The global market for food additives is set to grow steadily over the next five years, according to a new report.
The market was worth £18.4 billion in 2011, and is expected to reach £23.6bn in 2018, says Transparency Market Research.
The analyst says the increase will be as a result expected growth in the food and beverage industry, and increasing awareness of and demand for functional food additives.
Europe dominated the food additives market in 2011, accounting for over 32% of global consumption. However, surging demand from India, China and South Korea, means Asia Pacific is expected to be the fastest growing market for food additives, with an estimated compound annual growth rate of 5% from 2012 to 2018.
“Huge opportunities exist in the segments of flavours and enhancers, enzymes, fat replacers and the shelf life stabilisers market,” says a spokesman for Transparency Market Research.