The global food emulsifiers market will grow to US$3.18 billion by 2020 from US$2.21 billion in 2013, growing at compound annual growth rate (CAGR) of 5.4% from 2014 to 2020, states a Grand View Research report.
Increasing demand for bakery products coupled with rising application in processed and convenience foods is expected to drive market growth.
Growing consumption of food emulsifiers primarily in premium breads, low-fat spreads, chilled dairy products and chocolates is anticipated to augment market growth.
Asia Pacific is expected to show high growth over the forecast period as a result of increasing demand for convenience products, consumer preferences for high-quality products along with strengthening government food regulations in the region.
Furthermore, rapid increase of functional foods is expected to serve as growth opportunities for market over the next six years.
Mono, di-glycerides and derivatives were the largest product segment in 2013, accounting for over 40% of market volume in 2013.
They are expected to aid growth owing to functional properties such as stability, viscosity and fat reduction. In addition, growing demand in bakery industry is expected to help it maintain high market share over the next six years.
The report highlights the following:
– Global food emulsifiers market demand was 751.7 kilo tons in 2013 and is expected to reach 1,019.8 kilo tons by 2020, growing at a CAGR of 4.5% from 2014 to 2020.
– Bakery and confectionery was the largest application segment in 2013 and is expected to witness lucrative growth over the next six years on account of increasing demand for products including cakes, chocolates, sugar confectionery and gum in China, India, Indonesia, Malaysia, Saudi Arabia, Egypt, Israel and Vietnam.
– Europe was the largest regional market, accounting for over 25% of global demand in 2013.
The market is expected to witness significant growth over the forecast period owing to increasing food processing industry in the region.
– Asia Pacific is expected to witness fastest growth, at an estimated CAGR of 7.5% from 2014 to 2020 owing to growing consumer awareness regarding benefits of food emulsifiers mainly in China, Vietnam, Indonesia and India.
In addition, expanding food processing industry in the region is expected to further augment market growth.