Food Additives Market is Expected to grow at a CAGR of 5.9% during 2016-2026
VALLEY COTTAGE, N.Y. – The rapid expansion of the processed and packaged food industry, such as the growing popularity of ready-to-eat products, will continue to foster the growth of the food additives market. The global food additives market is anticipated to reach a total consumption of over 3,376 thousand tonnes in 2016. The food additives market is likely to surpass a value of US$ 47.05 Bn by 2016 end. Among the different sources analysed in the food additives market, natural additives are projected to experience significant growth during the forecast period. Japan will remain the largest consumer in the food additives market.
Food additives have become essential ingredients in various food & beverage products such as soft drinks, meat and seafood, bakery and confectionery, dairy products, desserts, snacks, and other products. Apart from the expansion of the processed & convenience food industry, the growing demand for functional food additives also drives the food additives market, globally. In addition, continued research & development activities and associated new product launches by major manufacturers in the food additives market will be another driving factor for the food additives market.
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As people have become more health conscious in the choice of food products, the demand for naturally-sourced, low-fat, low-sugar, and other customized natural food additives is foreseen to be an emerging trend in the market, creating new opportunities in the food additives market. The rising awareness about healthy diet practices among consumers, coupled with the increasing consciousness about the associated benefits of consuming natural or organic food products will also favour the growth of the food additives market. The food additives market has also seen a few major mergers and acquisitions in recent years, impacting the food additives market in a positive way.
Among the various product types analysed in the food additives market, the flavouring agents segment holds a majority share in the food additives market, and is expected to continue its dominant position in the food additives market with the most lucrative growth opportunities. Flavouring agents are likely to account for approximately one-third share of the food additives market in 2016, followed by other product types such as sweeteners, hydrocolloids, and emulsifiers.
On the basis of source, the food additives market is segmented into natural and synthetic additives. Although the synthetic additives segment has been the dominant segment in the food additive market over the years, the natural additives segment is expected to experience substantially higher growth as compared to its counterpart. In 2016, in terms of volume, the synthetic additives segment is estimated to contribute over 60% share to the global food additives market, whereas, the global consumption of natural additives will possibly reach 1,333.5 KT, accounting for over 39% share.
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On the basis of application type, the food additives market comprises six key segments. The beverages segment is likely to maintain a dominant position, with over 28% revenue share in the food additives market by 2016 end, followed by the bakery & confectionery, dairy & frozen desserts, and snacks & convenience food segments.
By region, the food additives market is segmented into North America, Latin America, Western Europe, Eastern Europe, Asia Pacific excluding Japan, Japan, and Middle East and Africa. Natural additives are expected to gain higher traction in the developing markets of Asia Pacific. The Asia Pacific excluding Japan food additives market, with over 21% market share in 2016, will exhibit strong growth until end of forecast period, led by major demand from Singapore and Australia. The North American food additives market is estimated to be the largest market in 2016; however, sales in the region are expected to gradually slow down during the forecast period. During the forecast period, the Asia Pacific excluding Japan food additives market is expected to exhibit the highest CAGR as compared to other regions covered in the global food additive market study.
A few of the major players competing in the global food additives marketplace are E. I. du Pont de Nemours and Company, Cargill, Incorporated, BASF SE, Alpha Ingredients Srl, Ajinomoto Co., Inc., Kerry Group, Archer Daniels Midland Company, Ingredion Incorporated, Hansen Holding A/S, Novozymes A/S, and Tate & Lyle PLC.
Long-term Outlook: Over 2016-2026, the global food additives market revenue is expected to exceed US$ 83.23 Bn. The market is likely to grow at a moderate CAGR of 5.2%, in terms of value.
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