Asia-Pacific Food Stabilizers Market - Growth, Trends, and Forecast (2018 - 2023)
The Asia-Pacific food stabilizers market was estimated to be USD 1.1 billion in 2016 and is estimated to reach USD 1.7 billion by 2023 at a CAGR of 5.5% during the forecast period of 2018–2023. Food stabilizers are substances which make it possible to maintain the physicochemical state of food. Stabilizersinclude substances which enable the maintenance of a homogenous dispersion of two or more immiscible substances in food, and also include substances which stabilize, retain or intensify an existing color of a foodstuff.
The Asia-Pacific food stabilizer market is the third largest market both in terms of value and volume. Its growing population, the rise in demand for convenience food and organic food, the influence of westernized food consumption pattern, and rising disposable income increases the growth of convenience food, are driving the food stabilizers market. Rising preference for specialized and customized blends by F&B manufactures of food stabilizers also gives a competitive advantage to the food industry. Owing to these factors food stabilizers are expected to grow exponentially during the forecasted period. However, lack of infrastructure and transportation facilities lead to wastage of agro-produce, in turn, affecting food stabilizer manufactures. Consumer preference for fresh food has also become a hurdle in the growth of the market.
The Asia-Pacific food stabilizer market is further segmented into stability, texture, moisture retention, and others, like mouth feel, egg replacement, and ice crystallization, based on their function. Food stabilizers find major applications in bakery, confectionery, dairy foods, beverages, convenience food, snacks, and meat and poultry food products. Convenience food segment is the fastest growing segment of the applications due to consumer exposure to packaged food and the rise in disposable income.
The Asia-Pacific food stabilizer market is dominated by China, followed by Japan and India. China accounts 40% of the Asia-Pacific food stabilizer market due to the increasing population, economic growth, and heavy demand for food stabilizers in the food & beverage industry.
Tate & Lyle PLC is one of the major players in the market with 7.2% market share, followed by Royal DSM, which is one of the emerging players in the Asia-Pacific food stabilizers market. To increase the market share companies are concentrating on the development of innovative and multi-functional food stabilizers. The market is also observing new entrants, who are investing in emerging markets.
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