The global food preservatives market size is anticipated to expand at a significant CAGR during the forecast period, 2021-2028. The growth of market is attributed to rising consumption of packaged food, complexity of supply chain in the food industry, and probing extensively in the retail segment.
Food preservatives prevent blooming of microorganisms and help to delay the decay procedure of food. Considering the type of toxicity it is classified into two types non- toxic and moderate. Non-toxic is basically used in processing while moderate are majorly used by the US regulatory authorities by the US food and drug administrations (FDA) and European food safety authorities (EFSA).
Another use of the preservatives is for preserving bakery products, dairy meat, poultry product, and snacks. Demand for the product is extensively rising on the global basis factors such as consumer’s changing preference, heavy duty on exports and imports, and rising demand for fresh products. However, a dynamic shift has been witnessed by the manufacturers from synthetic preservatives to natural, owing to rising awareness and increasing demand for the latter.
It has definitely served as a positive impact on the food preservative industries, the major application segment which witnessed the rising growth in the demand over the pandemic period are snacks, frozen food, bakery, and others.
Market Trends, Drivers, Restraints, and Opportunities
• Increasing demand for the natural based preservatives among the populations is expected to boost the market during the forecast period.
• Increasing demand for long shelf product/canned food and packaged food owing to the pandemic outbreak is anticipate to drive the market.
• Growing demand for instant/convenience or ready to eat (RTE) meal is rising, pertaining to the changing lifestyle of the consumers.
• Rapid growth of the food and beverages industry is one of the key factors that is expected to spur the market expansion during the projected period.
• Rising demand for organic preservatives which involves high cost of production and consumers awareness towards complication after the consumption of synthetic preservative act as a major factor that can hinder the market growth during the forecast period.
Market Segment Insights
The natural segment is expected to hold a key share of the market
On the basis of types, the market is bifurcated into natural and synthetic. The natural segment is expected to hold key share of the market owing to rising awareness among the population about the side effects after the consumption of synthetic preservatives, and increasing demand for the organic food.
The beverages segment is estimated to exhibit high CAGR
Based on the application, the market is segregated into dairy & frozen products, bakery, meat poultry & seafood, beverages, sauces & salad mixes, confectionary, and others. The beverages segment is estimated to exhibit high CAGR owing to use of preservatives in drink for avoiding change in color, taste, and bitter after taste.
North America is anticipated to dominate the market
In the terms of the regions, the market is segregated into North America [United States, Canada, Mexico, and Rest of the North America], Europe [Germany, United Kingdom, Spain, Italy, France, Russia, and Rest of the Europe], Asia Pacific [China, Japan, India, Australia, and Rest of the Asia Pacific], South America [Brazil, Argentina, and Rest of South America], Middle East and Africa [South Africa, United Arab Emirates, and Rest of Middle East & Africa]. North America is anticipated to dominate the market during the forecast period owing to increasing demand for natural preservative across region causes shift from synthetic to natural, major fruit exporter, and high regulated policies by the authorities in respect of food and preservatives.
Key players competing in the food preservatives market include DuPont; Kerry Inc.; Cargill, Incorporated; Jungbunzlauer Suiss AG, Basel, Koninklijke DSM N.V.
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