Food Additives Market Analysis
The food additives market is projected to have a healthy growth at a significant CAGR during the forecast period (2022-2030), in accordance to the latest Market Research Future (MRFR) report. Food additives, simply put, are substances that are added to food for improving or maintaining its appearance, texture, taste, freshness, and safety. These additives can be synthetic or derived from plants, minerals, or animals. Thickeners, stabilizers, sweeteners, preservatives, enzymes, colors, and flavors are the major types of food additives used in the food industry.
Food additives have an extensive range of applications including dairy and frozen desserts, sweet and savory snacks, bakery and confectionery, and beverages. They are used for different purposes such as imparting extra health qualities (functional food ingredients and antioxidants), texturizing (hydrocolloids), appearance (colors), food safety (preservatives), and taste enhancement (flavors).
Various factors are propelling the food additives market growth. These factors, as stated by the MRFR report, include rising consumption of packaged foods, growing demand for healthy food, growing food and beverage industry, technological advancements, growing demand for preservatives and flavors in the food industry, and the preference of natural additives over chemical additives.
On the contrary, high cost of food additives, health-related problems, changing food habits, and stringent regulations to ensure food quality are factors that may deter the food additives market growth over the forecast period.
Key Players
Leading players profiled in the food additives market report include Tate & Lyle Plc. (UK), Evonik Industries AG (Germany), E. I. du Pont de Nemours and Company (US), Kerry Group Plc. (Ireland), Archer-Daniels-Midland Company (US), Cargill Inc. (US), and BASF SE (Germany). Key players are investing in acquisitions and new product launch for strengthening their position in the market.
Market Segmentation
The Market Research Future report provides a wide segmental analysis of the food additives market based on source, type, and application.
By type, the food additives market research report is segmented into stabilisers and thickeners, sweeteners, preservatives, enzymes, colours and flavors, and others. Of these, the flavours and sweeteners segment will have the largest share of the market over the forecast period. This is due to the burgeoning demand for flavours and sweeteners in the food industry.
By source, the food additives market is segmented into synthetic and natural. Of these, the natural source segment will dominate the market over the forecast period. This is due to the growing number of health-conscious people in the region.
By application, the food additives market is segmented into dairy and frozen desserts, sweet and savoury snacks, bakery and confectionery, beverages, and others. Of these, the bakery and confectionery segment will lead the market over the forecast period, followed by the dairy and frozen dessert segment. This is due to their wide application as food texture enhancers.
Regional Analysis
Based on the region, the food additives market report covers growth opportunities and the latest trends across Asia Pacific (APAC), Europe, North America, and the Rest of the World (RoW).
Of these, North America will dominate the food additives market over the forecast period. This is due to the growing hospitality and retail sectors, increasing urbanization, and hectic lifestyles. Moreover, the rising consumer awareness about functional and natural food additives owing to their nutritional functionalities is also boosting market growth. The US, Canada, and Mexico are the key contributors in this region.
The food additives market share in Europe is predicted to have favourable growth over the forecast period. This is on account of the burgeoning need for organic and convenience foods in the region and increasing health consciousness. Moreover, increasing awareness about diseases that can be prevented through the effective use of food additives is also boosting market growth.
The APAC food additives market is expected to grow significantly during the forecast period. This is owing to the rising need for imparting ethnic taste and growing awareness regarding high nutritional diet.
NOTE: Our Team of Researchers are Studying Covid19 and its Impact on Various Industry Verticals and wherever required we will be considering Covid19 Footprints for Better Analysis of Market and Industries. Cordially get in Touch for More Details.
Contact us:
Market Research Future (part of Wantstats Research and Media Private Limited),
99 Hudson Street,5Th Floor, New York, New York 10013, United States of America
