Global Market For Food Additives: Industry to Witness Tremendous Growth and Expansion by 2022: Grand View Research Inc.
San Francisco, 26 November 2018: According to a report by Grand View Research, Inc.; the global food additives market is anticipated to attain a valuation of USD 55.53 billion by 2022. Growing requirement for food and beverages with high nutrition content and better visual appeal can drive market growth over the forecast period (2012 to 2022).
Rising preference for quality and nutritional food can augment market expansion. Growing consumer awareness regarding the availability of different kinds of tastes can further fuel demand. Increasing use of additives in food products to improve protection from harmful bacteria and other kind of microbes to prolong shelf life can stimulate market growth. These additives can also impart characteristics such as color, flavor, and taste in foodstuff and enhance its nutritional value.
Rising demand for packaged products including ready-to-eat meals, frozen meals, and appetizers can spur demand for food additives over the forecast period. Consumer demand for exotic taste and products with high nutritional value can positively influence development of ingredients that can enhance consumer experience. This, in turn can foster global market growth in near future. To cater to rising demand, most companies are investing in R&D activities to develop advanced products.
The worldwide food additives market can be segregated on the basis of product and region. Based on product, the market can be categorized into sweeteners, flavors and enhancers, enzymes, emulsifiers, shelf-life stabilizers, and fat replacers. In 2014, flavors and enhancers dominated the market and accounted for market share equivalent to USD 11.99 billion. Rising consumer demand for low salt and sugar free products owing to health benefits can be attributed to this growth.
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Similarly, natural flavors segment is likely to expand at a CAGR of 5.2% from 2015 to 2022. Rising consumer awareness regarding benefits of herbs and neem as natural flavors can promote growth. Regulatory support aimed at improving production output of naturally derived products can increase its importance during the forecast period.
Moreover, sweeteners are majorly used to provide sweet taste in formulating Food and Beverage (F&B) products. Rising health concerns over diabetes, diarrhea, and tooth decay coupled with importance of low calorie products can amplify demand for sugar substitutes such as High Fructose Corn Syrup (HFCS) and High Intensity Sugars (HIS). The segment is predicted to expand at a CAGR of 4.7% during the forecast period.
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Regional segmentation includes Europe, North America, Asia Pacific, Latin America, and Middle East and Africa (MEA). In 2014, Europe accounted for 30% of global market share. Importance of functional ingredients for incorporating properties such as emulsification, extension of shelf life, and flavor are anticipated to propel demand for food additives in the region. Increasing consumption of meat products, especially beef in Russia can further fuel regional market growth. MEA is likely to grow well over the forecast period attributed to rising domestic consumption coupled with support from government to attract new investments. Growing consumption of red meat particularly beef in Saudi Arabia can augment market expansion in near future.
Asia Pacific accounted for 26% in 2014 and is expected to witness significant growth over the forecast period. Favorable initiatives from governments to promote production output in emerging economies including China and India can propel regional market. Indian market is likely to expand at a CAGR of 4.6% from 2015 to 2022. Rising awareness regarding high nutritional diet and need to impart ethnic taste can fuel demand.
Some of the leading companies in food additives market are Arthur Daniels Midland Company (ADM), Novozymes A/S, DuPont, Tate & Lyle PLC, and Ingredion Incorporated. F&B manufacturers are expected to incorporate additives such as emulsifiers, enzymes, and enhancers to increase shelf life and maintain emulsification and freezing characteristics in their product offering. Increasing importance of raw materials is projected to force suppliers to adopt integration across various stages of value chain.
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About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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