Food Additive Market to experience a Boom Globally
- 28-Mar-2022 4:40 PM
- Journalist: Gabreilla Figueroa
The market for Food Additives is soaring globally on account of increased downstream demand. The prime purpose of Food Additives is to maintain the taste, texture, appearance, and safety of food products, and hence required in food processing. The need for Food Additives is rising in the APAC region as consumers are inclining more towards processed foods because of their hectic lifestyles. Growing urbanization and health concerns are other factors giving rise to the overall demand for processed food and, in turn, for Food Additives.
The expanding bakeries and confectionaries put forth strong demand for food preservatives to slow down the spoilage of food products. Food Additives are being used in different food industries to increase the shelf-life of products. The recent growth in the development of nano-enclosed food additives to enhance certain food products' nutritional value and safety has also driven the Food Additive market. As consumers are acknowledging exclusive flavours with a better nutritional value around the globe, the need for Food Additives is increasing correspondingly. Furthermore, the surge in demand for premium food products has also been one of the reasons for the accelerating Food Additives market.
The domestic market of different regions shows identical sentiments for Food Additives. North America and Asia-Pacific are the largest producer and consumers of Food Additives, followed by Europe. Demand for Food Additives is high in North America due to enhanced urbanization and busy lifestyle. The flourishing Food Additive market in Asia-Pacific is because of the growing awareness about healthy and organic food products. The rising demand for Food Additives in the European market is again due to intensified need for conveniently accessible food products and enhanced concerns about health issues. In addition, the conflict between Russia and Ukraine has been affecting the export and import of Food Additives, consequently raising its price value.
According to ChemAnalyst, "The market value of Food Additives would keep surging in the upcoming weeks due to the continued increment in demand from food processing industries. Simultaneously, the halted supply chain owing to Russia-Ukraine war tensions would further support the price hike of Food Additives globally."