Global Food Additives Market is expected to exhibit a strong 5.4% CAGR over the forecast period from 2019 to 2024, according to the latest research report from Market Research Future (MRFR). The global food additives market is expected to reach a valuation of USD 56.1 billion by 2024. The report presents a detailed overview of the global food additives market, including an analysis of the market’s major drivers and restraints, leading players, and key dynamics.
Food additives are various types of products added to food and beverages for various purposes, such as coloring, flavoring, and preservation. Some food additives, particularly natural food additives, have been used for centuries, even millennia, whereas some, particularly the synthetic versions, have been relatively recent additions. Nevertheless, the food additives sector has become an important part of the global food and beverage sector in recent years. The growing demand for packaged food has been a primary driver for the global food additives market. Packaged food requires large amounts of preservatives in order to ensure a longer shelf life.
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This has driven the demand for preservatives, as well as colorants, in the food and beverage sector. The growing urban population around the world is thus likely to be a major driver for the global food additives market, as this has driven the demand for food additives in food and beverages. The increasing demand for flavored beverages is likely to remain a major driver for the global food additives market over the forecast period. The increasing demand for natural food additives is likely to be a major driver for the global food additives market over the forecast period. Natural food additives are perceived to be healthier and more environmentally viable than synthetic food additives, which has driven their demand in food and beverage products. The increasing demand for naturally flavored, plant-based beverages is likely to remain a major driver for the food additives market over the forecast period, with natural flavorants and other additives gaining in demand over the coming years.
Leading players in the Global Food Additives Market include Cargill Inc., BASF SE, Archer Daniels Midland Company, Kerry Group, Evonik Industries AG, Ingredion Inc., Tate & Lyle plc, Chr. Hansen Holding A/S, Novozymes A/S, The Cooperative Avebe UA, Kalsec Inc., FMC Corporation, Dohler Group, Sensient Technologies Corporation, and Koninklijke DSM NV. Major players in the food additives market are engaged in product diversification and innovation in order to cater to a wider range of niches in the food and beverage sector.
Global Food Additives Market is segmented on the basis of product type, source, application, and region.
By product type, the global food additives market is segmented into colors, flavors, enzymes, hydrocolloids, preservatives, and others. The colors, flavors, and preservatives segments are likely to hold dominant shares in the global food additives market over the forecast period due to the growing demand for packaged and processed food.
By source, the global food additives market is segmented into natural and synthetic. The synthetic segment holds a dominant share in the global food additives market at present and is likely to retain its dominance over the forecast period. However, the natural food additives segment is likely to grow rapidly over the forecast period due to the growing demand for natural food additives, especially flavors and colors.
By application, the global food additives market is segmented into bakery and confectionery products, beverages, dairy and frozen desserts, soups, sauces and dressings, sweet and savory snacks, and others.
North America accounted for a dominant share of close to 30% in the global food additives market in 2020 and is likely to remain the largest regional market for food additives over the forecast period. Europe holds the second spot in the global hierarchy, followed by Asia Pacific. Asia Pacific is likely to be an important regional market for food additives over the forecast period due to the growing packaged food industry in the region.
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