Seoul, South Korea, Aug. 15, 2022 (GLOBE NEWSWIRE) -- According to Fact.MR, a market research and competitive intelligence provider, the global sensory additives market is estimated at US$ 23.4 billion in 2022 and is expected to expand at a CAGR of 4.4% across the forecast period of 2022 to 2032.
Due to the pandemic, the relationship of consumers with food has changed a whole lot. With fewer options for dining out, social networking sites emerged as a secure alternative for people to satisfy their food cravings. Cookery shows, culinary influencers, and food bloggers started an impressive food presentation trend. As a major ingredient in improving the appearance and flavour of food, sensory additives made significant gain in the global market.
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The ultra-processed food or processed food sector heavily utilizes sensory additives to improve the product's flavour and appearance. Nowadays, people are experimenting with different cuisines and food products as they get more familiar with various products available around the world, which is adding a positive impact to the sensory additives market. In addition, their wide application range in the food & beverage industry to meet rising consumer requirements is a major contributor to market growth.
Moreover, the use of natural flavours and colours has considerably expanded with the use of convenience foods such as baked goods, ready-to-eat meals, etc. The millennial generation enjoys sweets and snacks more, and thus, the market for natural flavours and colours is expected to rise significantly over the coming years.
How Can Market Growth Be Hampered to Some Extent?
"Emerging Safety & Health Risks of Processed Food"
Sensory additives do not add any nutritional value to food products. They are commonly used to enhance the natural properties of the chemical substance found in food. Rise in awareness across the globe with respect to the safety and health risks associated with the use of sensory additives in processed food could hamper market growth to some extent.
Sensory additives that contain artificial flavors are believed to cause lung diseases. Sensory additives need to pass several toxicity tests in regional regulatory organizations prior to approval to be used.
Commonly, nine dyes are used in the U.S. as of now, which has proven to be hazardous in some way, either by producing carcinogenicity, geno-toxicity, or hypersensitivity. This acts as a potential threat for sensory additives market growth; however, key players are coming up with robust solutions to overcome these restraints and capture the available opportunity.
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Key Segments Covered in the Sensory Additives Industry Survey
- By Product Type :
- Flavors (excluding Sweeteners)
- Flavors (excluding Sweeteners)
- By Nature :
- By Form :
- By Solubility :
- By End-use Industry :
- Food Industry
- Food Processing Industry
- Seasoning, Sauce and Condiment Industry
- Beverage Industry
- Animal Feed Industry
- Livestock Feed Industry
- Pet Feed Industry
- Food Industry
With the rise in awareness regarding the adverse effects of the use of artificial and synthetic ingredients in all industries, including sensory additives, demand for natural sensory additives is set to see steady growth over the coming years. This creates a huge opportunity for the players in the food, feed, and beverage industry to gain a solid hold in the market by incorporating more natural and sustainable sensory additives products in their portfolios.
However, apart from consumer consciousness regarding health, which leads to a rise in the sales of natural products in every sector, including sensory additives, the rise in demand for clean label products such as no artificial colour, made from real or natural ingredients, etc., is also driving the market for natural sensory additives.
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Key players in the Sensory Additives Market
- CHR Hansen Holding A/S
- Sensient Technologies Corporation
- Archer Daniels Midland Company
Key Takeaways from Sensory Additives Market Study
- The global sensory additives market is projected to expand at 4.4% CAGR and be valued at US$ 36 billion by 2032.
- The market expanded at 3.7% CAGR from 2017 to 2021.
- Under product type, texturants dominate the market and are currently valued at US$ 11.8 billion.
- Europe dominated the worldwide market with 28.1% share in 2021.
- Based on region, demand for sensory additives is expected to increase at CAGRs of 28.1% and 24.6% in Europe and North America, respectively.
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