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Description
The food additives market was valued at USD 37.84 billion in 2021 and projected to reach USD 56.45 billion by 2028 growing at a CAGR of 6.1% during the forecast period 20221 to 2028. Food additives are the substances that are used to preserve the food, enhance the flavour, enhance the taste, appearance, or other properties. Some of the additives are being used from many years such as salt (used on meat industry for preservation, preserving food by pickling (with vinegar) and many other. With the emergence of the processed food importance of the food additives enormously increased. Different food additives used are food preservatives, antioxidants, thickening agents, colouring agents, stabilizers and flavouring agents. Food additives market is very dynamic in natures changes with the customer tastes and preferences. Market players are focusing on the development of new and innovative food additives to increase their markets. In addition, marketers also collaborating in manufacturing and marketing of the products to reach the maximum customers. Food additives are used to preserve food from hazardous bacteria and microbes while also extending the shelf life of the product. The market for food additives is predicted to develop due to the rising number of new and innovative products on the market from manufacturers. For instance, In June 2016, Archer Daniels Midland Co. and GLG Life Tech Co. entered into partnership to manufacture, market, sell and distribute low-calorie stevia and monk fruit sweeteners. According to this agreement, CLG will produce, low-calorie sweeteners from Stevia and monk fruit and ADM will be the global marketer and distributor of ingredients to food and beverage companies worldwide. Furthermore, companies in food additives market are adopting strategies such as new product launches, mergers and acquisitions to strengthen their market position. For instance, in June 2017 DuPont Nutrition & Health launched gelling ingredient “grindsted gellan mass 100 (gellan gum), new stabilizer for clean label dairy alternative.
