Food Preservatives Market - Growth, Trends and Forecasts (2019 - 2024)
Global food preservatives market is forecasted to reach USD 3.08 billion by 2024 growing at a CAGR of 2.7% during the forecast period (2019-2024).
The market is driven by the increasing demand for clean label solutions, rising consumption of processed and packaged food, and complexity in the supply chain in the food industry. The increasing penetration in the organized retail sector is likely to drive the food preservative market, particularly in emerging markets.
The major restraints for the market include the higher cost of natural preservatives (which are in higher demand) and consumer awareness on the side effects of synthetic preservatives.
Scope of the Report
Global food preservatives market offers a variety of preservatives including natural and synthetic type applicable to beverage, dairy & frozen product, bakery, meat, poultry & seafood, confectionery, oils & fat, and other industries. The study also covers a global level analysis for the major regions namely, North America, Europe, Asia-Pacific, South America, and the Middle East and Africa
Key Market Trends
Rising Demand for Functional Beverages
The booming beverage industry is majorly uplifting the consumption of ingredients including preservatives which is most likely to foster the market growth. The properties of drinks such as high water activity demand the irreplaceable use of preservatives in the beverage industry is to avoid the change in taste, the color, and bitter aftertaste. Moreover, with the rise in demand for functional beverages, the market for natural preservatives is gaining momentum. Manufacturers are embracing innovation for gaining a position in the market by incorporating the organically sourced preservatives in the product formulation. Key players such as Cargill, Incorporated offers a range of natural preservatives to cater to the growing demand.
North America Holds the Maximum Revenue Contribution in the Market
The rising demand for convenience and processed food is propelling the manufacturers to use food preservatives, to enhance the shelf life of the food products. Moreover, North America is a major exporter of fruits, thus increasing the demand for preservatives. Awareness related to several risks associated with chemical preservatives has driven the market for natural preservatives. North America has highly regulated policies with respect to the commercialization of food products and ingredients. Such regulations have offered lucrative growth opportunities for manufacturers to introduce novel preservatives with minimum or no side-effects on human health. The companies, as a part of their strategy, are spending significant amounts in developing techniques to produce preservatives using more natural ingredients rather than synthetic inputs.
Global food preservatives market is highly fragmented and dominated by several small players. The most active companies globally are Cargill, DuPont, ADM, Corbion and BASF. These players have a strong position in the fast-growth natural preservatives and clean label categories, benefiting from greater usage of these preservatives in food and beverages generally. The strategy of developing new products and partnerships with local players helps to increase the company’s footprint in the foreign country and release new products according to the consumers’ changing preferences.
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