A
sweeping range of preservatives, antioxidants, flavour enhancers,
colourants, and sweetening agents are being commercially used in
packaged foods, functional beverages, bakery goods, dairy products,
meat and seafood, snack items, and flavoured and functional water
over the years. In addition, food additives such as enzymes,
emulsifiers, acidulants, shelf-life stabilisers, and fat replacers
are also in high demand.
The
global
food additives market is rapidly growing and will witness
moderate growth over the next decade. During 2016-2026, the market is
expected to expand at a CAGR of 5.9% in terms of revenues. Foreseen
to record the consumption of around 3,376 thousand tonnes by 2016
end, it will witness a CAGR of 5.2% in terms of shipment. By 2016
end, the market is predicted to exceed a value of US$ 47.0 Bn, which
will further ramp up to US$ 83.23 Bn through to 2026.
A
few strong factors that are likely to generate more opportunities in
the global food additives market include:
Rising
Emphasis on Organic Food Products
Growing
health concerns among a sizeable global population, coupled with
rising awareness about the benefits of consuming organic foods are
the most likely to foster the demand for naturally sourced food
additives. This in turn propels the adoption of natural food
additives, such as organic preservativs and flavouring agents,
natural colourants, stevia-based sweeteners, rosemary extracts, and
so on. Health conscious consumers nowadays, meticulously check
product labels to know the exact composition of packaged foods before
purchasing. Organic food labelling is currently a growing trend among
manufacturers.
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Flavours
and Enhancers Spearhead
Flavours
and enhancers are primarily responsible for raising the commercial
quality of foods and beverages. In addition to improving the
nutritional value of consumables, these additives enhance their
structures and aromas as well. Moreover, food and drinks
manufacturers are increasingly preferring natural and customised
enhancers and flavouring agents over artificial enhancers, spurring
introduction of innovative additives in market.
Influential
M&A
Increasing
mergers and acquisitions will continue to hold a strong positive
impact on the additives market growth. Some of the most notable
recent M&A activities are acquisition of Cognis by BASF (2010),
FMC Corporation’s acquisition of Phytone in 2012, and acquisition
of Diana Group by Symrise in 2014. M&A activities are
increasingly favouring product offerings of leading companies,
enhancing their presence in the global additives market.
Food
Additives Market: Analysis and Forecast by Segmentation
On
the basis of product type, flavouring agents will remain the most
lucrative segment, contributing nearly 11.9% share to the total
shipment in 2016. This segment is projected to reach a shipment of
around () thousand tonnes by 2026 end. Emulsifiers will represent an
important segment with an estimated consumption of over 400 thousand
tonnes in 2016. By source, synthetic additives are currently
dominating natural additives with over 60% market share. However,
natural additives are rapidly gaining traction and may register the
consumption of around 1,333.5 thousand tonnes by 2016 end.
Based
on application type, the market comprises six key segments - bakery &
confectionery, dairy & frozen desserts, snacks & convenience
food, beverages, meat & poultry products, and others (including
sauces, soups, and baby food). Beverages segment is foreseen to
remain dominant in terms of value over the forecast period, expanding
at nearly 7.1% of CAGR.
Food
Additives Market: Analysis and Forecast by Region
Owing
to rising adoption of natural additives in developing countries in
Asia Pacific, the food additives market is foreseen to gain a strong
foothold in APEJ, especially in Singapore, and Australia. The APEJ
market will witness a healthy CAGR through to 2026 and account for
over 24% share of the global market revenues. North America, despite
representing the largest market in 2016, is likely to witness
sluggish growth over the next decade. APEJ will be the fastest
growing market, expected to outpace North America’s revenue share
by 2026 end. Western Europe is also a major market.
Key
Players Analysis
Some
of the most prominent market players 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.
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