The global food preservatives market is estimated to have a value of USD 2,600 Mn in the year 2021 and is expected to have a steep growth to reach USD 5,019.8 Mn with a CAGR (compounded annual growth rate) of 6.8%.
On the basis of application, the market has been categorized into bakery, beverages, dairy and milk products, meat and poultry and sea food, and others. The meat, poultry and sea food segment has dominated the food preservatives market over the years, since these food products are an integral part of human food habits. Manufacturers use food preservatives in these products to: extend shelf life, meet the continuous demand and increase production of processed food. The meat, poultry and sea food segment is expected to dominate the food preservatives market in the coming years, though the market is expected to fall from share of 27.9% in 2013 to 27.3% in 2020 in value terms. The food preservatives market used in other products, such as oil and fat, jams and syrup among others, is expected to expand at a CAGR of 4.1% in value terms from 2014 to 2020.
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Growth of the global food preservatives market is majorly driven by increasing demand for food products with extended shelf life. In addition, widening distribution channels and increasing demand for natural and organic food are some of the other factors contributing towards the market growth. High demand for processed foods and increasing awareness about food safety is driving the global food preservatives market currently. Synthetic is presently the fastest growing segment of the global food preservatives market. Healthy eating trends and preferences for quality food are fuelling the demand for food preservatives globally.
This report covers drivers, restraints and opportunities that are driving each segment and respective sub-segments of the market, and offers analysis and insights about the potential of the food preservatives market in specific regions. By region, the global food preservatives market was dominated by North America, which held the largest value share of 36.5% of the food preservatives market in 2013, and the region is expected to maintain its dominance in the coming years as well. Currently, manufacturers use preservatives during food processing to prevent spoilage during transportation and to increase the shelf life of foods. The market is witnessing growth due to changing eating patterns and busy lifestyles. Asia Pacific is currently the second largest market for food preservatives after North America. Food preservatives are used for various purposes, including chelating agents and anti-spoilage. In addition, food preservatives are also used as shelf life enhancers, antioxidants and antimicrobials, and enzyme attackers. Increasing demand and trade of food products worldwide is fuelling the Asia Pacific food preservatives market currently. Increasing demand for bakery products, beverages, meat and dairy products is creating a positive impact on the food preservatives market. Changing lifestyles and food patterns are also driving the Asian food preservatives market currently.
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Key competitors covered in the report are BASF SE, Cargill Incorporated, Celanese Corporation, Chr. Hansen A/S, Corbion N.V., DuPont, JEY’S F.I. Inc, Kerry Group, Koninklijke DSM N.V and The Archer Daniels Midland Company. These companies are focusing on developing new products and improving the quality of their existing products through research and development activities. The manufacturers are also focusing on geographical expansion in order to gain a competitive advantage.
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