Global specialty ingredients market is expected to undergo several changes such as increasing demand for natural specialty ingredients and introduction of new flavours. By application type, the global specialty ingredients market is segmented into food and beverage, nutrition and health and personal care. Food and beverage specialty ingredients is further sub divided into natural and synthetic category. The nutrition and health specialty ingredients is sub categorized into nutraceutical ingredients and active pharmaceutical ingredients where both the categories have been further subdivided into natural and synthetic type. Likewise, the personal care specialty ingredients is also been segmented into natural and synthetic categories. Geographically, the market has been segmented into North America, Europe, Asia Pacific, the Middle East, and Rest of the World.
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The global specialty ingredients market is primarily driven by factors such as growing health awareness among people, increasing income levels of consumers, and an augmented demand for anti-aging products. Rise in demand for food and beverage, nutrition and health, and personal care products has fueled the growth of specialty ingredients market. In order to preserve the flavor, nutrients, and freshness, specialty ingredients are used in food products as they help to prevent food wastage and extend the overall shelf life. In many situations, two or more specialty ingredients are used in food products to enhance food quality protection. The growing demand for packaged and processed food is stimulating the usage of food ingredients in the emerging markets. There has been an increase in the demand for personal care ingredients such as antioxidants, additives, antimicrobials, and other refined ingredients as a result of the increasing demand for personal care products. Moreover, increasing focus towards natural products among consumers coupled with their rising disposable income, offers high growth potential for the development of personal care products formulated with natural specialty ingredients in economies such as India, China, South Korea, and Indonesia. As chemical components are included in synthetic products, consumers are shifting towards natural products. Introduction of new specialty ingredients with natural elements is another key factor driving the sales of specialty ingredients globally. Therefore, people are shifting from synthetic products to natural products.
Recent trends have shown that innovations driven by market needs and evolving consumer needs leading to product differentiation has fuelled the growth of the personal care ingredients market. Demand for natural specialty ingredients is expected to be high as consumers are shifting from synthetic to natural products as they do not contain harmful compounds. Moreover, due to the growing applications of skin care, hair care, cosmetics, bath products, and fragrances, the demand of natural specialty ingredients is expected to remain high in order to suit the specific needs of the consumers globally. However, different kind of stringent government regulations has created burden for the manufacturers to trade in the market.
North America held the largest market share of specialty ingredients in terms of revenue in 2014 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 has led to the increasing demand for natural specialty ingredients in this region The North America market is expected to be closely followed by Asia Pacific in terms of revenue throughout the forecast period.