Food additives are ingredients added to foods to preserve or improve their taste and appearance. The growing demand for processed and canned foods, as well as ready-to-eat and instant food, has increased due to the fact that the majority of the population is increasingly busy with their lives. This change in lifestyle and eating habits is expected to boost led to strong market growth during the forecast period. The growing consumer demand for high quality food and exotic flavored products drive producers to create ingredients that augment the consumer experience. Increased population with the growing demand for food, will be one of the main drivers of the global food additives market. In addition, consumer demand for quality food is likely to drive growth in the food additive industry in the coming years.
Recently, in Febraury, 2021, Givaudan Taste & Wellbeing has developed ATOM (Advanced Tools for Modelling), which uses artificial intelligence (AI) to optimize food and flavor formulations and create and facilitate collaboration with customers. ATOM will be used to optimize the desired flavor formulas and improve the taste of healthy foods.
The global food additives market is broadly segmented based on type, source, application, and region. By type, the global market is diversified into flavors, sweeteners, hydrocolloids, colors acidulants, emulsifiers, and preservatives. Based on source, the global market for food additives is classified into natural and artificial food additives. On the basis of application, the global market is categorized into bakery & confectionery, beverage, dressings, sauces, convenience foods, spices & condiments, frozen desserts, dairy &, and others
Region wise, emerging markets across the globe are forecasted to create opportunities in the food additives market in the period. Demand is driven by growing requirement for beverage and confectionery products in North America increases due to active lifestyles, urbanization, and growth in the retail and commercial sectors. The European market will accelerate as awareness of preventive diseases increases, through the effective use of supplements and public health awareness in Europe. Asia Pacific region is envisioned to attain a peak growth owing to high demand for nutritious diets and ethnic tastes in food.
Some of the leading names in the global food additives market are Ajinomoto Co Inc., Tate & Lyle PLC., Hansen Holding A/S, International Flavors and Fragrances, BASF SE, Kerry Group Plc, and others. Key players functioning in the global food additives market are aggressively targeting new markets through their expansion strategies and product innovations.