Food Preservatives Market Overview
The food preservatives market was experiencing growth due to various factors such as the increasing demand for processed and convenience foods, changing consumer lifestyles, and a growing awareness of food safety. The global food preservatives market size is anticipated to reach $3.4 billion in 2023 and $3.9 billion by the end of 2028 at a CAGR of 3.0%.
Food preservatives are substances added to food products to prevent spoilage, decay, and bacterial growth, thereby extending their shelf life. They play a crucial role in maintaining the quality, freshness, and safety of food products. The food preservatives industry is bound to rise with high demand for processed food, the rise in meat consumption, and rising demand for products with an extended shelf life. New innovations are taking place in the natural preservatives segment owing to the rise in demand for clean-labeled ingredients in the European and North American market. This is also fueling the overall food preservatives market growth.
Food Preservatives Market Trends
Rising Demand for Processed Foods: The increasing consumption of processed and convenience foods, particularly in urban areas, has been a significant driver for the food preservatives market. Consumers are looking for foods with extended shelf life and minimal spoilage.
Growing Awareness of Food Safety: With a heightened awareness of foodborne illnesses and the importance of food safety, consumers and food manufacturers are increasingly focusing on incorporating effective preservatives to ensure the safety and quality of food products.
Natural and Clean Label Preservatives: There is a growing preference for natural and clean label products. As a result, food manufacturers are exploring and incorporating natural preservatives such as plant extracts, antioxidants, and organic acids.
Technological Advancements: Ongoing research and development in food technology have led to the discovery of new and more effective preservatives. Advanced preservative technologies, such as antimicrobial packaging, are also gaining traction in the market.
Stringent Regulations: Regulatory bodies around the world are implementing and enforcing stringent regulations related to food safety and the use of food additives, including preservatives. This has led to the development of safer and more environmentally friendly preservatives.
Globalization of the Food Supply Chain: The globalization of the food supply chain has increased the need for effective preservation methods to ensure that food products remain safe and viable during transportation and storage across long distances.
Synthetic preservatives by type are estimated to account for the largest market share of the food preservatives market
Based by type, synthetic preservatives are estimated to account for the largest food preservatives market share. Factors responsible for the wide-scale popularity of synthetic preservatives in the food preservatives industry include their large-scale commercialization, easy availability, proven efficacy and cost-effectiveness. Less R&D investment, and low regulatory norms in the emerging Asia-Pacific economies is also contributing significantly in the large market share of synthetic preservatives.
Key Market Players in the Global Food Preservatives Market
The key players in this market include Cargill, Incorporated (US), Kerry Group plc (Ireland), ADM (US), DSM (Netherlands), and, Kemin Industries Inc. (US).
North America is projected to be the largest region in the global food preservatives market, in 2022; it is anticipated to grow at a significant CAGR
North America has always been an attractive and huge market for processed food industries due to large consumption of packaged and ready-to-eat foods. It is also among the biggest exporters of meat and meat products. These food products need incorporation of food preservatives which are responsible for their longer shelf-life. As a result with high demand for meat exports and processed food, the demand for food preservatives in the region is high. Moreover, North America has a well established food & beverage industry with the presence of leading players such as PepsiCo (US), McCain Foods Limited(Canada), Tyson Foods (US), among others.
The most recent iteration of the food preservatives market report offers insightful information and statistics to support stakeholders and industry participants in making wise choices and staying one step ahead of the competition. Among other important elements, the research offers insightful information about the market through comprehensive case studies, trade statistics, technological evaluations, and updated legislation. In order to paint a thorough picture of the competition landscape, the research also covers current financials, latest advancements, and product offerings of various competitors active in the market.
In addition, an analysis of the COVID-19 pandemic’s effects on the market is included in the research, accounting for the most recent information and data regarding the outbreak.