The Latin America, Middle East and Africa Food Additives Market would witness market growth of 7.8% CAGR during the forecast period (2021-2027).
Consumers' increasingly hectic lifestyles raise demand for ready-to-eat snacks, convenience, and packaged foods. In addition, rising consumer preference for various types of exotic flavors in foods is increasing the demand for processed food as food additives help to add taste and flavor to food while also increasing the shelf life of food, resulting in rising consumer preference for processed food and thus increasing the growth of the Food Additives Market during the forecasting period.
Foodborne diseases are caused by bacteria and pollutants found in food, and the rising prevalence of these diseases is a major driver driving market growth. According to the World Health Organization, approximately 600 million cases of foodborne disease will occur in 2020, resulting in increased government initiatives to minimize the risk of foodborne disease and, as a result, increased use of food additives
The increasing food processing industry in Central and South America is driving product demand. According to the United States Department of Agriculture, Brazil's food processing industry rose significantly from 2019 to 2020. In addition, developments in food and beverage sales channels, as well as an increase in the number of hypermarkets and supermarkets in the region. In addition, the consumption of high-nutrient meals and beverages with increased visual appeal rises. Moreover, the regional market would witness changes in consumer taste and interest in product quality and nutritional value.
Consumer understanding of different sorts of flavors is also expected to play a key role in the dynamics of the regional market. Because there is no real alternative for food additives, the evolution of the food and beverage industry may have an impact on worldwide market decisions.
The Brazil market dominated the LAMEA Food Additives Market by Country 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $2,655.2 million by 2027. The Argentina market is experiencing a CAGR of 8.4% during (2021 - 2027). Additionally, The UAE market would exhibit a CAGR of 7.5% during (2021 - 2027).
Based on Source, the market is segmented into Natural and Synthetic. Based on Product, the market is segmented into Sweeteners, Flavors & Enhancers, Emulsifiers & Shelf-life Stabilizers, Enzymes, Fat Replacers, Prebiotics & Probiotics, Dietary Fibers, and Others. Based on Application, the market is segmented into Bakery & confectionery, Beverages, Convenience Foods, Dairy & Frozen Desserts, Spices, Condiments, Sauces & Dressings, and Others. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Global Food Additives Market is Predict to reach $135.2 Billion by 2027, at a CAGR of 5.2%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include BASF SE, Kerry Group PLC, Novozymes A/S, Archer Daniels Midland Company, International Flavors & Fragrances, Inc., Ingredion, Incorporated, Tate & Lyle PLC, Ajinomoto Co. Inc., Chr. Hansen holding A/S, and Cargill Corporation.
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