India Food Additives Market to Register Growth at over 12% CAGR
Growing demand for ready-to-eat food products coupled with rising preference for natural food ingredients to drive food additives market in India over the next five years
Food additives are edible substances added to food products to enhance their taste, color, appearance and texture. Besides improving quality, these additives are added to prevent microbial growth and increase longevity of processed food products. Being one of the most populous countries in the world, India has been witnessing significant rise in food consumption level, prevalence of processed and packaged food, convenience food, alcoholic and non-alcoholic beverages, bakery items, ready-to-eat food products and cereals. These trends are expected to drive remarkable growth in the demand for food additives in the country over the coming years.
According to the recently published TechSci Research report “India Food Additives Market Forecast and Opportunities, 2020”, the market for food additives in India is anticipated to witness double digit growth at a CAGR over 12% during 2015-2020. Growth in per capita disposable income and rising urban middle class population are among the key market contributors. Due to cultural and regional diversities, food consumption pattern is very not uniform in various parts of the country. As a result, western region generatesthe highest demand for food additives in the country. The region is expected to continue spearheading the market due to the presence of a large number of food and beverage manufacturing companies in the states of Gujarat and Maharashtra.
Firmenich Aromatics India Private Limited, Zydus Cadila, Danisco and Adani Wilmer Limited are some of the major food additives suppliers operating in India. Global food giants such as Mars, Mondelez, PepsiCo, Inc. and Kraft Foods have also been supplying their food items and are among the major food additives consumers in India.
“Indian food additives market is dominated by the flavors segment due to their substantial use in beverages, savory items and cereals. With rising incidences of health problems like diabetes, consumers are also shifting towards all-natural, low calorie sweeteners such as Stevia. As a result, sweeteners are most likely to witness faster growth over the next five years and emerge as the leading segment in India food additives market through 2020.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“India Food Additives Market Forecast and Opportunities, 2020” has evaluated the future growth potential of food additives market and provides statistics and information on market size, share and future growth. The report is intended to provide cutting-edge market intelligence and help decision makers to take sound investment evaluation. Besides, the report also identifies and analyzes the emerging trends along with essential drivers and key challenges prevailing in India Food Additives Market.