Global Food Additives market is projected to reach US$52.9 billion by 2024
Growing Demand for
Processed Foods and Rising Significance of Natural Ingredients to Drive Growth
in the Global Food Additives Market, According to a New Report by Global
Industry Analysts, Inc.
GIA launches comprehensive analysis of industry segments,
trends, growth drivers, market share, size and demand forecasts on the global Food
Additives market. Global
Food Additives market is projected to reach US$52.9 billion by 2024, driven
by the sustained growth in demand for processed, packaged and convenience foods.
The trend towards natural foods is also expected to spur demand for natural
food additives.
Food additives are ingredients or substances that are
added to foods and beverages with the aim to improve taste, texture, color and
flavor of products. Food additives play a critical role in improving food
palatability, maintaining quality, increasing shelf-life of foods, and
protecting food against spoilage, all of which are integral to the commercial
success of packaged and processed foods industry. The growing significance of
sustainable food production, and efforts to reduce land, water and energy
requirements are also driving demand for food additives such as stabilizers,
preservatives and antioxidants. As the global population grows at over 1% per
annum and per capita calorie consumption continues to increase, food production
across the world is witnessing significant increase. The food and beverage
industry is also confronting significant increase in complexities across the
supply chain, due to rising transportation costs, growing need for storage
facilities, and ensuring last mile reach of food products. With maintaining consistent quality and
ensuring food safety becoming prime concerns for packaged and processed foods
industry participants, food additives are being used to ensure the same during
transportation to storage facilities, so as to cut down spoilage and to reduce
wastage costs.
The global food additives market continues to grow driven
by the rising demand for processed, packaged and convenience foods,
specifically in developing economies. Changing and diversifying consumer tastes
and escalating demand for foods and beverages with higher nutritional value,
without compromising visual appearance, are also making it essential for food
companies to use food additives. With hectic lifestyles of people and growing
workforce population, particularly expanding female workforce, changing
consumer lifestyles and urbanization trend contributing to increased sales of
packaged foods such as frozen meals, ready-to-eat meals and appetizers, food
companies are increasing production capacity of such products, thus fueling
demand for food additives. Food additives are thus becoming essential
ingredients to enable compliance with regulatory specifications across the world,
and to address the myriad palates and preferences of consumers.
As stated by the new market research report on Food
Additives, the United States represents the largest market worldwide, supported
by rising demand for convenience foods and increasing health consciousness of
consumers. Asia-Pacific is poised to grow at the fastest CAGR of 6.5% over the
analysis period, driven primarily by the rapidly growing food and beverage
industry in the region. Strong economic growth, expanding middle class
population and their increasing disposable incomes, rapid pace of urbanization
and industrialization and the subsequent increase in demand for high-quality
foods products are other factors favoring growth in the region.
Major players in the market include Ajinomoto Co. Inc.,
Ashland Inc., Archer Daniels Midland Company, Associated British Foods Plc,
BASF SE, Cargill Inc., Chr. Hansen Holding A/S, Corbion NV, E.I. duPont de
Nemours and Company, Firmenich SA, FMC Health and Nutrition, GELITA AG, Givaudan
SA, Ingredion Incorporated, International Flavors & Fragrances Inc., Jungbunzlauer
Suisse AG, McCormick & Company Inc., Novozymes A/S, Royal DSM N.V., Sensient
Technologies Corporation, Symrise AG, Takasago International Corporation, and Tate
& Lyle PLC, among others.
The research report titled “Food
Additives: A Global Strategic Business Report” announced by Global Industry
Analysts Inc., provides a comprehensive
review of market trends, issues, drivers, mergers, acquisitions and other
strategic industry activities of global companies. The report provides market
estimates and projections for all major geographic markets such as the US,
Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia and Rest of
Europe), Asia-Pacific (China, India, and Rest of Asia-Pacific), Middle East,
Latin America (Brazil and Rest of Latin America) and Rest of World. The food
additives market is analyzed by the following product segments – Acidulants,
Sweeteners, Vitamins & Minerals, Colorants (Natural and Synthetic),
Flavors/Flavor Enhancers, Hydrocolloids, Emulsifiers, Preservatives
(Antimicrobial and Antioxidant), Enzymes and Others.
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