Research Nester has released a report titled “Food Additives Market for Bakeries & Restaurants – Global Demand Analysis & Opportunity Outlook 2027” which delivers detailed overview of the global food additives market for bakeries & restaurants in terms of market segmentation by end user and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
The global food additives market for bakeries & restaurants is segmented by end user into restaurants and bakeries, out of which, restaurant segment is anticipated to hold the largest market share by attaining a CAGR of 4.93% during the forecast period, i.e. 2020-2027. The segment is also anticipated to reach a market value of USD 46.71 million by the end of 2027. Additionally, the bakeries segment is estimated to attain the highest CAGR of 5.84% over the forecast period.
The global food additives market for bakeries & restaurants is anticipated to achieve a CAGR of 5.21% during the forecast period. Increasing consumption of food additives by the bakeries and restaurants to enhance the taste, appearance, texture and aroma of the food, coupled with the increasing number of food outlets across the globe are some of the factors anticipated to contribute significantly towards the growth of the global food additives market for bakeries and restaurants. Further, the market was valued at USD 43.94 million in the year 2018 and is anticipated to reach USD 68.45 million by the end of 2027.
Regionally, the global food additives market for bakeries & restaurants is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Among these regions, Asia Pacific, which held a market share of 34.30% in the year 2018, is anticipated to hold the largest market share and grow by 1.71x during the assessment period owing to the growing number of consumers opting for convenient foods, rising customer spending on eating out, increasing sales of bakery products, rapid growth of fast service food industries and presence of numerous food processing players are some of the factors anticipated to drive the growth of the market in Asia Pacific.
Growing Demand for Convenient and Packaged Foods Amongst Consumers
In the statistics stated by the National Restaurant Association, almost 9 in 10 consumers prefer to go to restaurant. Further, the statistics also stated that two-third of the consumers believe that restaurant provided flavors which they can’t easily duplicate at home.
Increasing preferences for convenient and packaged foods on the back of hectic lifestyles of the population is anticipated to raise the demand amongst restaurant owners to consume more food additives to enhance the flavor, appearance, texture and aroma of foods. Additionally, with the growing travel and tourism industry worldwide, numerous people are travelling around the globe throughout the year. Tourists prefer to look for new experiences and try for foods in restaurants which are offered in various flavors and varieties. Additionally, these tourists also prefer for packaged foods for consumption during travel, which is promoting towards the rising demand for packaged foods. On the other hand, health conscious people are increasingly demanding for low calorie food products, for which food manufacturers are increasingly demanding for food additives that help maintain the total calorific value of the food at a lower level. Such factors are thereby anticipated to drive the growth of the global food additives market for bakeries & restaurants.
However, concerns regarding stringent governmental regulations for food products around the globe and the dynamic change in the norms by the governmental food regulatory bodies, followed by the concern for allergic reactions in consumers of consuming foods prepared by adding food additives as raw ingredients are some of the factors anticipated to limit the growth of the global food additives market for bakeries & restaurants.
This report also provides the existing competitive scenario of some of the key players of the global food additives market for bakeries & restaurants. Which includes company profiling of Cargill, Incorporated, DuPont de Nemours, Inc., Archer Daniels Midland Company (NYSE: ADM), BASF SE (OTCMKTS: BASFY), Tate & Lyle (OTCMKTS: TATYY) and Ajinomoto Co., Inc. (OTCMKTS: AJINY). The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global food additives market for bakeries & restaurants that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.