Specialty Ingredients Market Expected to Reach $320 Billion in 2021
Healthy economic growth, changing demographic profile, increasing disposable incomes, and changing consumer tastes and preferences are key factors influencing growth
According to a new market report published by Transparency Market Research "Specialty Ingredients Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2015 - 2021," Global Specialty Ingredients Market was valued at USD 205.2 billion in 2014, growing at a CAGR of 6.6% from 2015 to 2021 to account for USD 320.6 billion in 2021.
The global specialty ingredients market is primarily driven by factors such as rise in demand of food and beverage, nutrition and health, and personal care products. Specialty ingredients are used in food products to preserve nutrients, flavor, and freshness; thereby preventing food wastage. Specialty ingredients are also being used in personal care products to increase the overall shelf life of the products. Healthy economic growth, changing demographic profile, increasing disposable incomes, and changing consumer tastes and preferences are some key factors that are influencing growth of specialty ingredients market.
The Global Specialty ingredients market is segmented on the basis of application type into food and beverages, nutrition and health and personal care. The market for nutrition and health specialty ingredients is the largest with a valuation of USD 152.4 billion in 2014. Heightened health awareness is the primary factor spurring the demand for nutrition and health specialty ingredients, as people are becoming more mindful of the types of nutrition they consume for maintaining a balanced diet.
The food and beverage segment is expected to grow at CAGR of 6.0% in terms of revenue during the forecast period. The global food and beverage market by type is sub categorized into - Natural specialty ingredients and synthetic specialty ingredients.
Geographically, the North America region led the specialty ingredients market in terms of revenue and is expected to continue its dominance throughout the forecast period. A growing consumer preference for natural ingredients in food, cosmetics, and health and wellness products is influencing the growth of natural specialty ingredients category.
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