Increasing Consumer Preference Towards Food Safety and Quality Is Increasing the Growth of the Beverage Additives Market.
Hyderabad, India - July 22, 2021 /MarketersMedia/ —
Beverage Additives Market size is forecast to reach $56.3 billion by 2026, growing at a CAGR of 6.4% during the forecast period 2021-2026. Beverage additives are type of food additives that are added to food. Preservatives, colorants, flavoring agents, and flavor enhancers are examples of beverage additives that are used to improve the taste and flavor of drinks. Beverage additives help to preserve the nutritious value of drinks while also improving their consistency. They can be present in both natural and man-made sources. Beverage additives can support all non-alcoholic foods such as juices, sports and energy drinks, soft drinks, dairy beverages, and others, as well as alcoholic beverages such as beer, whiskey, and wine. Increasing prevalence of obesity and heart diseases which leads to rise in demand for low sugar soft drinks are the major factors driving the growth of the market. Increasing disposable income coupled with changing lifestyle of the people is set to further enhance the overall market development of the Beverage Additives Market for the period 2021-2026.
Beverage Additives Market Segment Analysis – By Type
Preservatives held the largest share in the Beverage Additives Market in 2020 and is estimated to grow at a CAGR 6.7% during the forecast period 2021-2026. Preservatives are widely used in beverages products to increase the shelf life of beverage products. Preservatives are used to save food from spoiling due to bacteria, molds, fungi, and yeast. Preservatives extend food's shelf life by keeping it fresh for longer periods of time. Food preservatives are often used to slow or avoid color, taste, or texture shifts, as well as to postpone rancidity. Preservatives are estimated to register the higher CAGR over the period 2021-2026.
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Beverage Additives Market Segment Analysis – By Application
Non-alcoholic held the largest share in the Beverage Additives Market in 2020 and is estimated to grow at a CAGR 7.0% during the forecast period 2021-2026. Beverage additives are majorly used in non-alcoholic beverage to enhance texture, color and taste of beverages. Non-beverages includes energy drinks, juices, soft drinks, milk beverages and other. Flavoring agent, preservatives, colorants and flavor enhancers are added to non-alcoholic beverages. Non-alcoholic are estimated to register the higher CAGR over the period 2021-2026.
Beverage Additives Market Segment Analysis – By Geography
Asia-Pacific dominated the Beverage Additives Market with a major share of 41.2% in 2020. This is attributed to changing preference of the people towards healthy lifestyles in this region. Furthermore, growing urbanization, increasing disposable income of the people coupled with surge in beverage industry in this region is also increasing the growth of the market in this region. However, North America is estimated to grow at a higher CAGR during the forecast period 2021-2026 owing to the rising demand for alcoholic beverages coupled with increasing preference of the people towards packaged beverages. Increasing awareness of food quality and safety is also increasing the growth of the market in this region.
Beverage Additives Market Drivers
Increasing Prevalence of Obesity
Increasing prevalence of obesity is increasing the growth of the Beverage Additives Market. This is leads to rise in demand for fat replacers and low calorie beverage products. Some of the major factor of obesity includes high calorie intake, consumption of high amount of energy. According to WHO, in 2016, about 1.9 billion people over the age of 18 were overweight, and 650 million adults were obesed. Thus, increasing the growth of the Beverage Additives Market during the forecast period 2021-2026.
Growing Preference of Consumers Towards Food Safety and Quality
Increasing consumer preference towards food safety and quality is increasing the growth of the Beverage Additives Market. Rising incidence of foodborne diseases and toxicity leads to rise in treats of food safety. According to, The Centre for Disease Control and Prevention (CDCP), every year one in 10 people fall sick owing to foodborne diseases. Thus, increasing the growth of the Beverage Additives Market during the forecast period 2021-2026.
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Beverage Additives Market Challenges
Limited Availability & High Cost
Some of the factors that are set to impede the growth of the Beverage Additives Market are high cost of natural derived additives and limited availability. Rising demand for organic food products and lack of compensation is also set to hinder the growth of the market.
Beverage Additives Market Landscape
The Beverage Additives Market, top 10 companies are DuPont, Cargill, BASF, Kerry Group, Royal DSM, ADM, International Flavors & Fragrances Inc., Dallant, S.A., Keva Flavours Pvt. Ltd. and Celanese Corporation
Key Takeaways
Asia-Pacific dominated the Beverage Additives Market in 2020 owing to the wide availability of advanced technologies and favorable reimbursement policies. The Beverage Additives Market scope for different regions will be provided in the final report.
Increasing awareness about food quality and safety are likely to aid the market growth of the Beverage Additives Market report.
Detailed analysis of the Strength, Weakness, and Opportunities of the prominent players operating in the market will be provided in the Beverage Additives Market report.
Side effects associated with beverage additives, rising demand for no additive food products is poised to create the hurdles for the Beverage Additives Market.
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