Global food additives market is projected to witness a CAGR of 4.93% during the forecast period (2020 - 2025)
NEW YORK, Sept. 22, 2020 /PRNewswire/ --
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- Multifunctionality of additives from structuring food and beverage to enhancing nutrition profile and even flavour to an extent is raising its desirability among food companies and is thus increase the growth of the market studied. Additionally, consumption of sustained quality food and beverages with improved visual and taste appeal increases, market demand for food additives is assumed to further boosting the market growth.
- As the market shifts from niche to mainstream in many developing countries, the consumers have begun to seek exceptional claims, such as free-from claims in ingredients along with an assurance of it being sustainably sourced to help food companies develop a clean label food product. For instance, Cargill, in 2018. launched label-friendly potato starch for meat and other culinary processes.
Key Market Trends
Rising Preference for Clean Label & Natural Ingredients as Food Additives
Clean labelling' is no longer a trend but has become a high-rated consumer demand that the global food industry is responding to, by putting additional emphasis on these aspects during the processing of a food product. Consumers are becoming more aware of the adverse health effects associated with the consumption of various synthetic or artificial food additives, such as colorants, flavors, texturizers, fat replacers, and sweeteners, owing to various research projects as well as bans and limits introduced by governments.Extensive promotions made by several associations around the world are further boosting the consumption of natural and clean-label additives.
Increasing Prevalence of Food Additives in the Asia-Pacific Region
In recent years the demand for additives like food flavours has increased among the Chinese and Indian consumers due to the influence of western-style cooking in China and Indian which can be observed in the growing import for flavoring products, along with domestic consumption. This is driving the market growth of premium products, such as seasonings and sauces, by inducing a sense of authenticity in the flavor. The food additives market in India is primarily driven by the growing food processing industry in the country. Further, rising consumer inclination towards healthier lifestyles, increasing awareness about quality food ingredients are spurring demand for food additives in the country.
Competitive Landscape
Few of the leading players, who holds the dominant position in the market occupying the market share includes DuPont de Nemours Inc., Cargill Incorporated, Kerry Group, and Koninklijke DSM NV, among others.
The prominent players of the market have been focusing on developing new and innovative products by targeting the new formulation for food additives. Additionally, these companies are focusing on increasing production capacities of their existing plants while investing in R&D activities. Thus, the market studied is expected to witness numerous product launches during the forecast period.
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