Demand for the Food Additive remains strong from the major players of the food and beverage industries, since these additives are used to serve wide variety of different purposes that include taste enhancers or the flavouring agents, for the purpose of food safety like preservatives, for enhancing the appearance in the form of colours and, increasingly, to impart added health qualities in the form of antioxidants and functional food ingredients.
According to a new market report published by BlueWeave Consulting, the Global Food Additive Market was valued USD 47.68 Billion in 2017 and is expected to expand at over a CAGR of 4.89% from 2018 to 2025, by value, reaching around USD 69.63 Billion by the end of the forecast period. According to the report, Europe was the largest contributor in terms of revenue to global food additive market in 2017.
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Growing demand for convenience or ready-to-eat food is driving the Global Food Additive Market
Food Additives are used to slower the product spoilage caused by air, bacteria, mold, fungi or yeast. Moreover, in order to maintain the quality of food, they support to control contamination caused by food-borne diseases. Food Additives has increased rapidly both technologically and by application in the recent years. These technological advancements have acted as a breakthrough for improved natural food additives that are beneficial for health as well.
The key driver for the global food additive market is increasing disposable income and rapid urbanization in developing countries, like India and China, that results in demand for processed and packaged food. Moreover, major food additives, like vitamins and minerals, are added in order to enhance the nutritional quality of food. As per the US Food & Drug Administration, such fortification helps to reduce malnutrition in the US and across the globe. As per the Department of Industrial Policies and Promotion (DIPP), the package and processed food sector in India have received around USD 7.54 billion worth of Foreign Direct Investment (FDI) during the period April 2000-March 2017. Thus, the food additive market is growing rapidly, owing to the demand for processed and packaged food.
Sweeteners and Colorants -The Leading Food Additive Product Types
The global market for food additives is segmented by product type, source, application, and geography. The product type is further segmented into Acidity Regulator, Colorant, Sweetener, Flavoring Agent, Emulsifier, Food Preservative, Anti-Caking Agent and Others. The source is further segment into Natural and Artificial Sources. Furthermore, the application market can be segmented into Bakery & Confectionery, Meat & Meat Product, Beverage, Dairy Product, and Others.
Asia Pacific Region – Fastest Growing Region
Geographically, the Global Food Additive market is bifurcated into North America, Asia Pacific, Europe, Middle East, Africa & Latin America. The European food additive market was the most prominent market because Food and drink industry is one the major revenue contributor within the manufacturing industries of Europe, Germany, Spain, France, Italy, and UK are the major producers of food and beverage products. Asia Pacific is expected to increase with a CAGR of 6.36%, by value, during the period 2018-2025, owing to increasing disposable income, coupled with increased standard of lifestyle, in developing countries like China and India.
Thus, there is increasing demand among the customers for convenience food like processed and packaged food. Thus, there is increasing usage of food additives used in the production of processed and packaged food. This results in surging demand for food additives by the major players of food and beverage industry in the region of Asia-Pacific
Global Food Additive Market: Competitive Dynamics
Major industry players in global food additive market are adopting different strategic initiatives such as mergers and acquisitions, partnerships, and collaborations for strategic expansion in the food additive market. For instance, BASF has successfully completed acquisition of business and assets from Bayer. This will strengthen their agriculture sector production.
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