Food Additives Market is Anticipated to Record a CAGR of 6.6% during the forecast period 2023 to 2033
The food additives market is predicted to record a CAGR of 6.6% during the forecast period. The market is projected to reach a valuation of US$ 2.44 billion in 2023 and is expected to reach a valuation of US$ 4.62 billion by 2033.
The increasing demand for preserved and processed food is increasing the adoption of food additives. Consumers prefer to increase the demand for food additives to enhance the quality and safety of food. The food & beverages manufacturers are increasing the adoption of food additives to secure food items for a long time and are expanding the market opportunities.
The growing popularity of vegan and ready-to-eat foods is increasing the sales of food additives. The high quality and sustainable packaging of food items propels the market growth during the forecast period. The manufacturers are increasing the demand for food additives for coloring, flavoring, and changing food taste.
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Several organizations are expanding international trade to provide standardized food additives to their customers. Innovation of products and advanced technology are increasing the market size. By using micro-encapsulation technology, the leading corporations concentrate on keeping better nutritional food additives. According to predictions, the growth of the food additives market is expected to be boosted by hotels and restaurants preserving food to prevent spoilage.
Rising Demand for Natural Food Additives is Expected to Boost the Market Growth
Natural food additives are being used more frequently since consumers are becoming more concerned about their health. The manufacturers and key vendors are developing clean-label and vegan food items that are growing the market opportunities. The number of young people is growing, along with the consumption of baked products and packaged meals, which is driving up the sales of natural food additives.
For their balanced diets, children and millennials crave sweet foods; parents are adjusting their shopping preferences to include natural food additives. The increased market potential is being brought about by the use of natural fruit colors and components in various confectionery goods.
Key Takeaways:
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Who is Winning?
Prominent players play a crucial role in the global market by capturing maximum output. They make unique products and meet consumers’ requirements through their innovative techniques. The players are developing organic, clean-label, and standardized products to enhance their brand values.
The prominent vendors invest a significant portion of the amount in research & development activities to achieve better results. These vendors are acquiring several marketing strategies, including agreements, acquisitions, collaborations, mergers, and product launches.
Significant Key Players in the Market are:
Recent Developments in the Food Additives Market are:
In May 2020, Kerry Group invested US$ 40 million in a new manufacturing plant in Africa. The company produced several nutritious food & beverages and surged its production by 40% annually.
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Jun 19, 2023
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