The
global food additives market is highly fragmented with a wide range
of products and an equally large number of market players, working
for the food industry. The growth in the food and beverages industry
directly impacts the growth of the food additives market. The
manufacturers in the food additives market have to consistently
modify their products to meet the requirements of customers. Of late,
customers are demanding newer flavors, gelatin-free, low fat, and
color free products. Thus, companies are focusing on these customer
requirements and launching newer products from time to time,
Transparency Market Research finds in a new study.
Additive
makers in the market comprise small, medium, and large size companies
that work with different market and product focus. The major players
in the market include Cargill, Danisco, Givaudan, Archer Daniels
Midland, BASF, and Sensient Technologies Corporation. These players
collectively accounted for a massive 68.5% of the global food
additives market in 2011.
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Rising
Demand for Functional Food to Work in Favor for Food Additives Market
The
increasing prevalence of obesity, cancer, cardiovascular disorders,
and other health issues have strongly created a demand for functional
foods that benefits for the prevention, management, or the treatment
of chronic diseases. This has spurred a growth in the demand for
functional food additives. Increasing cases of obesity among
teenagers have fueled the demand for additives such as hydrocolloids,
emulsifiers, vitamins, and minerals. Apart from this, the growing
population worldwide has led to a growth in the food and beverage
industry, which in turn is driving the demand for food additives.
Strict
Monitoring by Regulatory Bodies to Hamper Growth of Food Additives
Market
The
U.S. Food and Drug Administration (FDA) has set safety standards that
needs to be complied with, so that food additives can be used
commercially. Rigorous testing is being done to determine the safety
of additives. This can hamper the growth of the market. Another
challenging factor includes the difficulty in working with natural
additives. The demand for natural additives is growing high among the
health conscious consumers and suppliers are unable to meet the
demands. Natural flavors such as ribonucleotides and monosodium
glutamate have several health benefits associated with them. As such,
manufacturers are forced to focus on natural sources for developing
natural food additives. However, this is proving to be a challenging
task owing to the shortage of raw material supply and difficulty in
working with natural sources.
Availability
of Synthetic Additives at Cheap Prices to Provide Growth Opportunity
to Manufacturers in Emerging Countries
Although
the rising health awareness among consumers is driving the demand for
natural food additives, the use of synthetic additives is still
acceptable in the emerging economies. The rising demand for food and
beverages and the availability of synthetic additives at affordable
prices is driving their demand. Another factor why synthetic
additives are being preferred to their natural counterparts, is the
fact that natural additives have low shelf life. Moreover, natural
additive products are being perceived as premium products and thus,
are extremely expensive as compared to synthetic additives.
By
product, the flavors and enhancers segment led the market in 2014 and
will continue to retain its leading position in the coming years,
states a TMR analyst. By source, the artificial segment led the
market in 2014 and will continue to do so by the end of 2021. By
geography, the global
food additives market was led by Europe in 2014. However,
Asia Pacific is expected to take over the leading position by 2021.
According
to the report, the global market opportunity in food additives will
rise from US$31.43 bn in 2014 to US$39.85 bn by 2021 expanding at a
3.4% CAGR from 2015 to 2021.
This
information is based on the findings of a report published by
Transparency Market Research titled “Food Additives - Global
Industry Analysis, Size, Share, Growth, Trends, and Forecast 2015 -
2021.”
The
global food additives market is segmented as follows:
Product
- Flavors and Enhancers
- Sweeteners
- Enzymes
- Colorants
- Emulsifiers
- Food Preservatives
- Fat Replacers
Source
- Natural
- Artificial
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