The Argentine food additives market is forecast to witness a CAGR of 5.65% during the forecast period, 2020-2025.
Key Highlights
- Population growth, coupled with higher food production and demand, is the primary factor leading to the high requirement of food additives applications in Argentina. Growing urbanization and changing lifestyles, due to globalization are driving demand for convenience and packaged foods. The scenario, in turn, is helping the food additives industry to grow, as food additives are an essential component of these kinds of foods.
- The country is one of the developing economies in the region, and this factor is expected to increase the demand for packaged food, in turn, drive the food additives industry. Growing consumer awareness of the benefits of natural additives and functional food additives would help capture the new markets in the region.
Key Market Trends
Growing Demand for Retail Food
Food retail is a highly competitive industry, both in developed and developing markets. Increased number of retailers, retail channels, and formats are increasing consumer access to process and convenience foods, further increasing demand for food additives by the food and beverage industry. While providing consumers with competitive prices, quality, and services, the organized retail sector exposes consumers to label information and quality comparison with both private labels and branded products.
Growing Demand for Sugar Substitutes
Sugar substitutes are food additives that are used to duplicate the effect of sugar in taste, usually with less food energy. The majority of sugar substitutes approved for food use are artificially synthesized compounds. However, some bulk natural sugar substitutes are known, including sorbitol and xylitol, which are found in berries, fruit, vegetables, and mushrooms. Sugar substitutes, like stevia, aspartame, sucralose, neotame, acesulfame potassium, and saccharin, are approved by the USDA and are categorized under GRAS in the American region.
Competitive Landscape
The strategies being adopted in the food additives industry is in maintaining innovation under the development of natural food additives and functional food ingredients to meet customer demand. Many international companies are entering the emerging economies of the region through partnerships, as they see the developed countries as matured markets in terms of revenue growth. Some of the significant players are Cargill Incorporated, Kerry Inc., Corbion NV, Tate & Lyle, Archer Daniels Midland Company, Dupont, and Novozymes, among others.
Additional Benefits:
- The market estimate (ME) sheet in Excel format
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