New York, United States, Dec. 05, 2023 (GLOBE NEWSWIRE) -- A wide variety of additives are used in the food business to enhance the food's flavor, texture, and visual appeal. Additives to food can boost its nutritional value and elevate its taste. Moreover, some additives are used to extend food's shelf life or make it healthier. Food additives have been increasingly popular recently due to consumers' demands for more nutritious and multipurpose products.
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Increasing Demand for Convenience and Processed Food Drives the Global Market
According to Straits Research, “The global food additives market size was valued at USD 139.79 billion in 2021. It is projected to reach USD 215.76 billion by 2030, growing at a CAGR of 4.93% during the forecast period (2022–2030).” The increased demand for convenience and processed foods, including ready-to-eat meals, ready-to-drink beverages, snacks, frozen dinners, and others, is one of the major drivers driving the growth of the food additives industry. Urbanization, a rising middle class, more working women, and more significant disposable income contribute to the growing demand for processed and packaged foods in both developed and developing parts of the world. As a result, food additives are frequently used in processed and convenience food products to preserve the freshness, safety, flavor, appearance, and texture of processed meals. For instance, preservatives prevent or inhibit the growth of germs (like mold on bread), and thickeners are a typical additive in almost all dairy products.
Increase Consumption of Beverages and Processed Food Creates Tremendous Opportunities
As individuals become more accustomed to different products around the world, the rate of globalization has hastened the experimenting with new recipes. Additionally, because of the increased demand for several meals and drinks to meet escalating customer demands, the factors and causes that affect packaged food and beverages have changed dramatically. Nowadays, consumers seek tasty, nutritious foods and drinks, like soft drinks, milkshakes, and fruit juices, which frequently contain food coloring, natural flavors, preservatives, and sweeteners. Customers typically prefer processed foods since they are quick and fast to consume due to their busy lifestyles, such as ready-to-eat items or canned foods.
Regional Analysis
Asia-Pacific is the most significant shareholder in the global food additives market and is expected to grow at a CAGR of 5.81% during the forecast period. Consumer demand for additives such as food tastes has also increased in China due to the growing domestic and importation of flavoring items in recent years. The Food for Specified Health Use (FOSHU) regulation standards, which oversee Japan's wide range of functional ingredients, have been approved by the Ministry of Health and Welfare. The country's thriving manufacturing sector presents an excellent opening for local ingredient manufacturers to expand their customer base by serving the needs of the country's expanding businesses.
North America is expected to grow at a CAGR of 4.48%, generating USD 58.61 billion during the forecast period. The market for processed meals is flourishing due to the nation's fast-paced lifestyle and shifting consumer preferences. As a result, emulsifiers, texturants, colorants, and sweeteners all saw a surge simultaneously. The United States is a prominent market driver in North America due to FDA regulations and changing consumer perceptions of coloring chemicals. The Canadian market for food additives has a lot of potential due to the rising demand for bakery, confectionery, and beverage products that employ more natural ingredients.
Key Highlights
- Based on product type, the global food additives market is bifurcated into preservatives, bulk sweeteners, sugar substitutes, emulsifiers, anti-caking agents, enzymes, food flavors and enhancers, food colorants, and acidulants. The bulk sweeteners segment is the highest contributor to the market and is estimated to grow at a CAGR of 2.83% during the forecast period.
- Asia-Pacific is the most significant shareholder in the global food additives market and is expected to grow at a CAGR of 5.81% during the forecast period.
Competitive Players
The global food additives market’s major key players are Cargill Incorporated, BASF SE, Ajinomoto Co. Inc., Eastman Chemical Company, Archer Daniels Midland Company, Tate & Lyle PLC, AGRANA Beteiligungs AG, Corbion NV, Kerry Group, CHR Hansen Holding A/S, Koninklijke DSM NV, Sensient Technologies, Ingredion Incorporated, Givaudan, Brenntag AG, Associated British Foods PLC, and DuPont de Nemours Inc.
Market News
- In January 2022, ADM, a premier global provider of human and animal nutrition, announced opening of its first Science and Technology (S&T) Center in China. The center will utilize ADM's R&D, technology, and product innovation strengths to stimulate high-quality development in the nutrition and health industry and fulfill expanding market needs in China and Asia-Pacific (APAC).
- In Feb 2022, Eastman's care additives business announced the completion of a significant expansion of its tertiary amine capacity, primarily DIMLA 1214, at its Ghent, Belgium, and Pace, Florida, manufacturing sites.
Global Food Additives Market: Segmentation
By Products
- Preservatives
- Bulk Sweeteners
- Sugar Substitutes
- Emulsifiers
- Anti-caking Agents
- Enzymes
- Food Flavors and Enhancers
- Food Colorants
- Acidulants
By Source
- Synthetic
- Natural
By Application
- Frozen Desserts & Dairy Products
- Confectionery & Bakery
- Convenience Food & Snacks
- Beverages
- Others
By Regions
- North America
- Europe
- Asia-Pacific
- LAMEA
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