Food Additives Market Is Projected To Be Around $61.63 Billion By 2022
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A research study titled, “Food Additives Market by product Type - Global Industry Analysis and Forecast to 2022” published by Crystal Market Research, states that the food additives market is projected to be around $61.63 billion by 2022.
The global food additives market was evaluated around USD 35.50 billion in the 2012 and is expected to reach approximately USD 61.63 billion by the end of 2022 while registering itself at a compound annual growth rate (CAGR) of 5.09% over the forecast period. Food additives are used to enhance taste, appearance, or other qualities or preserve the flavor of food. Few additives have been utilized for centuries; for instance, preserving sweets or using sulfur dioxide as with wines, preserving food by salting, pickling (with vinegar). With the introduction of processed foods in the twentieth century, several new additives have been brought in, of both artificial and natural origin. An extensive range of antioxidants, preservatives, flavor enhancers, sweetening agents, and colorants are being used in functional beverages, packaged foods, flavored and functional water, bakery goods, snack items, meat and seafood, and dairy products over the period. Additionally, food additives like emulsifiers, enzymes, acidulants, fat replacers, and shelf-life stabilizers are also in eminent demand.
The global food additives market is expected to demonstrate extensive growth with a lucrative compound annual growth rate over the forecast period of 2012 to 2022. The rising disposable earnings of the middle class are fueling the change towards processed and convenience foods. It is intensifying the requirement for food additives. In 2016, the global retail and food service market which surpassed whooping USD 4.9 trillion sales is a key driving factor for the global food additives industry. It is also propelled by augmented costumers’ vulnerability to packaged beverages and food. This is additionally supported by rising organized market and growing urbanization in rural areas of developing countries of Africa, South America, and Asia. Another key driving factor for the global food additives market is the rising supply chain complications. However, robust organic campaigns, as well as diminishing use of artificial chemicals due to undesirable effects on health, are the factors that might hamper the growth of the global food additives market over the future.
The key industry participants for the food additives market are; Archer Daniels Midland Company, E. I. du Pont de Nemours, and Company, Novozymes, Tate & Lyle PLC, Ingredion Incorporated, Chr. Hansen A/S, Cargill, Koninklijke DSM N.V., Ajinomoto Co., Inc., Adani Wilmar ltd., Kerry Group, Bio Springer S.A., Givaudan, Lonza Group, and BASF SE. According to the product type, the global market is split into; Sweeteners, Flavors & Enhancers, Enzymes, Fat Replacers, Shelf- life stabilizers, Emulsifiers, and Other Products. Geographically, the global food additives market is segmented into regions which are; Europe (Germany, Spain, Italy, France, UK and Rest of Europe), Asia-Pacific (Japan, China, India, Australia, South Korea and Rest of Asia Pacific), North America (the United States, Mexico and Canada) and Rest of the World (Brazil, Saudi Arabia, South Africa, United Arab Emirates and Others).
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Key findings of the food additives market
- Enzymes are expected to be the fastest growing section owing to its rising use in food & beverage as it has low price than others artificial chemicals as well as regulatory preference to limit greenhouse gas (GHG) emissions.
- Growing consumption of emulsifiers in margarine, salad dressings, frozen desserts, peanut butter, and chocolate is estimated to drive market growth.
- Players like Mondelez International, Nestle, and Coca-Cola have amplified their market existence in regions like India and Brazil where demand is high through product advancements and strategic association with brand partners.
- Key players in the market are; Ingredion Incorporated, E. I. du Pont de Nemours and Company, Novozymes, and Archer Daniels Midland Company.