Specialty ingredients add specific benefits to the core recipe of a food product. Specialty ingredients are often used in food products to preserve the flavor, nutrients, and freshness of the products. These ingredients benefit the end consumer thanks to the enhanced health profile, improved taste, image and appearance, as well as shelf-life of the food product.
As specialty ingredients are constantly influencing consumer preferences on a global level, the specialty ingredients market is rising at a CAGR of 6.6% for the forecast period 2015 to 2021. Transparency Market Research, a leading market firm in the U.S., states that the specialty ingredients market will reach US$320.6 billion by 2021 from a value of US$205.2 billion in 2014.
Growing health awareness is the main factor spurring the demand for health and nutrition specialty ingredients among consumers. The personal care ingredients market is a dynamic market with burgeoning potential and growth opportunities. As consumer awareness about the functional benefits offered by specialty ingredients and personal care food products grows, the demand for specialty ingredients market is rising at a rapid pace globally.
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Marketers have gained a number of ways to market specialty ingredients by emphasizing their benefits. Here’s a closer look at some of the major benefits that will drive the specialty ingredients market in major geographic regions such as North America, Europe, Asia Pacific, and the Middle East till the onset of the next decade.
Functional Benefits Driving the Specialty Ingredients Market
Use of Specialty Ingredients in Personal Care Products
Specialty ingredients for personal care products are based on their ability to impart a unique performance benefit to a formulated product. Specialty ingredients are extremely valuable to cosmetic formulators. For instance, anti-ageing creams are highly popular due to the anti-ageing specialty ingredients present in their formulations. Similarly, many cosmetic manufacturers have increasingly started adding bioactive ingredients in skin, hair and oral care products for better effect.
Specialty ingredients also help marketers gain a competitive advantage with household cleaning fluids, hospital cleaning solutions, and disinfectants. Addition of new flavors time and again is driving the specialty ingredients market at a considerable rate.
Natural, Biobased Specialty Ingredients Keep Animals Healthy
Specialty ingredients provide nutritional benefits and improve the palatability and enzymes for flavor development, process control, and digestive support in animals. Due to specialty ingredients such as digestible carbohydrates, prebiotic fibers, and vegetable proteins, the necessary nutritional needs in animal products are met. Food products prepared with natural specialty ingredients help improve the overall health of animals.
Specialty Ingredients gives a Facelift to Food and Beverages Market
The specialty food ingredients market is experiencing an upward trend due to the rise in the demand for healthy and tasty food, due to the changing lifestyles of the consumers. Moreover, growing incidence of diabetes and obesity compels consumers to focus more on a healthy lifestyle, and low fat and multi-functional food products. Foods equipped with specialty ingredients provide clinically proven health benefits to consumers in terms of ease of use and health.
From a consumer standpoint, they are mainly looking out for variety in ingredients and flavors. This is one of the main reasons specialty ingredients have become so popular in the recent times.
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Nowadays, specialty beverages are the fastest growing trend in the food and beverages market. This category typically includes teas, sparkling sodas, limeades, smoothies, shakes, lemonades, and even specialty sodas. Specialty beverages are forecast to show double-digit growth over the next five years.
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