New York, Jan. 05, 2021 (GLOBE NEWSWIRE) -- In June 2019, the Joint FAO/WHO Expert Committee on Food Additives (JECFA) in its 87th meeting concluded that the utilization of low-acyl clarified gellan gum (a plant-based food additive used as a substitute for gelatin) is well tolerated and shows low risk when used in formulas for medical purposes for infants under medical supervision. Gellan is popularly used in high-level gourmet restaurants to make palatable gels.
Research Nester published a detailed report on ‘Global Food Additives Market for Bakeries & Restaurants’ which is segmented by end users and region. The detailed market analysis helps the market players to understand the overall scenario furthering their position in this competitive landscape. Through our report, the readers get the clear understanding on recent trends, growth drivers, opportunities and challenges related to the growth of the market between 2018 and 2027.
Food and beverage industry is among the fastest growing industries where consumer spending on food goods is estimated to cross USD 19 trillion by the end of 2030. The growing demand for processed or packaged food with better taste, flavor and presentation is creating numerous opportunities for major manufacturers of food additives such as colorants, flavors and flavor enhancers, preservatives, emulsifiers, and sweeteners in order to improve appearance, texture, shelf life, freshness and overall quality of the products. Moreover, the ongoing COVID-19 pandemic has furthered the demand for packaged and safe food globally. Driven by these notable factors, the food additives are widely used in beverages, bakery, confectionary, dairy, meat and poultry products sector. The global confectionery market is estimated to garner a soaring revenue of around USD 950 Billion in 2020, whereas, the food and beverage industry is estimated to cross market valuation of USD 225 Billion in the same year. Bifurcated by distribution channels, the food and beverage industry is segmented by online and offline channels. Despite the growth in online channels owing to the growth in e-commerce and social media channels with an aim to target large volume of audience, the majority of the shares are estimated to be occupied by offline channel segment. Moreover, the coronavirus pandemic facilitated the growth of online retail channels with an objective to minimize the spread of virus by providing safe and same-day delivery with flexible costs.
“The Final Report will cover the impact analysis of COVID-19 on this industry.”
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In 2018, the global food additives market for bakeries and restaurants garnered USD 43.94 Million and is estimated to grow at a CAGR of 5.21% during the forecast period, i.e., 2020-2027. By 2027, the market is estimated to touch USD 68.45 Million. The growth of the market is driven by numerous factors such as consumer preference towards food additives as they offer properties such as maintaining freshness and longevity of food, rising demand for packaged food, and rapid advancements related to natural food additives owing to healthy and organic food preferences among consumers. Moreover, innovation and R&D investments by the major food additive companies is promoting development and advancement of the food goods in the market. For instance, DuPont de Nemours, Inc. invested USD 955 Million for research and development activities for the fiscal year ended December 31, 2019.
Geographically, the global food additives market for bakeries and restaurants is segmented by regions into North America, Europe, Asia-Pacific, Middle East & Africa and Latin America. The Asia Pacific food additives market for bakeries and restaurants is anticipated to bring in highest revenue throughout the forecast period by growing at a CAGR of 6.38%. With an increase in advancements in the production of the bakery goods, countries including China, India, Japan, Singapore and Hong Kong have created immense opportunities for the food additive manufacturers, thereby driving the growth of the market.
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The study further incorporates Y-O-Y Growth, demand & supply and forecast future opportunity in North America (United States, Canada), Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX [Belgium, Netherlands, Luxembourg], NORDIC [Norway, Denmark, Sweden, Finland], Poland, Russia, Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
Based on the end-user, the global food additives market is segmented into bakeries and restaurants. Among these segments, the restaurant segment is projected to hold leading stance throughout the forecast period and is estimated to cross market valuation of USD 45 Million in 2027, whereas the highest growth rate is estimated to be captured by the bakery segment over the forecast period. The growth in the bakery segment can be attributed to increase in supply and demand for bakery products and growing awareness among end-users toward organic methods of baking through utilization of natural, natural-like, healthy materials and additives. Additionally, high demand for bread on the back of increase in numerous expectations and preferences among consumers is contributing to the augmented demand for additives. However, adverse allergic reactions and intolerance caused by the consumption of food additives triggering health concerns along with stringent regulations devised by FDA for additives are some of the challenges that might negatively impact the growth of the market.
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Some of the prominent industry leaders mentioned in our report that are associated with the global food additives market for bakeries & restaurants market are DuPont De Nemours, Inc., Archer Daniels Midland, BASF, Tate & Lyle, and Ajinomoto.
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