Global Food Additives Market: Snapshot
The global food additives market is prophesied to hold a direct relation with the food and beverages sector as a notable end user during the forecast years. With no real alternatives available for food additives, the growth in the food and beverages sector could positively influence that of the world market. Since there are a significant number of companies contributing to the food industry and broad scope of products available, the international food additives market is prognosticated to showcase a fragmented nature. Health concerns such as obesity among teenagers and even adults could pave the way for functional food additives in the market. The demand for natural food additives is anticipated to rise at a telling degree as consumers become health conscious and aware about the harmful effects of synthetic food colors.
According to market research cognoscenti, the worldwide food additives market is expected to surge at a CAGR of 3.4% between the years 2015 and 2021. By the end of the forecast period, the analysts foresee the market to stand at almost US$40.0 bn.
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Fat Replacers to Follow Lead of Flavors and Enhancers Stimulated by Taste Desires
Flavors and enhancers are envisaged to be a highly promising product type securing a major part of the revenue share, i.e. US$12.92 bn, by 2021. The market growth for flavors and enhancers could be propelled as a rising number of consumers are allured by the different types of taste in different cuisines. The soaring demand for healthier food types is also foretold to set the tone for the flavors and enhancers food additives market.
Standing second to the global food additives market for flavors and enhancers, fat replacers could garner a handsome share during the course of the forecast period. This growth is analyzed to be probably attributed to the increasing incidences of health problems associated with hyper-obesity and diabetes.
The problems encountered when working with natural additives and strict guidelines formulated for the use of food additives are projected to suppress the market growth. Howbeit, players could even benefit from products that have a dying demand in the global food additives market. For instance, the growth of synthetic additives is still predicted to prevail in less developed countries such as Malaysia, China, and India, owing to the elevating demand for processed food and beverages.
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The international food additives market could witness a fierce competition between Europe and Asia Pacific as both the regions take hold of a closer share. Although Europe held a lion’s share in the recent past, this trend is expected to see a change as Asia Pacific makes a good comeback in 2021. By the concluding year of the forecast period, Asia Pacific could win the competition with a mere 0.5% share margin. Countries such as India are envisioned to be particularly impressed by food additives as they find an extensive usage in the processed food sector. Food additives are studied to upgrade the shelf life of processed food products and also enhance their appearance and taste.
Europe could rake in a handsome revenue as the demand for novel flavors and tastes increases in the processed food sector. Besides this, there could be a ballooning demand for natural food additives in respect of a magnifying number of people becoming aware about health problems such as diabetes and obesity and start taking effective steps to live a healthy life. Colorants are predicted to gain a faster foothold in the Europe food additives market on the back of an aggravating demand for ice creams and chewing gums. Flavors and enhancers, however, could grasp a larger share in Europe until the end of 2021.