According to the report, published by Zion Market Research, global food additives market was valued at approximately USD 33.50 billion in 2016, is expected to reach around USD 41.00 billion in 2022, growing at a CAGR of around 3.5% between 2017 and 2022.
Food additives are nonnutritive substances which are intentionally added to food, generally in small quantities, to improve its appearance, flavor, texture or storage properties. Food additive provides multiple advantages such as protection against food spoilage during storage, transportation, distribution or processing. Increases in population coupled along with growing demand for food are expected to be the major drivers for the global food additives market. In addition, consumer demand for better quality food is expected to trigger the growth of food additives market in the coming years.
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North America was the largest food additives market in 2016 and is expected to maintain its position in the forecast period. The market is mainly driven by the increasing demand for food additives from the U.S. in this region. North America held more than 30% market share in 2016. The market in this region is mainly driven by high demand for convenience foods, bakery & confectionery, beverage, and sauces in this region. North America is expected to witness considerable growth during the forecast period while Europe is expected to show moderate growth during the forecast period.
While, Asia Pacific is expected to be the fastest-growing region for food additives market owing to growing demand for changing consumer preference and increasing demand for healthy, natural and organic food. Asia Pacific market is mainly driven by increasing demand from India and China.
Latin America is expected to exhibit worthwhile growth in the food additives market owing to growth in the Brazilian market. Brazil is expected to be the leading food additives market in this region during the forecast period owing to its fastest pace in developing food additives industry. The Middle East and Africa is projected to show moderate growth during the forecast period.
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Some of the key players operating in the food additives market include International Flavors and Fragrances, Tate & Lyle PLC., CHR. Hansen Holding A/S, Kerry Group Plc, Ajinomoto Co Inc., and BASF SE among others. Companies operating in this market particularly focus on merger and acquisition strategy in order to improve its market position.
This report segments the food additives market as follows:
Food Additives Market: Type Analysis
Food Additives Market: Source Analysis
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Food Additives Market: Application Analysis
Bakery & Confectionery
Spices & Condiments
Dairy & Frozen Desserts
Food additives Market: Regional Analysis
Middle East and Africa
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