According to the Graphical Research new growth forecast report titled “Asia Pacific Food Additive Market analysis based on Product, Application, Industry Analysis Report, Regional Outlook, Competitive Market Share & Forecast, 2018-2024”, estimated to exceed USD 40 billion by 2024.
Growing urbanization in the region has boosted packaged food market, thus driving food additives industry size. Amplified product demand from food producers in order to enhance appearance, freshness, taste and safety of processed foods along with growing e-commerce trading in the groceries section is also driving food manufacturers to use effective food additives, thereby driving product demand.
Asia Pacific food & beverage market size was valued over USD 3 trillion in 2016 and is likely to witness gains at over 9.5%, owing to consumer’s demand for organic & healthy and food choices along with growing economic standards, thus driving product demand.
Over 14.5% of bakery and 22.5% of confectionery & dairy products are used as packaged food products in Asia Pacific. Increasing customer consciousness concerning to the advantages of food additives in bakery & confectionery, dairy & meat products is anticipated to foster industry growth
China enzymes market size is anticipated to grow at over 5.5% owing to strong food processing industry in this region along with rising population, which is driving the requirement for food security, increasing need for food storage with maintained quality, thereby driving food additives demand.
India flavor market size from dairy & frozen desserts application may exceed 1.5 million tons by 2024 owing its application in fruit-yoghurt-fruit, milk beverages and as fruity notes in ice creams, which is likely to foster industry growth. Growing quick serve restaurants and fast food chains will increase demand for food additives in this region which may act as key contributing factor towards regional market growth.
Japan food emulsifier market size is anticipated to witness gains at 4.5% owing to mounting product demand increasing working population, which is driving the need for packaged food products, thus driving product demand. Raising obesity level in the region has resulted in increased demand for trans-fat products, which is driving the food processors plants to use emulsifiers in order to decrease fat and calories, thus propelling food additives growth.
Asia Pacific food additives industry share is moderately consolidated and competitive. Major companies operational in the market includes DuPont, BASF SE, Archer Daniels Midland Company, Chr Hansen Holding and Kerry Group.