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Innovation in product varieties and technological developments are
emerging as key differentiators of profit margins. Companies are
increasingly looking at ways to reduce costs to remain competitive as
raw material prices continue to rise and vendors in emerging markets
continue to introduce cheaper products. Transparency Market Research
reports in one of its recent studies that the global specialty
ingredients market will witness a surge in the number of players and
a significant rise in product varieties in the next few years.
The market will expand at a healthy 6.6% CAGR over the period between
2015 and 2021. Expanding at this pace, the market, which held an
opportunity worth US$205.2 bn in 2014, is expected to rise to
US$320.6 bn by 2021.
Here’s a look at some of the factors central to the overall
development of the market:
Which are the factors chiefly impacting the growth of the global
specialty ingredients market?
The considerable rise in health awareness among consumers, changing
lifestyles, and an increased demand for cleaner labels that guarantee
chemical-free products are significantly supporting the demand for a
variety of specialty ingredients globally. The growing need to limit
the use of synthetic ingredients, the increasing usage of botanicals,
and the declining use of artificial emulsifiers and sweeteners have
also resulted in the increased demand for a variety of specialty
ingredients in the food and beverages industry.
The growing portfolio of specialty ingredients suitable for use in
personal care products and pharmaceuticals has also boosted the
growth prospects of the global specialty ingredients market in the
past few years. The market’s growth is, however, is somewhat
restrained owing to the lengthy and complex approval procedures from
governing bodies. The highly diverse approval processes across
different countries and regions is also a major factor undermining
the growth of the global specialty
ingredients market.
Which is the dominant region in the global specialty ingredients
market?
North America is presently the dominant regional market for specialty
ingredients, contributing the most to the global market’s overall
revenue in 2014. The high concentration of some of the largest
producers of specialty ingredients and leading companies in key
end-use industries such as food and beverages, pharmaceutical, and
personal care products has granted North America a highly influential
position in the global specialty ingredients market. The rising
consumer preference for natural ingredients in the food, chemicals,
and health and wellness sectors has also influenced the demand for
specialty ingredients in the region in the past few years. The region
is expected to remain at the forefront of the global specialty
ingredients market over the coming years.
However, it is likely to lose its attractiveness to the market in
Asia Pacific, which is expected to expand at the fastest CAGR from
2015 through 2021.
What is the nature of the competitive landscape of the global
specialty ingredients market?
The market features a large number of specialty ingredient
manufacturers across the globe, essentially indicating a highly
fragmented competitive landscape. With innovation and strong global
presence being the key determinants of long-term success, the large
number of small-sized vendors with innovative technologies and
technical expertise are seeking consolidation. Large companies
wanting to expand their product portfolio, strengthen their technical
know-how, and expand on a global front view small vendors as
attractive acquisition targets.
Many recent acquisitions in the global market justify this fact,
including the acquisition of salmon nutrition leader EWOS and
NatureWax, a natural vegetable-based wax business, by Cargill Inc.
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