SEATTLE, Nov. 29, 2021 /PRNewswire/ -- According to Coherent Market Insights, The global food additives market is estimated to account for US$ 84,208.8 Mn in terms of value by the end of 2027 witnessing a CAGR of 5.30%.
Food additives are artificial materials added to food in order to improve taste, look, texture, or any other physical or chemical sensory qualities. Some additives have actually been used for thousands of years as a part of the effort to improve the taste of food, such as salt, vinegar, sugar, or smoke, to name a few. The most commonly used food additives include coloring, preservatives, flavorings, soy sauce, and wheat germ. One of the ingredients used in many snack foods, such as potato chips, is Ethoxyquin, a colorless and translucent substance that is added by manufacturers in order to provide a rainbow-changing look to their products. Food additives can also be used in packaged foods such as soda and juice. In addition to adding food additives in a food product, manufacturers of cosmetics products, including hand lotion, creams, and facial scrubs, often add color, flavor, and a pH balance to their products as well.
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Functional food additives are gaining popularity in the market due to their higher nutritional value in food products. This is expected to foster growth in the market. Growing strict rules ®ulations regarding the usage of food additives is again fostering growth of the market. For example, in the European Union, for example, there is legislation governing the labeling of food additives according to a set of pre-defined "E-numbers".
Rapid growth in the processed food industry is accelerating growth of the market. According to the India Brand Equity Foundation, the Indian food processing industry accounts for 32 percent of the country's total food market, one of the largest industries in India and is ranked fifth in terms of production, consumption, export, and expected growth. It contributes around 8.80 and 8.39 percent of Gross Value Added (GVA) in Manufacturing and Agriculture respectively, 13 percent of India's exports, and six percent of total industrial investment.
Increasing consumption of convenience food due to the hectic lifestyle of consumers is expected to provide lucrative growth opportunities to the market. Expanding retail industry is another major factor expected to uplift growth of the market in the near future. According to Trading Economics, Retail sales in the US unexpectedly increased 0.7 % mom in September of 2021, following an upwardly revised 0.9% surge in August.
Growing application of food additives market is expected to bring bright market opportunities. Thus growing sales of food additives will favor growth of the market. According to the Therapeutic Research Center, the food additives market reached $132.8 billion in 2016 and is on track to hit $220.3 billion by 2022. In the US alone, sales reached $42.6 billion in 2018.
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Continuous launch of new &innovative products in food additives is one of the emerging trends in the market. For instance, in September 2019, DuPont Nutrition & Biosciences (DuPont) announced the launch of its DuPont™ Danisco® POWERPasta™ range of enzymes, the latest solution for customers in the rapidly expanding global pasta sector.POWERPasta™ helps maintain the eating, cooking, and serving qualities and authentic color of durum pasta from pack to plate.
Growing popularity of citric acid as an acidity regulator across the food industry where it is used in confectionery, convenience, and dairy food products is expected to foster market growth. Moreover, emulsifiers and stabilizers are gaining traction in the market which is again augmenting growth of the food additives market.
1. Cargill Incorporated
2. Ajinomoto Co., Inc.
3. Archer Daniels Midland
4. Alpha Ingredients Srl
5. Kerry Group
6. E. I. du Pont de Nemours and Company
7. Ingredion Incorporated
8. Chr. Hansen Holding A/S
9. BASF SE
10. Tate & Lyle PLC
11. Novozymes A/S
By Product Type
- Acidity Regulators
- Flavoring Agents
- Bakery & Confectionery
- Dairy & Frozen Desserts
- Snacks & Convenience Food (Processed & Frozen)
- Meat & Poultry Products
- Others (Sauces, soups, and baby food)
- North America
- Latin America
- Middle East & Africa
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SOURCE Coherent Market Insights