The global specialty ingredients market is expected to reach USD 141.12 billion by 2022, according to a new report by Grand View Research, Inc. Shift in consumer focus towards organic products coupled with growing demand for anti-ageing and environmental defense skin care products is expected to drive the global specialty ingredients market over the forecast period. Increasing preference for healthy and nutritional diet and enhancing growth of high quality pharmaceutical drugs is also expected to have a positive influence on the market growth.
Food & beverage industry is expected to experience advancement owing to increasing demand for organic items coupled with high-quality and customized requirements by population over the forecast period. Changing lifestyle has also enhanced preference for nutritional goods which in turn is expected to drive global revenue for functional specialty food ingredients.
U.S. Specialty Ingredients Market revenue by application, 2012-2022, (USD Million)
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Further key findings from the report suggest:
- Global specialty market was valued at USD 93.27 billion in 2014 and is expected to reach a market worth USD 141.12 billion by 2022, growing at a CAGR of 5.4% from 2015 to 2022
- On the basis of product, pharmaceutical sector can be further segmented into active and inactive. More than 90% of pharmaceutical segment was dominated by active ingredients owing to its importance in drug development. The product segment is expected to witness the highest growth over the next six years.
- Rising prevalence of skin diseases/problems owing to harmful UV rays and other environmental particles are also driving need for efficient and organic constituents. Therefore, personal care segment is expected to witness the highest growth of 5.7% over the forecast period
- North America was the leading regional market and accounted for 31.7% of total market in 2014. Increasing consumption of dietary constituents particularly in the U.S. is expected to drive the regional market over the forecast period. Asia Pacific is expected to witness the highest gain in its market size over the forecast period. The region is expected to grow at an estimated CAGR of 5.9% from 2015 to 2022.
- Key manufacturers operating in the global specialty ingredients market include Ashland Inc., Archer Daniels Midland, Naturex, Inolex, Frutarom and DuPont. Wide range of suppliers are available mainly in North America. Mergers and acquisition activities by multinationals are expected to consolidate the nutritional industry.
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