Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.
Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.
We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.
In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months. Request Insights
IN THE NEWSChemicals are used across a wide range of end-use applications. But in the industry of edible commodities, food & beverage chemicals are used either in total or partial to reconstitute, treat or modify one or more of the raw materials which is involved in the food product, including materials during the manufacturing process, so as to enhance the durability of the food product, or to add new features to the food, such as improved colors, excellent cooking resistance, aroma and others.
The global food & beverage chemicals market is thriving on account of the growing demand for different type of food products, change in consumption preferences, increasing per capita income of individuals, demographic shift and change in lifestyles. The change in the preferences for food products can be attributed to the increasing focus of the consumers from products which are essential for survival to products which contribute to good health and well-being. The global food & beverage chemicals market is anticipated to grow with a notable CAGR during the forecast period 2021-2029. The market is segmented by application into bakery, beverages, chocolate & confectionery, convenience food, dairy, fruit & vegetable processing, functional foods, meat, poultry, fish, pet food and others. Among these segments, the bakery segment registered a significant market share in the year 2020 and is further anticipated to grow remarkably during the forecast period. The growth of the segment can be attributed to the growing use of food additives in bakeries and restaurants for enhancing the taste, appearance, aroma and texture of the food. Additionally, the food additives are also used in bakeries to preserve, color, emulsify or sweeten the food items, which is further anticipated to raise the demand for food chemicals, such as additives in bakeries. CLICK TO DOWNLOAD SAMPLE REPORT
With the growing concern for health diseases globally, consumers are opting for food products which are not only flavored and nutritious, but also are safe to consume and are affordable. In the recent years, with the growing demand for nutritional supplements, consumers are also willing to pay premium prices for such type of food products. As a result, food manufacturers are increasingly using food & beverage chemicals in an appropriate manner and quantity, so that it makes the food product very desirable amongst the consumers.
Growing Population Worldwide and the Rising Demand for Food Products
Globally, the population recorded till the year 2019 was close to 7.7 billion, according to the data by the World Bank.
The population around the world is increasing on a daily basis over the years. Backed by the increasing worldwide population, the demand for food and food products is also anticipated to grow significantly. On the other hand, with the growing population, the preference for different food products amongst the consumers is also increasing significantly. Moreover, with the availability of a wide variety of food products now-a-days, food manufacturers are also increasingly focusing on to develop food products through increasing research and development. These food products require different chemicals so as to have the exact flavor and color. Such factors are anticipated to drive the growth of the global food & beverage chemicals market during the forecast period.
Although chemicals are used massively in the manufacturing of food products, using it in an inappropriate manner can cause severe health issues to the consumers. As a result, consumers habitually think food & beverage chemicals as harmful substances. Owing to such a factor, many consumers avoid food products which contain chemicals, usually in the low- and middle-income nations. Such a factor is anticipated to lower the market growth during the forecast period.
Our in-depth analysis of the global food & beverage chemicals market includes the following segments:
On the basis of regional analysis, the global food & beverage chemicals market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
Among these regions, the market in North America is anticipated to hold the largest share, backed by the presence of numerous food and beverage manufacturers in the region who produce different types of food products that require chemicals for manufacturing them. On the other hand, the market in Europe is anticipated to grow significantly, especially for the increasing consumption of bakery products in the region. The market for food & beverage chemicals in Asia Pacific is anticipated to observe a significant CAGR, backed by growing westernization in the region, along with the changing preferences for food products amongst the consumers.
The global food & beverage chemicals market is further classified on the basis of regions as follows:
FREQUENTLY ASKED QUESTIONS
Growing demand for healthier food products is one of the major factors driving the market growth.
The market is anticipated to attain a notable CAGR over the forecast period, i.e., 2021-2029.
The market is anticipated to attain a notable CAGR over the forecast period, i.e., 2021-2029.
The market is anticipated to attain a notable CAGR over the forecast period, i.e., 2021-2029.
The food & beverage chemicals market is majorly segmented by product type, application and by region.
The bakery segment, which is a sub-segment of the application segment, registered the largest market share in the year 2020, and is estimated to display significant growth during the forecast period.
Concerns for the ill effects on health upon the consumption of the food chemicals is one of the major factors estimated to act as barriers to the growth of the market.
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