(Food-Beverage-News.Com, September 05, 2017 ) According to the report Latin America Specialty Food Ingredients market, published by Market Data Forecast, the Market has been estimated at USD 5.15 Billion in 2016 and is projected to reach USD 7.09 Billion by 2021, at a CAGR of 6.60% during the forecast period from 2016 to 2021. Specialty food ingredients are able to meet customer’s demands owing to their unique features including processing aids, coloring, preservation, emulsification and nutritional enhancement. Also, they help in enhancing shelf-life, stability and texture of the food products. They are majorly sold to food processing industry including large food manufacturing companies as well as medium-sized companies.
The market for Specialty Food Ingredients in Latin America is mainly driven due to diet and flavor convergence, increasing per capita revenue in emerging economies, and increasing urbanization and growing consumer preference for processed foods. But, the market growth can be hampered due to supply chain sustainability issues, and lack of infrastructure and cold storage facilities.
Latin America market for Specialty Food Ingredients is segmented based on Ingredients and Application. By ingredients, the market is further sub-segmented into Functional Food Ingredients, Sugar Substitutes, Flavors, Specialty Starches, Acidulants, Preservatives, Emulsifiers and Colors, Enzymes, F&B Starter cultures, Nutraceuticals. By Application, the market is further sub-segmented into Bakery & Confectionery, Beverages, Dairy & Frozen foods, Convenience foods, Meat Products & Functional Foods and Beverages, Dietary Supplements. Functional Food Ingredients segment dominate the market with largest share and demand, while, Nutraceuticals segment is escalating in the market with high CAGR.
Geographically, Latin America market for Specialty Food Ingredients is segmented into Brazil, Argentina and Mexico. Latin American market is escalating with high CAGR, due to the untapped areas having great potential and opportunities for market establishment. Also, implementation of R&D and technological innovations and collaborations with of key market companies has been moving at a high pace, which is aiding to the growth of market in this region.
Archer Daniel Midland, Royal DSM N.V., Kerry Groups, Cargill Inc., E. I. DuPont de Nemours and Company, Givaudan Flavors, Sensient Technologies, CHR. Hansen, Ingredion Incorporated, and Tate & Lyle PLC are the major players of Latin America Specialty Food Ingredients market.
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