Published By : 08 Jul 2016 | Published By : QYRESEARCH
Food additives are ingredient added to enhance the taste and appearance of food products. A growth in the food and beverages industry has propelled the demand for food additives. According to a report published by Transparency Market Research (TMR), the global food additives market will rise from US$31.43 bn in 2014 to US$39.85 bn by 2021 exhibiting a 3.4% CAGR from 2015 to 2021.
Rising Demand for High Quality Food Products to Fuel Demand for Food Additives
An increasing number of people are facing issues such as obesity. In fact teen age obesity cases have also risen in the past few years. This has propelled the demand for high quality food and also for functional foods. This in turn is benefitting the global food additives market. There is a huge demand for low fat, low cholesterol, and low calorie food products among the health conscious population across the globe. This is fueling the demand for food additives such as emulsifiers and sweeteners.
Stringent Regulations by Regulatory Bodies to Hamper Growth of Food Additives Market
The food additives market has its own share of problems. Food additive companies need to comply with the European Food and Safety Authority (EFSA), Food and Drug Administration (FDA), and the European Union (EU). These regulatory bodies have laid strict rules that force manufacturers to stick to safety standards, hampering the food additives market across the world. Rigorous testing and long periods of granting approval are some of the challenges faced by the players operating in the food additives market.