The global food additives market was worth more than USD xx billion in revenue in 2018 and is expected to cross USD xx billion in 2023, growing at a healthy CAGR of over xx% during the forecast period.
Food additives are specialty chemicals used as preservatives, flavoring agents, coloring agents, emulsifying agents and other food products. Food additives are segmented based on type and application of ingredients. Some of the common food additives include salts like sodium sulfite, sodium nitrate, and others.
Based on type food additives can be
- Thickening agents
- Colorants and pigments
- Flavor enhancers
- Fat replacers
Based on application food additives market can be bakery & confectionery, beverage, convenience foods, dairy & frozen desserts, sauces, dressings, spices & condiments, and others, which include meat products, extruded products, oils & fats, and others.
As food additives are the major ingredients used in food and beverage industry, demand from this industry is expected to increase the growth of food additives market. Demand from food and beverage industry is actually increasing because of growing population and extra income in developing countries. Lifestyle changes also lead consumers to adopt ready to eat food products which in turn increasing the demand for food additives.
Drivers and Restraints of Food Additives Market
Growing investments in food and beverage industry in regions like Asia and the Americas are likely to offer tremendous possibilities for food additives market in the future. As a result of accessibility to raw material, multinational businesses are investing in resource-rich regions to be able to limit the overall production cost.
Food additives have a probability of volatility in supply and prices. Feedstock chemicals affect the cost of production of food additives. Health concerns on the usage of certain food additives are a growing trend in the market. Existing and future health regulations concerning the use of certain food additives are likely to challenge the market growth.
Food Additives Market by Region
North America was the largest consumer of food additives and this pattern is anticipated to continue to be identical over the following few years. Consumption in North America is showing upward trend because of increase in population growth and economic activity. Growing demand for food and beverages will drive food additives market in North America. With major production capacities in North America, the region is likely to grow in terms of global supply capability. Demand from Europe was relatively stable and is likely to stay same in the next few years. Consumption of food additives in the Asia-Pacific is likely to grow at a significant rate. China, in particular, is the fastest growing market for food additives in this region.
Top players in this market include E.I. DuPont, Archer Daniels Midland Company, Cargill, Incorporated, CHR. Hansen Holding A/S, Kerry Group Plc, Novozymes A/S and BASF SE among others.
The report covers exhaustive analysis on:
- Global Market Size
- Global Market Segments
- Market Regional Analysis
- Global Market Competitive Landscape
- Production Technology
- Global Market Value Chain
- In depth summary of parent market
- Altering market characteristics in the industry
- Detailed market segmentation
- Historical and forecast market size in terms of volume and value
- Current industry developments
- Competitive landscape
- Potential and niche segments, regions showing promising growth