Consolidated to a certain extent, the global food additives market is also highly competitive. Players like Cargil, BASF, DuPont, Adani Wilmer, Archer Daniels Midland Company, and Ajinomoto keep other on their toes, while ensuring a massive chunk of the growth pie is occupied by them on account of massive investments in research and development that lead to product differentiation. Besides, marketing efforts also determine who hold what percent of the market share.
As firms into manufacturing expand operations, leading to footprints into multiple regions, presence would be fortified. Since, players that flank the market landscape are both local and regional, mergers and acquisitions also form an important part of the strategy for some. Besides, exploring synergies to culminate partnerships and collaborations of growth is also critical.
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As per a Transparency Market Research (TMR) study on Global Food Additives Market, a decent CAGR (Compound Annual Growth Rate) of 3.40% will be charted over the period of 2015 and 2021.
As people dabble with different cuisines and cooking styles, demand for food additives in the form of flavors and enhancers, particularly increases. A large part of this comes from increase in disposable income, due to superior performance of certain economies on the global stage. That leads to improvement in standard of living. Besides, the rise of social media and culture of travelling more and more has led to a culture of experimentation and that in turn has led to exciting developments in people’s palettes. And, this drives the global food additives market onto a higher curve.
It is pertinent to note here that food additive also come with other benefits such as consistency, shading, aroma, shelf life, etc.
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Asia Pacific and Europe to Rival for Market Share over the Forecast Period
So far Europe has led the global food additives market but thanks to the Asia Pacific region sitting on the cusp of rebound, it will challenge Europe dominance over the forecast period, generating great opportunities of growth for market players, keeping them hooked to the region, eyeing a larger share in anticipation of growth. One of the most significant factors leading to this growth in the region is the growth of incomes and rapid westernization. The consumer base is broad and is witnessing great spending power which is waiting to be tapped into as eating out has become more and more common and thus businesses would like to be on their toes in the food and beverages industry. Besides, an aspirational middle class is also contributing to this growth in a major way.
Not to forget here is the factor that emerging nations in the Asia Pacific are also witnessing rise of dual income families and nuclear families, leading to eating out becoming the new norm.
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