Market Analysis
There are many factors that is driving the growth of the Food Preservatives Market. Some of these factors as per the Market Research Future (MRFR) report include increase in consumer affordability, willingness to invest in products having premium prices, increase in the number of consumers looking for high-quality and fresh edibles, increase in exports and imports, change in people’s lifestyle and increasing popularity of convenience products and packaged goods. On the contrary, factors such as health hazards related to food preservatives, growing health concerns concerning the safety of the food additives, rising price of natural preservatives as well as stringent government regulations may hamper the growth of the food preservatives market.
The Global Food Preservatives Market is touted to touch USD 3315.5 million at an impressive 3.80% CAGR during the predicted years (2018-2023). Food preservatives simply put are products that are used during food processing for avoiding spoilage and increasing stability. Preservatives are available in different varieties but not all are utilized at the time of processing. Some are also added in minimal quantities in some forms of foods post processing resting on the requirement. Generally, spices, sugar and salts are utilized for preserving meat as well as other foods. One of the best advantages of using food preservatives is that it helps in preventing the microorganisms to multiply, thus delaying or inhibiting spoilage. Today food preservatives have a wide application including frozen food products, confectionery products namely natural food colors, dairy products, oils and fats, beverages, seafood, poultry, meat products and baking products namely various forms of baking ingredients.
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Key Players
Leading players profiled in the food preservatives market include-
- Cognis (Germany)
- Jungbunzlauer Ag (Switzerland)
- Corbion Purac (the Netherlands)
- Archer Daniel Midland (U.S.)
- Kerry Group (Ireland)
- Albemarle Corporation (U.S.)
- Hawkins Watts Limited (New Zealand)
- Danisco A/S (Denmark)
- Tate & Lyle PLC (U.K)
- LLC (U.S.)
- Prinova Group, Celanese Corp. (U.S.)
- Brenntag Inc (U.S.)
- Chr. Hansen A S (Denmark)
- Galactic S.A. (Belgium)
- Akzo Nobel N.V. (the Netherlands)
- Kemin Industries, Inc. (U.S.)
- Univar Inc. (U.S.)
- Royal DSM (the Netherlands)
- DuPont (U.S.)
- BASF (Germany)
- Incorporated (U.S.)
Competitive Analysis
The global food preservatives market is competitive and moderately fragmented. It is mergers that form a vital part for leading players in the market. Growing demand for natural products owing to health issues has led a couple of foods preservative manufacturers to make investments in the business for offering superior quality products and accelerating the demand for food preservatives. They are also working on new technologies that will reduce the cost of production and improve the feed product along with its quality.
Key Findings:
- Global food preservatives market is projected to reach USD 3315.5 million by 2023 at a growth rate of 3.80%
- Natural food preservative is witnessed to have the highest growth rate with CAGR of 4.29% over the forecast period 2017-2023
- Natural food preservative is expected to grow at a CAGR of 4.92% in Asia Pacific region followed by Europe over the forecast period.
- Application of food preservative in dairy & frozen desserts is witnessed to be the fastest growing segment over the forecast period
Market Segmentation
Market Research Future report offers an all-inclusive segmental analysis of the food preservatives market on the basis of Type, Function and Application.
Based on Type
- Nitrates
- Sorbates
- Propionates
- Benzoates
- Natural
- Synthetic
Based on Function
- Antimicrobials
- Antioxidants
Based on Application
- Dairy
- Beverages
- Bakery
- Confectionery
Based on Region
- North America
- Asia Pacific
- Europe
- Rest of the World
Detailed Regional Analysis
The Food Preservatives Market globally has been observing a continual period of growth through the forecast period due to increasing consumption of convenience foods and mounting demand for frozen food and packed products. In terms of volume and value, the North American market is projected to control the food preservatives sector controlling a major share of 36.10 per cent. Likewise, the Asia Pacific region is expected to be the main growing region at a rate of 4.53 per cent in the forecast period.
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