APR 2018
The global food additive market is anticipated to register CAGR of 6.0%, during the forecast period (2018-2023). The global food additives manufacturers are upgrading product portfolio, quality and technology as per the requirement of food processing industry. It is also observed in international market, food additives continuously substituting with healthy substitute, for example, Aspartame an artificial sweetener is widely substituted with stevia natural sweeteners.
The food additives market growth is majorly dependent on the growth of food & beverage industry at global level. A rapidly rising population and greater levels of urbanization globally have boosted demand for processed food products, thus, driving the demand for food ingredients. Food additives manufacturers are seeing an increased demand from food manufacturers to preserve the freshness, safety, taste, appearance and texture of processed foods. Growing e-commerce industry in the food & groceries segment is also a major channel for retailers, and the complex food supply chain is driving food manufacturers to use effective levels of food additives. However, the several complexities are restricting the growth of food additives market. In many parts of the global market; the required additives are not reaching the food manufactures, as it is largely being wasted due to lack of handling, processing and packaging facilities.
Despite its highly developed state, the global food additives market continues to grow in value terms. Demand remains high from the world's food and drink manufacturers, since additives are used for a wide variety of different purposes – examples include taste enhancement (flavors), food safety (preservatives), appearance (colors), texturizing (hydrocolloids) and, increasingly, to impart additional health qualities (antioxidants and functional food ingredients).
By type, the acidulants market is expected to register highest CAGR growth rate of 7.5%, during the forecast period. The colorants market was valued USD 1905 million in 2016, while the emulsifier market was valued USD 2549 million in 2016. Within preservatives, natural antioxidants segment is expected to witness a CAGR of 4.6%, during the forecast period.
Within the preservative market, the market is led by North America, followed by Asia-Pacific; while in emulsifier market, Europe continues to be at leading front. Developing regions are the fastest growing consumers of enzymes for food applications as the per capita income of these regions increases the demand for packaged food. Europe is the second largest consumer and producer of food enzymes in the world after North America, with 25% of the total global market share. Asia-Pacific is expected to witness highest growth rate of 7.1 % in hydrocolloids market, owing to changing lifestyles of consumers and increasing awareness of nutritional food.
Major Players - Archer Daniels Midland Company, Cargill, Ashland Inc., Kerry Group PLC, Tate & Lyle plc, BASF, and Associated British Foods, among others.
