Specialty Food Ingredients Market Is Expected To Reach US$ 106.3 Bn By 2024: Rising Technological Innovation To Foster The Market Growth
The latest market report published by Credence Research, Inc. “Specialty Food Ingredients Market, By Ingredient Type, Application and Region – Growth, Future Prospects, and Competitive Analysis, 2016 – 2024,” the specialty food ingredients market was valued at US$ 64.1 Bn in 2015, and is expected to reach US$ 106.3 Bn by 2024, expanding at a CAGR of 5.9% from 2016 to 2024.
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Specialty foods are generally considered as distinctive and high value food items produced in small quantities from extreme quality ingredients. It is highly priced as compared to non-specialty foods with varied benefits included in it. The food ingredients provide texture, color, flavor, functionalities, and nutrients to the processed food. The specialty food ingredients are utilized by beverage and food industry in order to increase the flavor and taste to the processed food. It has been notified that specialty food ingredients are highly sold to food processing companies (both including large and medium size manufacturers). The specialty food ingredients helps in enhancing the shelf life, texture and stability in the food based products. This is expected to bolster the growth of specialty food ingredients market over the forecast period.
Increasing health consciousness and rising demand for functional food is expected to impel the growth of specialty food ingredients market over the forecast period. The rise in growth of fortified food is likely to impact the growth of probiotics, minerals, prebiotic, and minerals which is expected to create more demand for specialty food ingredients during the forecast period. Besides this, rising demand for specialty food ingredients in confectionery and bakery has strengthened over the past few years due to higher demand for emulsifiers, flavors, and colors in it.
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Considering the competition, this market is characterized by presence of various players some of which are small-scale players and some are the largest in number. In order to enhance their presence in the overall global market, the companies are focusing on research and development as well as new product development. The companies are entering into manufacturing of innovative products which will help in strengthening the growth of the market.
New product development
Merger and Acquisitions
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