The global Food Additives Market was worth USD 37.91 billion in 2021 and is anticipated to amass a valuation of USD 62.27 billion by 2030, amplifying with a CAGR of 6% over the analysis timeline.
Food additives are the substances added to enhance the taste & appearance, improve texture, and maintain the freshness of various food products. Some additives are also used to increase the shelf life of edibles such as pickles, bakery items, canned meat, and functional drinks. The most commonly used food additives are antioxidants, preservatives, sweeteners, emulsifiers, acidulants, colorants, and flavor enhancers.
Food additives market- Growth determinants and Challenges
Rapid development in the food & beverages sector globally and rising consumption of convenience food products are primarily aiding industry expansion. Alongside, changing dietary patterns of the masses owing to lifestyle improvements and prompt urbanization are augmenting industry outlook.
Additionally, growing consumption of high nutrient food items with enhanced visual appeal and surging consumer awareness about the availability of various flavors are adding traction to market progression. Also, rising efforts by manufactures to further improve their product quality using innovative techniques and high quality ingredients is positively swaying the market dynamics.
On the flipside, stringent regulations pertaining to the use of food additives and limited solubility coupled with high product costs are hindering the progression of the market sphere.
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Based on product, global food additives market is bifurcated into emulsifiers, flavors & enhancers, stabilizers, anticaking agents, colorants, sweeteners, and fat replacers. The sweeteners segment is poised to garner substantial returns over 2022-2030 owing to the decrease in demand for high calorie and fatty food items due to rising prevalence of chronic diseases.
- dairy & frozen products
- poultry & seafood meat
The bakery segment is presently dominating the market due to the adoption of additives such as enzymes, emulsifiers, and sweeteners among others in bakery products.
The natural segment is expected to grow substantially by 2030 as natural additives are safer for human consumption in comparison to synthetic ones.
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Expounding the geographical and competitive hierarchy of worldwide food additives industry
North America, Europe, Asia Pacific, Latin America, and Middle East & Africa are the major regions constituting the competitive landscape of this business vertical. North America is poised to expand at a significant CAGR over the projected timeline attributing to high consumption of ready-to-eat food products, rapid urbanization, and rise in per capita income.
Also, Europe is predicted to showcase lucrative growth trends over 2022-2030 due to increase in health conscious population and escalating demand for low calorie food & beverages.
Considering the competitive frame of reference, the prominent players influencing the overall industry trends are BASF SE, Royal DSM N.V., Eastman Chemical Company, Danisco A/S, International Flavors & Fragrances, Inc., Ajinomoto Co., Inc., Frutarom Industries Ltd., Givaudan, Kerry Group plc, Associated British Foods Plc, Splenda Sucralose, Cargill, Inc., and The Archer Daniels Midland Company.
Notably, Kerry Group plc in June 2021 inaugurated its new taste facility in Mexico which was aimed at strengthening the firm’s local customer base.
Also, in December 2020, food additive manufacturer Tate & Lyle Plc announced the acquisition of stevia solutions giant Sweet Green Fields. This strategic move was aimed at strengthening the company’s position in South Asia.
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