The North America Specialty Food Ingredient Market Research report 2021 is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The North America Specialty Food Ingredient report provides an in-depth analysis of parent market trends, macro-economic indicators, and governing factors along with market attractiveness as per segments. The market report also provides information regarding market size, share, trends, growth, cost structure, market drivers, challenges and opportunities, and forecast 2025. The report also maps the qualitative impact of various market factors on market segments and geographies. The North America Specialty Food Ingredient report covers the post-COVID-19 (Corona Virus) impact on various regions and major countries and on the future development of the industry is pointed out.
North America specialty food ingredient market was is projected to witness a CAGR of 4.51% during the forecast period (2020 – 2025).
The report presents the market competitive landscape and a corresponding detailed analysis of the major vendor/key players in the market. Top Companies in the Global North America Specialty Food Ingredient Market: Cargill, Incorporated, DuPont, The Archer Daniels Midland Company, and Kerry Inc. Cargill Inc., and others.
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North America Specialty Food Ingredient Market Overview:
– Consumers in the United States, Canada are leaning toward healthy food ingredients in their food products owing to the prevalence of obesity and diabetes in the country which induces the consumers to focus on an improved lifestyle. For that reason, manufacturers are acquiring native players to cater to consumers with hale and hearty ingredients.
– In March 2019, Ingredion acquired potato starch manufacturer Western Polymer to expand its and customer base by offering desired ingredients, together with escalating manufacturing capacity, enhance processing capabilities, and broaden its premium specialty ingredients business?
– The growing demand for functional food ingredients, such as vitamins and minerals and prebiotics and probiotics in functional beverages, is further influencing the market growth in the North American region.
Key Market Trends
Innovative Product Offerings Necessitate The Use Of Specialty Food Ingredients
The preference for certain types of food products has become core to some consumer’s identities. There is a strong correlation between the specialty food ingredient market and the processed food market, with the former conferring functional benefits and customized value addition as per the end-user applications. Today’s consumers in North America are more aware of label claims and ingredient lists and their nutrition profiles. On the other hand, consumers are taking proactive participation, to enhance health and fitness in everyday life. This trend has been driving the demand for specialty food ingredients in the Canada and United States.
For instance in 2017 in the United States, the sales value for probiotic products, such as yogurt and baby formula and children nutrient drink, saw a maximum share of 27%, thereby validating the claim that people are increasingly consuming specialty ingredients infused food products.
Companies are targeting consumers by coming up with new and innovative value-added product lines, including sugar-free products, reduced fat, reduced sodium, and other functional benefits. For instance, the use of stevia extracts for added sugar content in processed food is an attractive value addition. Furthermore, consumers have shown greater preferences for value-added foods; the robust growth in such specialty and free-from foods segments have prompted manufacturers to expand their specialty ingredients portfolio.
Mexico and Canada, the Growing Avenues of Speciality Food Ingredients
In Canada, the shift in the needs and wants of the consumers is challenging the food sector’s ability to measure the market conditions, innovation, and development of new products. However, consumers of the country highly trust Canadian specialty ingredients. In May 2019, According to the Canadian Food Inspection Agency, consumers use labels on food products seeking to buy foods sourced from Canada, including the Canadian ingredients in a product and if it was manufactured in Canada. The manufacturers, such as Calico Food Ingredients Ltd and DuPont in Canada, follow a trend of marketing to specific demographics, such as young adults and the aging population.
Manufacturers in Mexico are increasingly adopting strategies, such as product launches, mergers, and acquisitions, to enhance their positions in the specialty sweeteners market. For instance: Stevia First Corp. collaborated with BioViva Sciences in 2015, for the large-scale production of stevia, the all-natural zero-calorie sweetener, in order to transform the sugary beverage consumption in Mexico.
Compared to other North American countries, Mexico has not had the significant growth in functional food ingredients, but growth and expansion and repositioning via mergers and acquisitions among the major players are expected to continue boosting the overall market growth in the country.
What are the market factors that are explained in the report?
– Key Strategic Developments: The study also includes the key strategic developments of the market, comprising R&D, new product launch, M&A, agreements, collaborations, partnerships, joint ventures, and regional growth of the leading competitors operating in the market on a global and regional scale.
– Key Market Features: The report evaluated key market features, including revenue, price, capacity, capacity utilization rate, gross, production, production rate, consumption, import/export, supply/demand, cost, market share, CAGR, and gross margin. In addition, the study offers a comprehensive study of the key market dynamics and their latest trends, along with pertinent market segments and sub-segments.
– Analytical Tools: The North America Specialty Food Ingredient Market report includes the accurately studied and assessed data of the key industry players and their scope in the market by means of a number of analytical tools. Analytical tools such as Porter’s five forces analysis, SWOT analysis, feasibility study, and investment return analysis have been used to analyze the growth of the key players operating in the market.
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