Latest News- Functional Additives Market: Foods and beverages is expected to lead the Application segment during 2025-2029

The Functional Additives Market is being driven by Rising online and internet sales of functional additives

The Functional Additives Market is expected to grow at a CAGR of 5.5% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 1358.7 million. In the food and beverages sector, plastic packaging has been a common choice due to its convenience and cost-effectiveness. However, the non-biodegradable nature of plastics raises sustainability concerns, leading to an increased focus on reverse logistics. This process, which facilitates the flow of materials back from consumers to manufacturers, is expected to drive the global packaging market. In particular, PET bottles are either remanufactured or used as raw material to produce new bottles, reducing costs and enhancing sustainability. In the US, government initiatives like the California Redemption Value (CRV) program further support this trend by incentivizing the collection and recycling of PET bottles. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Application
  • Foods and beverages
  • Pharmaceutical and healthcare
  • Personal care and cosmetics
  • Others
• Type
  • Oxygen scavengers
  • UV stabilizers
  • Antistatic agents
  • Antimicrobial additives
  • Others
• Geography
  • APAC
    • China
    • India
    • Japan
    • South Korea
  • North America
    • Canada
    • Mexico
    • US
  • Europe
    • Germany
    • France
  • South America
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Rising online and internet sales of functional additives
• Growing demand for functional additives from pharmaceutical industry
• Growing demand for functional additives from packaging industry

However, the market also witnesses some limitations, which are as follows:

• Volatile raw material prices of functional additives
• Lack of awareness of eco-friendly functional additives
• Stringent regulations and policies for functional additives market

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Market Scope in Functional Additives Market Research Report

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Research Analysis Overview

The Functional Additives market encompasses a range of synthetic formulations, including UV protection agents, antioxidants, blowing agents, anti-block agents, clarifying agents, impact modifiers, UV stabilizers, and more, used in the production of PET bottles and other packaging applications. These additives offer benefits such as UV protection, extended shelf life, and improved product quality. For PET, specifically, functional additives can include antimicrobial agents, slip additives, bio-based additives, sustainable packaging additives, and smart packaging additives. In the realm of plastics, PE and PET are commonly used, with chemical compositions continually evolving to meet consumer preferences and stringent regulations. Functional additives play a crucial role in enhancing the properties of these materials, addressing concerns such as skin contact, temperature monitoring, tamper evident features, and biodegradability. As consumer awareness grows, there is a increasing focus on eco-friendly and cruelty-free products, sustainable textiles, green marketing, and responsible sourcing. Green technology, life cycle analysis, renewable resources, and green chemistry are all driving the research and development of bio-based materials and biopolymers. Environmental impact assessment and the use of sustainable packaging solutions, such as compostable packaging, are also key considerations in the functional additives market.

Market Research Overview

The functional additives segment within the global specialty chemicals market encompasses a range of high-value-added chemicals utilized in the production of various products, including PET bottles, plastics, and coatings. These additives, such as UV protection agents, antioxidants, blowing agents, anti-block agents, clarifying agents, impact modifiers, UV stabilizers, antimicrobial agents, brightness agents, and others, significantly enhance the performance and functionality of the final products. The market's expansion will be fueled by increasing consumer demand for advanced packaging solutions, necessitating coating selection, surface preparation, and substrate compatibility considerations. Additionally, the trend toward specialty adhesives and sealants will further propel market growth during the forecast period.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/