Global Food Preservatives Market Research Report - Forecast to 2023
The global food preservatives market has witnessed significant growth over the last few years. The growth of the global food preservatives market is anticipated to be driven by various factors. With rapid urbanization and growing population, the production of convenience food has increased. Owing to the fast-paced lifestyle of the consumers, demand for ready-to-eat food products has also increased. Additionally, increase in disposable income has led to increased demand for food products whose preparation is less time-consuming.
Growth in the convenience food sector is directly supporting the growth of the food preservatives market. Food preservatives have a major role in “on-the-go” convenience foods to reduce the risk of microbial spoilage. They are one of the vital additives used in processed food products to stabilize their shelf-life.
Increasing population of health-conscious consumers have raised the demand for clean label food products with product traceability. Owing to this, the demand for natural food preservatives is experiencing a surge. Natural food preservatives are extracted from various sources, such as cane sugar, green tea extract, and essential oils. A shift in consumer food consumption trend is the major reason behind the high growth of natural food preservatives.
As per MRFR analysis, the global food preservatives market is segmented into North America, Europe, Asia-Pacific, and Rest of the world. North America is projected to retain its dominance throughout the forecast period, owing to the rise in the usage of food preservatives in ready-to-eat food products. The market in the region is estimated to reach USD 1,187.0 million, in terms of value, by 2023. Europe is also expected to witness an above-average growth rate of 3.93% during the forecast period. However, Asia-Pacific is projected to expand at the highest growth rate of 4.53% during the forecast period of 2017-2023.
The global food preservatives market is segmented into type, function, and application
By type, it is segmented into natural and synthetic, among which, the synthetic segment is estimated to account for the major market share throughout the forecast period, and is expected to reach to USD 2,193.3 million by the end of 2023, registering a CAGR of 3.56%. However, the natural segment is projected to expand at a high growth rate of 4.29% during the forecast period. Synthetic segment is further sub-segmented into sorbates, benzoates, propionates, nitrates, and others. Among the synthetic segment, sorbates is expected to hold the maximum market share throughout the forecast period. However, propionates are estimated to witness the highest growth rate of 4.24% during the forecast period.
By function, the market is segmented into antimicrobials, antioxidants, and others, among which the antimicrobials segment is dominating the market. Antimicrobials segment is projected to grow at a CAGR of 3.71% during the forecast period.
By application, the global food preservatives market has been segmented into bakery & confectionery, dairy & frozen desserts, snacks, oils & fats, beverages, meat products, and others. Bakery & confectionery segment is dominating the global food preservatives market, and the segment is estimated to reach USD 900.0 million by the end of 2023. However, dairy & frozen desserts segment is anticipated to witness huge growth in the near future.
The leading players profiled in the global food preservatives market: Cargill, Incorporated (U.S.), BASF SE (Germany), DowDuPont Inc. (U.S.), Royal DSM (Netherlands), Univar Inc. (U.S.), Kemin Industries, Inc. (U.S.), Akzo Nobel N.V. (Netherlands), Galactic S.A. (Belgium), Chr. Hansen A/S (Denmark), Brenntag AG (Germany), Celanese Corp. (U.S.), Prinova Group, LLC (U.S.), Tate & Lyle PLC (U.K), Hawkins Watts Limited (New Zealand), Albemarle Corporation (U.S.), Kerry Group PLC (Ireland), Archer Daniel Midland Company (U.S.), Corbion N.V. (Netherlands), Jungbunzlauer Suisse AG (Switzerland), and Cognis (Germany).
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