The global food additives market for bakeries & restaurants is thriving on the back of increasing consumption of food additives by the bakeries and restaurants. Food additives enhance the taste, appearance, texture and aroma of the food. As such, bakeries and restaurants are increasingly utilizing the food additives for the preservation, sweetening, coloration and emulsification of the food items. Moreover, rising number of food outlets across the globe is also anticipated to promote towards the growth of the global food additives market for bakeries & restaurants.
Global food additives market for bakeries & restaurants reached USD 43.94 million in 2018 and is expected to garner USD 68.45 million by the end of 2027 by registering a CAGR of 5.21% across the globe over the forecast period 2020-2027. Further, the global food additives market for bakeries & restaurants is anticipated to achieve an absolute $ opportunity of USD 24.51 million during the assessment period, i.e. 2018-2027.
Growth Highlights based on Region during 2018-2027
The global food additives market for bakeries & restaurants is segmented by regions into North America, Latin America, Europe, Asia-Pacific and Middle East and Africa. Among these regions, the market of Asia Pacific food additives market for bakeries & restaurants is driven primarily by nations such as China on the back of rising number of consumers opting for convenient foods backed by the increasing working population, widespread urbanization and hectic lifestyles, followed by increasing customer spending on eating out. Additionally, factors such as 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 region in the upcoming years. Further, the Asia Pacific food additives market for bakeries & restaurants held a market share of 34.30% in the year 2018 and is anticipated to grow by 1.71x during the assessment period.
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). CLICK TO DOWNLOAD SAMPLE REPORT
Market Segmentation Synopsis
By End User
The global food additives market for bakeries & restaurants has been segmented on the basis of end user into restaurants and bakeries. Restaurants segment occupies the largest market of food additives and is anticipated to cross USD 46.71 million by the end of 2027 by registering a CAGR of 4.93% over the forecast period. Further, the bakeries segment is anticipated to grow with the highest CAGR of 5.84% over the forecast period.
Market Drivers and Challenges
According to the statistics by the National Restaurant Association, 9 in 10 consumers prefer to go to restaurant. It also stated that two-third of the consumers believe that restaurant provided flavors which they can’t easily duplicate at home.
Consumers around the globe are increasingly preferring convenient and packaged foods owing to hectic lifestyles. Moreover, consumers are travelling extensively and looking to experience new flavors and food. Most of the restaurants use food additives in their food to make the food taste better, increase its flavor and make it look better. Rising demand for processed food and packaged foods amongst consumers is thereby raising the need amongst food manufacturers to consume more food additives, which is one of the key drivers driving the growth of the global food additives for bakeries & restaurants. Moreover, rising demand for low calorie food products on account of increasing diabetic patient worldwide, rising demand for low fat products owing to increasing obese population and changing consumer preference towards food additives are some of the factors anticipated to drive the growth of the global food additives market for bakeries & restaurants.
Stringent regulations across nations around the globe for food products along with the dynamic change in rules formulated by several government regulatory bodies, followed by the concern amongst consumers for few additives that causes allergic reactions to consumers are some of the factors anticipated that are limiting the growth of the global food additives market for bakeries & restaurants.
Some of the affluent industry leaders in the global food additives market for bakeries & restaurants are Cargill, Incorporated, DuPont de Nemours, Inc., Archer Daniels Midland Company, BASF SE, Tate & Lyle and Ajinomoto Co., Inc.
Growing preference for convenience and packages foods on the back of growing hectic lifestyles, increase in travelling activities and others are some of the major factors that are driving the growth of the market.
The market is anticipated to attain a CAGR of 5.21% over the forecast period, i.e. 2020-2027.
Asia Pacific (APAC) is anticipated to hold the dominating share in the market.
North America is anticipated to provide more business opportunities for the growth of the market in the future owing to the presence of several food manufacturers in the region.
The major players in the global food additives market for bakeries & restaurants are Cargill, Incorporated, DuPont de Nemours, Inc., Archer Daniels Midland Company, BASF SE, Tate & Lyle and Ajinomoto Co., Inc.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determines the revenue generating capacity as well as the new products being launched into the market by the company.
The market is majorly segmented by end user and by region.
The restaurant segment, which is a sub-segment of the end-use industry, is anticipated to hold the largest market share and attain a CAGR of 4.93% over the forecast period and reach USD 46.71 million by the end of 2027.
Stringent food regulatory norms is one of the major factors anticipated to act as a barrier towards the growth of the global food additives market for bakeries & restaurants.
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