The Global Food Additives Market was valued at US$ 45.05 billion in 2016, according to a new report published by Coherent Market Insights. Food additives are substance added in food that help enhance its taste, quality, appearance, and also preserve the food from bacterial effects. Food additives are broadly categorized as acidulents, acidity regulators, antioxidants, antifoaming & foaming agents, emulsifiers, flavor enhancers, color retention agents, stabilizers, and sweeteners. Increasing disposable income and growing demand for convenience food across the globe, is expected to fuel growth of the market for food additives. Moreover, burgeoning population growth and rampant economic growth, especially in emerging economies such as India and China in Asia Pacific is expected to fuel growth in demand for convenience food and in turn drive growth of the food additives market. Food additives not only help enhance the various properties of food but also extend its shelf life.
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The flavors and enhancers is the largest segment in the market of food additives, and was valued at US$ 13.33 billion in 2016, followed by fat replacers. The main function of fat replacers is to maintain a reduced fat dietary regimen, without affecting the taste of the food. Growing consumer demand for low fats and high calorie food is expected to fuel demand for antioxidants and fat replacers. Moreover, increasing incidence of diabetes is in turn, fueling demand for sugar-free food products. Flavor plays an especially important role in increasing the appeal of sugar-free food products and thus, growing demand for such product would augment growth of the global food additives market. Also, according to the United Nation (UN), the global population is projected to reach 9.7 billion by 2025, which would significantly increase demand for food and subsequently fuel growth of the global food additives market. Preservatives will have a significant role in reducing food spoilage due to microbial degradation in applications such as bakery, dairy, meat, vegetables, and fruits.
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Key takeaways of the market:
- Europe is projected to be the second largest region in global food additives market, accounting for around 38.10% share of the overall food additives market revenue in 2016. The market in this region is expected to be primarily driven by rampant growth of end-use industries in France, Germany, and U.K. Increasing consumer spending on premium ready to eat food products in both developed and emerging economies argues well for growth of the global food additives market.
- The market in Latin America is expected to register a significant growth rate over the forecast period. Rise in discretionary income and increasing number of women in the workforce are expected to create lucrative growth opportunities for the players in this region.
- Dairy industry is one of the key industries for food additives market. Strong growth of the dairy industry in Europe, North America, and Asia Pacific is expected to fuel growth of the food additives market over the forecast period. For instance, during the preparation of cheese, chymosin enzymes when added to milk breaks down the protein and forms a thick and fluid consistency product. Commonly used food additives include Beta-carotene coloring (E160a), natamycin (E235), nisin (E234), and lysozyme (E1105).
- I. DuPont, Archer Daniels Midland Company, Cargill, Hansen Holding A/S, Kerry Group Plc, BASF SE, Ingredion Incorporated, Novozymes A/S, and Tate & Lyle PLC are among the key players in the global food additives market.
- There are various organic, and inorganic growth strategies which are being followed by the leading market players in the market. Technological advancement is leading to the key innovation in the new product launched. Companies are also investing in expansions, mergers & acquisitions, and joint ventures in the market. For instance in 2014, Symrise acquired Diana Group. Also, in 2012, FMC Corporation acquired Phytone and in 2010, BASF SE acquired Cognis is expected to propel the market of food additives during the forecast period. This product maximizes first pass transfer-efficiency rates for difficult-to-coat applications and provide faster built rates than conventional food additives. Commercialization of the same is expected to scale the revenue over the forecast period.
About Coherent Market Insights:
Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.
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