The green preservatives market size is estimated to grow from USD 1.1 billion in 2023 to USD 1.5 billion by 2028, at a CAGR of 7.1% in terms of value. The increasing consumer demand for natural and sustainable products, along with rising awareness of the benefits of green preservatives serves as a significant driver for innovation. This scenario presents a unique opportunity for the industry to focus on the development of green preservatives, which not only meets consumer demands but also aligns with sustainability goals. However, high cost of green preservatives, and limited availability of green preservatives act as restraints, emphasizing the urgent need for eco-friendly alternatives in the green preservatives market.
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Based on type, the green preservatives market is segmented as natural preservative, organic acid, essential oil, and others. Natural preservative stands out as the largest segment in terms of value, globally. The dominance of natural preservative in the green preservatives market has been largely fueled by technological advancements in the sector. This domination is attributed to the rising demand for eco-friendly preservatives in industries such as food & beverage, personal care & cosmetic, cleaning industry, pharmaceutical, and others. Furthermore, the natural preservative segment is forecasted to exhibit the highest CAGR in terms of value during the forecast year 2023 and 2028.
Based on end-use industry, the green preservatives market has been categorized into various segments including food & beverage, personal care & cosmetic, cleaning industry, pharmaceutical, and others. Notably, the food & beverage segment emerged as the market leader in 2022 and is anticipated to maintain its dominant position through 2028. Furthermore, the personal care & cosmetic segment is forecasted to exhibit the second highest CAGR in terms of value during the forecast year 2023 and 2028. Plenty of factors, such as changing consumer preferences, sustainability imperatives, regulatory dynamics, and technological advancements as the market for natural, sustainable, and clean label products grows, have contributed to the food and beverage industry’s leadership in the green preservatives market.
Based on region, the green preservatives market has been categorized into five regions including North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America stands out as the fastest-growing market for green preservatives. North America’s dominance in the green preservatives market has been largely driven by technological innovation. The region is home to research and development centers as well as a bustling startup and innovation community that is concentrated on sustainable solutions. The market for green preservatives grew as manufacturers reformulated their products with green alternatives in response to consumers’ growing demand for products free of synthetic additives and preservatives in the region, leading to a substantial expansion of the green preservatives market in the North America.
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The key players in this market are Kerry Group (Ireland), Kemin Industries, Inc. (US), Corbion N.V. (Netherlands), LANXESS AG (Germany), BASF SE (Germany), International Flavors & Fragrances Inc. (US), Dow Inc. (US), DSM-Firmenich AG (Netherlands), Symrise AG (Germany), Givaudan SA (Switzerland), and Clariant AG (Switzerland). They have implemented strategies such as new product launches and acquisitions to enhance their competitors.
