PUBLISHER: Grand View Research | PRODUCT CODE: 1446506
PUBLISHER: Grand View Research | PRODUCT CODE: 1446506
The global food additives market is anticipated to reach USD 169.22 billion by 2030 and is projected to grow at a CAGR of 5.8% from 2024 to 2030, according to a new report by Grand View Research, Inc. The expansion of key end-use industries, such as bakery & confectionery, beverages, dairy, and convenience foods, along with the growing penetration of organized sector and e-retail, is driving the market growth.
Additives are used to enhance the taste and appearance of food and beverages, along with increasing their nutritional content. These ingredients improve the stability and extend the shelf-life of food products and beverages. Several additives such as emulsifiers and starches are used to alter the viscosity and texture of items that help in modifying their sensory properties and provide improved mouthfeel to the consumers.
The food & beverage manufacturers have been focusing on new product offering in order to gain competitive advantage in the market. These players are focusing on well-differentiated products to meet the demand for innovative products in the market. For instance, in June 2023, T. Hasegawa USA introduced HASEAROMA, and ChefAroma, two innovative flavor enhancer technologies that are expected to help in the production of authentic-tasting food and beverage products.
Changes in weather conditions, planting methods, and government programs and policies affect the availability of agricultural produce, thereby impacting the prices of raw materials used for food additives. Factors such as variations in global temperatures, weather conditions, and precipitation patterns, changes in growing and harvesting conditions, and the occurrence of natural disasters, such as floods, wildfires, droughts, and water scarcity, negatively impact natural products such as fruits and flowers. Limited availability of raw materials and fluctuations in their prices are expected to hamper the market growth across the world during the forecast period.
The demand for food additives in Europe is expected to increase over the forecast period owing to the presence of a well-established bakery & confectionery industry in the region, coupled with growing consumer demand for bakery products and confectionery. ageing population and increasing focus on health, consumers in Europe are looking for healthy alternatives such as organic, fresh, added-value, artisanal, and ethnic baked items. Products with tags such as gluten-free, dairy-free, lactose-free, soy-free, and low-fat are gaining traction in the market in Europe which is driving the growth of the bakery food industry in the region and is promoting the use of safe food additives.