The global food preservatives market is estimated to be valued at USD 3.4 billion in 2023. It is projected to reach USD 3.9 billion by 2028, recording a CAGR of 3.0% during the forecast period. Food preservatives are compounds that are added to food products to help them last longer and prevent deterioration. They aid in the inhibition of bacteria, fungus, yeasts, and other microorganisms that can cause foodborne sickness or degradation. Preservatives are widely used in processed and packaged foods, as well as some homemade and professionally produced goods.
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 growth of the industry.
What is food preservatives?
Food preservatives are substances added to food products to prevent spoilage, extend shelf life, and maintain their quality and safety for consumption over a longer period. These additives work by inhibiting the growth of microorganisms such as bacteria, fungi, and molds, as well as slowing down oxidation processes that cause food to deteriorate. Preservatives can be either natural or synthetic and are commonly found in various processed foods, beverages, and condiments. Examples of food preservatives include salt, sugar, vinegar, citric acid, sulfites, nitrites, and various chemical compounds such as benzoates, sorbates, and propionates. While preservatives help maintain food freshness and safety, excessive consumption of certain synthetic preservatives may raise health concerns, leading to regulations and guidelines regarding their usage levels in food products.
Food Preservatives Market Drivers: Growing demand for food products with an extended shelf life
With the rise in urbanization and employment globally, consumer lifestyles and eating habits have changed drastically. Consumers are thus looking for food products that are easy to prepare, consume, and have a longer shelf life. Food preservatives play a huge role in extending the shelf-life of food apart from keeping it fresh. Thus, with the rise in demand for food with longer shelf-life, the demand for food preservatives has increased in the food and beverage industry. This is because preservatives offers food manufacturers advantages in terms of storage efficacy and competitive pricing. Moreover, post COVID-19 pandemic, health consciousness has rose, which is also positively stimulating the growth of natural preservatives such as citric acid and rosemary extracts, thereby driving the overall market.
Food Preservatives Market Opportunities: Clean-label trend across global food markets
Recent surveys and research show a growing inclination of consumers towards reading product labels, and preferring clean food ingredients. This is because consumers these days are constantly looking to incorporate natural, fresh, wholesome, and balanced nutrition. Manufacturers in the food preservatives industry are thus focused to find out clean-labelled solutions and breakthroughs in the market. As a result, innovation around natural preservatives is spiking across the industry. Growing trend toward clean-label products is expected to create lucrative growth opportunities for market players to focus on the development of new formulations and new developments in the food & beverage industry.
North America is projected to be the largest region in the 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.
To cater these players, there is also a well-established market ecosystem for food preservatives. As a result, most of the leading players in the food preservatives industry such as Cargill, Incorporated (US), Kemin Industries Inc. (US), ADM (US), and International Flavors & Fragrances Inc. (US) are headquartered in the region, further enhancing the dominating position of North America in the food preservatives market.
Food Preservatives Market Share
The key players in this market include Cargill, Incorporated (US), Kerry Group plc (Ireland), ADM (US), DSM (Netherlands), and, Kemin Industries Inc. (US).
Key Questions Addressed by Food Preservatives Market Report:
1. What is the food preservatives market size?
2. What is the most popular food preservative?
3. Which region holds the largest food preservatives market share in the coming years?
4. What was the food preservatives market forecast in 2022?
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