Global Food Additives Market is expected to reach USD 55.53 billion by 2022, according to a new study by Grand View Research, Inc. Food & beverage industry growth in BRICS and Middle East on account of rising domestic consumption and increasing foreign direct investments is expected to augment market growth. Asia Pacific is expected to be one of the most promising markets on account of growing domestic consumption in China and India owing to population growth and new product launches by food & beverage manufacturers. Availability of raw materials such as sorbitol and lactic acid in China, Indonesia, and Malaysia in light of abundant farmland for oilseeds and soy is expected to be a favorable factor for market growth in the near future.
Flavorants & enhancers were the largest application segments, accounting for over 30% of global food additives market revenue in 2014. Increasing consumer awareness towards consumption of low salt and sugar free products is expected to enhance the importance of flavors and enhancers over the forecast period.
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Further key findings from the study suggest:
- Enzymes are anticipated to remain the fastest growing segment, growing at a CAGR of over 5% from 2015 to 2022. Increasing use of enzymes in food & beverage industry in light of low cost as compared to others synthetic chemicals and regulatory inclination to restrict green house gas (GHG) emissions is expected to be a favorable factor for food additives market growth over the forecast period.
- Increasing consumption of emulsifiers in salad dressings, peanut butter, chocolate, margarine and frozen desserts is anticipated to propel market growth for food additives over the next seven years.
- Food & beverage companies such as Coca Cola, Nestle and Mondelez International have increased their market presence in high demand regions such as Brazil and India through product innovations and strategic partnerships with brand partners. As a result, food additives market players are expected to utilize this opportunity for establishing their production bases in the emerging economies.
- Global market for food additives is highly fragmented with a presence of large number of chemical and functional ingredients manufacturers such as DuPont, BASF, Cargill and Eastman. The market is characterized by significant consolidation by companies entering in to strategic alliances with members within the value chain. In September 2012, DuPont and AvidBiotics Corp. formed a partnership aimed at improving food safety by giving exclusive rights to DuPont to use AviBiotics antibacterial protein technology.
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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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