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. It is expected to expand at a CAGR of 4.4 percent across the forecast period of 2022 to 2032.
Due to the pandemic, the relationship between consumers and food has changed significantly. 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 significant ingredient in improving the appearance and flavour of food, sensory additives made a significant gain in the global market.
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 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 market is expected to rise significantly over the coming years.
Key Takeaways from Market Study
- The global sensory additives market is projected to expand at 4.4 percent CAGR and be valued at US$ 36 billion by 2032.
- The market expanded at 3.7 percent 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 percent share in 2021.
- Based on region, demand for sensory additives is expected to increase at CAGRs of 28.1 percent and 24.6 percent in Europe and North America, respectively.
“Natural sensory additives are anticipated to present market players with attractive near-term growth opportunities,” says a Fact.MR analyst.
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.
These insights are based on a report on Sensory Additives Market by Fact.MR.