Asia-Pacific Food Additives Market - Growth, Trends, and Forecast (2018 - 2023)
The Asia-Pacific food additive market is anticipated to register a CAGR of 6.3%, during the forecast period (2018-2023). India and China are among the largest food processing countries in the world and their rising population is driving the need for food security which is a major factor for processed & packaged food, and, in turn, for the food additives players.
Increasing disposable incomes, working populations and busy lives are driving consumers toward convenience food category. However, growing consumer awareness on adverse impacts of chemical additives is pressurizing the food & beverage industry to introduce natural additives category. The food additives ingredients markets sees opportunity coming in the form of rising innovations to meet the nutraceutical ingredients market requirements. However, the several complexities are restricting the growth of Asia-Pacific food additives market.
By type, the acidulants market is expected to register highest CAGR growth rate of 8.2%, during the forecast period. The enzymes market was valued USD 378 million in 2016 and by type, the food enzymes segment can be further categorized into carbohydrases, lipases, and proteinases. The region is expected to witness highest growth rate of 7.1 % in hydrocolloids market, owing to changing lifestyles of consumers and increasing awareness of nutritional food. The hydrocolloids market can be further divided into starch, xanthum gum, gelatine gum, and others.
Within preservatives, natural antioxidants segment is expected to witness CAGR growth rate of 4.6% during the forecast period. By application in the emulsifier segment, dairy and frozen industry is anticipated to register CAGR of 5.9%, during the forecast period.
India and China, account for the high growth rate in the preservative market because of increasing population and changing food habits. The other countries in the region, such as Indonesia and Philippines serve as platform for sourcing of raw material for several segments of food additive market including food hydrocolloids, enzymes, and colorant market.