The food preservatives market is expected to register a moderate CAGR of 4% during the forecast period (2020-2030). Gains remain primarily driven by increased demand for food products with longer shelf life. The rise of on-the-go culture along with sprung in the number of working population has been significantly contributing to the market growth.
In the wake of COVID-19 pandemic and a series of its domino effect, panic buying and stockpiling tendencies has led to a spike in the sales of ready-to-eat food products during the 2nd quarter of 2020. High sales of these products have resulted in depletion of distributor level inventories. In addition, factory closures and supply chain disruptions have triggered challenges in raw material procurement and sales of food preservatives.
The reopening of food production facilities is expected to significantly accelerate the demand for food preservatives. With consumer inclination towards food that provides comfort and familiarity, the food preservatives market is expected to experience gradual growth after the COVID-19 crisis.
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Key Takeaways of Food Preservatives Market Study
- North America accounts for nearly 1/3rd of the global food preservatives market value, and is expected to grow 1.6X during the forecast period.
- Synthetic food preservatives continue to account for major share of the market revenue, while demand for natural food preservatives is expected to grow at a significant rate over the forecast period.
- Antimicrobial food preservatives remain highly preferred and their sales are expected to grow 1.7X during the forecast period.
- Bakery and processed food remain key application areas of food preservatives, while growing adoption in beverage is likely to result in increased market share.
“Market players primarily focused on natural or plant-based sources of food preservatives will largely benefit from consumer optimism about natural or chemical-free products. These players can also gain advantage from clean label certifications for food preservatives,” says the Fact.MR analyst.
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Top Market Players to Prioritize Innovative Product Offerings
The food preservatives market has witnessed multiple product launches and innovations during the recent years. Companies such as BASF SE, Cargill, Incorporated, Celanese Corporation, and Chr. Hansen A/S have been on the forefront of these innovations. A majority of companies operating in the food preservatives market have been expanding their product portfolio to attract and retain a large number of consumers.
In the view of aversion among consumers towards chemical-based food products, companies have been tackling performance issues with partial substitution of synthetic preservatives. Moreover, manufacturers of synthetic or artificial food preservatives are struggling to switch and fulfill newer demands.
Find More Valuable Insights on Food Preservatives Market
Fact.MR, in its new offering, brings to fore an unbiased analysis of the global food preservatives market, presenting historical demand data (2015-2019) and forecast statistics for the period, 2020-2030. The study divulges compelling insights on the food preservatives market on the basis of product (natural and synthetic {benzoic acid, sorbic acid, lactic acid, propionic acid and others}), function (antimicrobial, antioxidants, and others) and applications (bakery & processed food, beverages, dairy & milk products, meat, poultry & seafood and others) across six major regions.
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