Asia-Pacific Food Preservatives Market – Growth, Trends, and Forecast (2018 - 2023)
Food additives are used to enhance the taste, texture, and color of food while maintaining its nutritional content. Food preservatives are a growing segment in the food additives market as they are used to prevent spoilage and decomposition, which takes place in food products due to microbial reactions. The food preservatives market is expected to reach USD 3.6 billion by 2023 at an estimated CAGR of 3.6%.
The Asia-Pacific food preservatives market is largely driven by the demand for convenience and packaged food by the burgeoning population and rising urbanization rates. However, the major constraint is the increased awareness of the ill effects of synthetic ingredients, and growing consumer demand for fresh and natural foods. Companies are seeing this as an opportunity to innovate and provide solutions in the form of natural and functional ingredients.
Asia-Pacific food preservatives market is classified as natural and chemical, with chemical preservatives currently accounting for a large market share. Preservatives are used in food such as oil & fat, bakery & confectionery, fruits and vegetables, dairy and frozen products, meat, poultry, and seafood, savory snacks, and beverages. Asia-Pacific is the second largest market and the fastest growing segment due to the growing preference for packaged and processed food.
As per the regulations, it is required to adhere to the good manufacturing practice (GMP) to make sure minimum amount is added to achieve the desired technological effect.
Food preservatives are classified as natural and chemical preservatives, with chemical preservatives currently accounting for a large market share. In India, sodium benzoate cost is driven by the pricing of its core components, sodium hydroxide, and benzoic acid. The global outbreak of natural disasters has had a significant impact on the supply and demand for sodium hydroxide, driving prices higher.
The strategy used by companies is increasing the expenditure on R&D to innovate products under the natural preservatives segment to meet growing consumer preferences.