The food preservatives market is projected to reach a value of USD 2.94 billion at a CAGR of 2.5% from 2016 to 2021. The market is driven by factors such as increase in demand for food products with a longer shelf-life, rising demand for convenience foods and rise in use of natural preservatives in the meat and poultry products in the developed regions such as North America and Europe. The high growth potential in the emerging markets and untapped regions provides new growth opportunities for the market players. The market has been segmented on the basis of type, which includes natural & synthetic, function, which includes antimicrobial & antioxidants, and application, which includes oil & fat, bakery, dairy & frozen, snack, meat, poultry & seafood, confectionery, beverage.
On the basis of types of food preservatives, the natural food preservatives market is projected to see the fastest-growth as compared to that of the synthetic food preservatives market, which can change the business landscape of the food preservatives industry, this is due to the health conscious consumers who demand for synthetic free preservatives in their food items. This demand in the future can induce manufacturers to opt for naturally made preservatives and can also lead to product innovations and product developments in the market.
In regard with the applications in the food preservative market, meat, poultry & seafood products are projected to witness the fastest-growth during the forecast period. Meat is amongst the most common food items consumed in the world. Also, the health conscious meat consumers do not want synthetic preservatives in their food; hence, there is a demand for natural preservatives to be used in meat and poultry products. Furthermore, there is an increase in demand for clean labelling of products, which is encouraging manufacturers to make clean labelled products accordingly, since it leaves a positive impact on the consumers’ minds. Such trends in the market are driving the growth of the meat and poultry & seafood products in the food preservatives market.
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The antimicrobials segment is the fastest-growing market in the food preservatives industry; antimicrobials consist of sorbates and benzoates, which have a high demand. This high demand is seen in the emerging countries of the Asia-Pacific region where the changing lifestyles of people and demand for food products with a longer shelf-life have led to the growth in demand for sorbates and benzoates, thus driving the market for antimicrobials.
In the food preservatives market, the Asia-Pacific region is projected to have the fastest–growth compared to other regions, because of the emerging countries such as India and China, where the improving economy has led to a demand for convenience food products. This economy in turn drives the food preservatives market; hence, in terms of revenue generation, the Asia-Pacific region has a greater market scope.
The key players in the food preservatives market include Akzo Nobel N.V. (Netherlands), Danisco A/S (Denmark), Cargill, Incorporated (U.S.), Univar Inc. (U.S.), and Koninklijke DSM N.V (Netherlands).
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