Asia-Pacific Food Preservatives Market - Growth, Trends, and Forecast (2020 - 2025)
The AsiaPacific food preservatives market is projected to record a CAGR of 3.6% during the forecast period.
This growth for natural preservative is supported by the key driver, which is mainly spurred by the rising healthconscious population, coupled with increasing concerns over quality and safety standards
The market is driven by factors, such as high demand for food products with prolonged shelflife, a rise in the demand for convenience foods, and the use of natural food preservatives for meat and poultry products.
Food manufacturers face restraint in the natural preservative category, as it is proving to be a challenge to maintain the desired color, flavor, shelf life, and mouthfeel while addressing food safety and security concerns.
Key Market Trends
China Dominates the Market
Food consumption patterns in China have changed significantly with improved standards of living. More consumers are exposed to a greater diversity of consumer products and hectic lifestyles and changing eating habits have propelled the Chinese population to opt for convenience foods, in turn, driving the market for preservatives as manufacturers are using food preservatives, to enhance the shelf life of the food products. Rising environmental consciousness and safety concerns are driving Chinese consumers to increasingly prefer natural food additives to synthetic ones. Therefore, global companies are coming up with novel food products by replacing synthetic preservatives with natural preservatives.
Increased Utilization in Beverages
The booming beverage industry is majorly uplifting the consumption of ingredients, including preservatives, which is most likely to foster market growth. The properties of drinks, such as highwater activity, demand the irreplaceable use of preservatives in the beverage industry, which is to avoid the change in taste, the color, and bitter aftertaste. Moreover, with the rise in the demand for functional beverages, the market for natural preservatives is gaining momentum. Manufacturers are embracing innovation for gaining dominance in the market by incorporating the organically sourced preservatives in the product formulation.
The AsiaPacific food preservatives market is fragmented with the presence of global and local players. Companies are focusing on meeting consumer demands through product innovations, expansions, and mergers and acquisitions. The key players in the market are Cargill, Incorporated, Kerry Group, Koninklijke DSM NV, and DuPont.
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