LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global food additives market to grow at a CAGR of almost 6% during the forecast period, according to their latest report.
The research study covers the present scenario and growth prospects of the global food additives market for 2017-2021. Technavio’s database and industry-specific repositories have been used for defining the hypothesis for the study, which is further fine-tuned through primary research involving industry experts.
The bakery and confectionery segment is the largest application segment of the global food additives market. Globally, a wide range of food additives find applications in bakery and confectionery food products. Some of the most common ingredients used in bakery and confectionery products are specialty fats, enzymes, starches, preservatives, food colorants, flavors, and acidulants.
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Technavio analysts highlight the following three factors that are contributing to the growth of the global food additives market:
- Rising demand for processed food
- Increasing complexities in the food supply chain
- Growing demand for home food preservation
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Rising demand for processed food
A rise in the demand for packaged food products among consumers across developed and developing countries has propelled the demand for food additives. With economic conditions and disposable income levels improving in developed and developing nations, the global demand for packaged food and processed food has been increasing.
Manjunath Jagannath, a lead food research analyst at Technavio, says, “The demand for frozen foods and packaged products is on the rise from the past decade. Urbanization has resulted in evolved dietary habits. The urbanized global population is inclined toward packaged food products and frozen food materials. An expanding global middle-class and an increase in the number of working women contribute to the high demand for processed foods.”
Increasing complexities in the food supply chain
Continuous evolution characterizes the global food supply chain in terms of volume and complexity. Imports to a number of countries are expected to grow because of limited food availability and increased consumer demands for diverse food products. The demand for effective preservation techniques, too, is on the rise.
“Globalization has significantly changed the business models of food manufacturers in recent times. Food manufacturers are constantly tapping new markets and offering new products. This implies that a large number of vendors that cater to food additives are going global. Supply chain management has become a strenuous task. Minimizing disruptions and resuming normal business conditions in the event of an outage hold the key to successful business operations,” adds Manjunath.
Growing demand for home food preservation
The global food additives market has been witnessing a growing demand for home food preservation techniques. A rise in the number of consumers who prefer home-preserved food accounts to the fact that a large number of consumers choose to control what they eat and the source of their food. The traditional methods of preserving food are accepted on a global basis. However, unsafe methods of food preservation need to be rejected.
The advent of cookery shows on the tube, and the popularity of community cooking classes have generated added interests in preserving (primarily canning) specialty foods and selling them. Also, the prevalence of small foodservice outlets is increasing, leading to an enhanced demand for barbecue sauces, salad dressings, salsas, relishes, and other specialties.
Top vendors:
- Ajinomoto
- Archer Daniels Midland Company
- Cargill
- Chr. Hansen Holding
- DowDuPont
- Givaudan
- Ingredion
- Kerry Group
- Koninklijke DSM (DSM)
- Univar
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