Global Food Additives Market to reach worth of US$39.8 billion by 2021 End, Increasing Consumption to Aid in Rapid Expansion
Competitive landscape of the global food additives market depicts an intense rivalry among established as well as new players, finds Transparency Market Research (TMR). Key manufacturers in the global food additives market are considering several innovative strategies to stay ahead of others. Global food additives manufacturers are constantly upgrading product portfolio, quality, and technology so as to consolidate their presence in the food processing industry. Some of the prominent players operating in the global food additives market are Cargil, Ajinomoto, DuPont, BASF, Adani Wilmer, and Archer Daniels Midland Company. The competitive landscape of the global food additives market is likely to see a fragmented nature, as more players are showing interest in the food sector owing to promising avenues.
The global food additives market stood at US$31.4 bn in 2014 and is projected to expand at a steady CAGR of 3.40% during the forecast period of 2015–2021. The global food additives market may reach valuation of US$39.8 bn by the end of 2021.
Of various types in the global food additives market, flavors and enhancers are likely to gain substantial attention among end-use industries. This is due to their increased consumption in the developing countries. Regionally, in 2014, Europe led the global market and held a share of 30.1% in the market, followed by Asia Pacific. However, with changing market conditions, Asia Pacific is predicted to surpass Europe market by 2021.
On account of increasing disposable income of citizens especially in developing countries, the lifestyle of population is shifting toward more comfort. In that course, processed and packaged foods are witnessing a major boost. Manufacturers are emphasizing on the food quality including its color, texture, taste, and smell to stay ahead in the global food additives market. Also, the adoption of additives reduce the spoilage and wastage cost. A few additives increases the nutrition value of the food, which is one reason global food additives market is witnessing a rise. In the years to come, global food additives market is continuously looking for healthy substitutes due to the prevailing health consciousness among the youth population. Low-calorie additives will be among the most sought-after characteristic in nearly every type of food and beverage product.
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Several factors restrain the steady growth of the global food additives market. Factors such as high inflation, stringent regulations for ensuring food quality, changing food habits, and health-related may dampen the prospects of the global food additives market to an extent. Moreover, the high cost of some food additives compared to other synthetic food is an important factor hampering their uptake. Although natural additives is expecting a high growth over foreseeable future, at present they are perceived as premium products. Also, manufacturers of food additives are in constant pressure to meet different government directives in different region. Nevertheless, rising inclination of end users toward natural food additives will open new, exciting avenues in the market.
The study presented here is based on a report by Transparency Market Research (TMR) titled “Food Additives Market (Type–Flavors and Enhancers, Sweeteners, Enzymes, Colorants, Emulsifiers, Food Preservatives, and Fat Replacers; Source–Natural and Artificial; Application-Bakery & Confectionery, Beverage, Sauces, Dressings, Spics & Condiments, Convenience Foods, Dairy & Frozen Desserts) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2015–2021”