Food Additives Market Analysis, Size, Share, Growth, Industry Trends and Forecast to 2024 - Hexa Research
The
global food additives market is
anticipated to reach USD 56 billion by 2024. Rapid growth in the food &
beverage industry in the Middle East and BRICS (Brazil, Russia, India, China,
and South Africa)-as a result of growing domestic consumption and rising
foreign direct investments-is projected to augment the market growth.
Increasing awareness about different types of tastes is also likely to act as
an important growth driving factor. In addition, manufacturers are increasing
their production capacities due to rising demands for packaged foods including
ready-to-eat products, frozen meals etc. which will eventually therefore
augment the market growth. The global market is categorized as products and
regions.
The
product sector comprises flavors & enhancers (natural, artificial),
enzymes, sweeteners (high intensity, HFCS), emulsifiers (mono, lecithin,
di-glycerides, sorbitan esters, stearoyl lactylates), fat replacers (protein,
starch), and shelf-life stabilizers. The enzymes sector is estimated to remain
the fastest-growing sector, with a CAGR of over 6 % from 2016 to 2024.
Flavors & enhancers dominated the application sector in 2016 accounting for
30 % of the total market revenue. The natural flavors sector is likely to
grow at a healthy CAGR of over 6 % from 2016 to 2024.
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Sweeteners
are mainly used in formulating F&B products. Moreover, growing health
concerns such as tooth decay, diabetes, etc. and rising importance of low-cal
food products are anticipated to augment the demands for sugar substitutes such
as High Fructose Corn Syrup (HFCS) and High-Intensity Sugars (HIS). The sector
is projected to grow at a CAGR of over 5 % during the estimated years.
The Europe
food additives market held over 30 % of the overall share in 2016 due to
growing significance of functional ingredients to integrate properties such as
flavor, shelf life-extension, and emulsification. The Asia-Pacific region
accounted for 27 % in 2015 and is anticipated to experience considerable gains
over the next few years. The Indian market is likely to grow at a decent CAGR
of over 5 % during the forecast period. The Middle East is said to be the
high-potential market on account of rising domestic consumption along with the
favorable support to attract fresh investments.
The major
companies in the food additives market include BASF SE; E. I. du Pont de
Nemours and Company; Eastman Chemical Company; and Cargill Inc.
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