Increasing demand of convenience food with longer shelf life is going to drive the food additive market in coming five years. Food additives are used to improve as well as maintain the safety, nutritional value & texture, improve appearance & taste of the food. Increasing demand of sophisticated food products with ethnic & exotic taste is one of the prominent drivers which are expected to drive the food additive market over the forecast period.
Furthermore, food additive usage is going to increase, with increase in demand of food products consisting organic and natural ingredients, delivering health benefits and supporting weight loss. Innovations and new developments in food science & technology are going to lead the growth of the food additives as well as food market in coming years. Food additives include a wide range of antioxidants and preservatives which help slow product spoilage, rancidity and preserve the taste of food. These benefits are going to expel the food additive market growth over the forecast period.
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More than 3000 additives are forecasted to be used in food as well as beverages to control the bacteria and other microbes from spoilage of the food. Change in tendency of consumers towards natural additives as well as synthetic additives, boom in food and beverages industry and the increasing health concerns are the major factors expected to augment the market growth over the forecast period. However, imposed restrictions by government and shortage of raw materials for food additives are going to challenge the market growth in next five years.
The food additive market is segmented into 7 products including sweeteners, flavours & enhancers, enzymes, emulsifiers, colorants, shelf- life stabilizers, and fat replacers. Sweetener products are going to witness the fastest growth in coming years owing to increasing diabetic and heart patients. Fat replacer products are expected to witness significant growth due to increasing awareness of obesity and its adverse effects. Increasing requirement of storage food owing to hectic schedule is expected to drive the growth of long shelf life stabilizer food products. Rise in demand of convenience as well as ready to eat food are expected to spur the food additive market globally.
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North America is expected to witness the highest growth owing to higher consumption as well as production of food additives. With increasing awareness, Europe and Asia Pacific regions are expected to emerge as the fastest growing market over the forecast period. Health concern and increasing demand of ready to eat food are going to impact the market growth globally.
Royal DSM N.V, Eastman Chemicals, BASF, Danisco, Givaudan, and Archer Daniels Midland are the key players in the global food additive market. The manufacturers of food additives are expected to innovate the products to keep up with changing demand and interests of consumer.
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