific region. The Asia-Pacific food and beverage sector is greatly influenced by the consumer preference for healthy food which is a major driver for functional food ingredients.
The implementation of R&D and technological innovations and collaborations with such companies has been moving at a high pace resulting in the new product launches, expansions to emerging countries and partnerships. With economies showing positive signs of recovery, on-going industrialization, increasing demand for processed foods, and a greater preference on the part of consumers for quality products, ingredient suppliers are becoming optimistic about the future of Specialty Food Ingredients Market.