Rising awareness of microbial action impacting food quality coupled with growing concerns towards increasing shelf life of food & beverage products is expected to drive acidity regulators market over the next six years. The global market is expected to witness growth on account of the product’s wide application scope as gelling agents, flavorants, and taste modifiers in the food & beverage industry. Growing demand for processed foods such as wafers, tofu, and noodles is expected to propel the use of acidity regulators, which is expected to drive market growth over the next six years. Food & beverage industry growth and increasing expenditure on technological advancement in emerging markets such as Brazil, China, and India is expected to drive acidity regulators demand. The rising purchasing power of consumers in emerging economies of Asia Pacific, Middle East, and Latin America has fuelled demand for condiments, dressings, and bakery items. Growing demand for the aforementioned products is expected to promote the use of acidity regulators as a food additive over the forecast period. European Commission and FDA have framed various regulations pertaining to the restriction on chemical-based additives in the food & beverage industry and thus hamper market growth over.
Citric acid is expected to remain the highest consumed product over the next six years on account of its increasingly used in non-alcoholic beverages such as fruit & vegetable juice. Non-alcoholic beverage industry growth in India and China is expected to fuel acidity regulators market demand. Malic acid is expected to be the fastest-growing product segment on account of its use in imparting sour taste to fruit & vegetable juices. Beverages are expected to be the largest application for acidity regulators and would witness growth due to the growing demand for energy drinks and the introduction of exotic color blends.
Asia Pacific is expected to be the largest acidity regulators market owing to the growth of the food & beverage industry in China and India coupled with high demand for processed foods in China. North American acidity regulators market is expected to witness growth owing to increased fruit beverage consumption in U.S. Positive industry outlook for the food & beverage industry in Brazil and Middle East countries including Saudi Arabia is expected to have a positive impact on the market growth over the forecast period.
Key market participants include Archer Daniels Midland (ADM), Cargill Incorporated, Univar, Purac Biochem B.V., and Tate & Lyle Plc. The government of India and China have framed FDI policies intended for promoting industrial development. Favorable FDI policies coupled with low manufacturing cost in Asia Pacific in comparison to North America and Europe is expected to provide market opportunities in the near future.
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The demand for packaged and processed foods is expected to increase owing to their longer shelf life. Furthermore, manufacturers are closely monitoring the product supply to major retailers through specialized communication channels in order to improve restocking. In addition, processed food manufacturers have urged the packaging raw material suppliers as well as contract packers to ensure a steady flow of goods during the lockdown related to COVID-19. The report will account for Covid19 as a key market contributor.
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