Food Additives Market – Overview:
The need to ensure a longer shelf life of food products is boosting the demand for food additives. Reports that appraise the food, beverage, and nutrition industry have been presented by Market Research Future, which creates reports on industry verticals that assess the market development and prospects. The market is on track to accomplish a strong CAGR in the upcoming period.
Food Additives Market Size was valued at USD 38.2 billion in 2022. The food additives market industry is projected to grow from USD 40.33 Billion in 2023 to USD 62.37 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 5.60% during the forecast period (2023 - 2032).
The need to ensure improved consistency, texture, aroma, color, flavor and nutrition is expected to create further impetus for market growth in the coming years. The use of enzymes, colors & flavors, preservatives has increased incrementally in the past few years as end users have become increasingly attuned to the taste and quality of products that are enriched with these additives. The escalated consumption levels of bakery & confectionery, beverages, and sweet & savory snacks are expected to improve the capability for growth of the food additive market in the forthcoming period.
Segmentations:
The segmental evaluation of the food additives market is carried on the basis of type, source, region, and application. Based on the type, the food additives market is segmented into enzymes, preservatives, stabilizers & thickeners, colors & flavors, sweeteners, and others. Among all the segments, the flavors and sweeteners segment controls the market owing to robust demand in the food industry. Based on the source, the food additives market is segmented into synthetic and natural. Among all segments, the food additives with a natural source hold the dominant market share owing to health consciousness among consumers. Based on the application, the food additives market is segmented into dairy & frozen desserts, bakery & confectionery, beverages, sweet & savory snacks, and others. Among all the segments, the bakery segment directs the market trailed by the dairy & frozen desserts due to its elevated application as a food texture enhancer. By regions, the food additive market comprises of APAC, Europe, North America, and rest of the world.
Detailed Regional Analysis:
The regional assessment of the food additives market includes regions such as APAC, Europe, North America, and the rest of the world. The North American region is expected to attain maximum growth in the food additives market, followed by the European and Asia Pacific region. In terms of value, the market size of the North American region will continue to be leading the market with more than half of the market share. The growing per capita disposable income in India and China, along with the growing demand for nutritional food, is expected to boost the food additive market’s development in the forecast period. Besides, altering lifestyle and fluctuating food consumption patterns in nations like China and India will boost the development of food additives in the Asia Pacific region.
Competitive Landscape:
The optimistic effect exerted by governments in the progress of the market is anticipated to direct the market towards robust development in the approaching years. The volatility perceived in the forces that are supporting the growth of the market is expected to lead to a rather slow pace of growth. The economies around the world are responding to the market forces by applying advantageous policies and cutbacks so as avert a slowdown in the advancement of the market. The variations in the income levels globally are backing the growth of the market substantially. The upsurge in personal discretionary spending is projected to lead to the development of the market. The improvement of the distribution channels in the market is anticipated to stimulate market growth considerably. The beneficial nature of the monetary and fiscal policies is expected to tip towards strong growth in the market. Moreover, the escalation in international transactions is estimated to reinforce the development of the market noticeably.
The important Key Food Additives Market Players are Cargill Inc. (U.S), BASF SE (Germany), Archer-Daniels-Midland Company (U.S.), E. I. du Pont de Nemours and Company (U.S.), Kerry Group Plc. (Ireland), Evonik Industries AG (Germany), and Tate & Lyle Plc. (U.K.), among others.
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