Food Preservatives Global Market Report 2024: Major Drivers, Key Trends And Lucrative Segments
Food Preservatives Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033
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What Is The Size Forecast For The Food Preservatives Global Market By 2024 And What Are The Primary Growth Drivers?
The food preservatives market has seen a steady growth over the past few years. It is projected to increase from $2.81 billion in 2023 to $2.94 billion in 2024, growing at a compound annual growth rate CAGR of 4.6%. This growth during the historical period can be attributed to increased consumer demand for processed and convenience foods, the need for food shelf-life extension and preservation, global growth in the food and beverage industry, concerns about food safety and spoilage prevention, regulatory approval and safe usage of food preservatives, and the demand for natural and clean label food preservation solutions.
What Are The Future Growth Projections For The Food Preservatives Market?
The food preservatives market is projected to see steady growth in the coming years. It is expected to rise to $3.58 billion in 2028, with a compound annual growth rate CAGR of 5.0%. This future growth can be attributed to the adoption of plant-based and naturally derived preservatives, emphasis on eco-friendly and sustainable preservative ingredients, research and development in next-generation preservative technologies, demand for preservatives in organic and natural food products, expansion of preservative applications in meat and poultry processing, growing interest in combination preservative systems for enhanced efficacy. Major trends in the future period include natural antimicrobial extracts, antioxidant preservatives, plant-derived essential oils, combination preservative systems, and emerging technologies like pulsed electric fields pef, nanotechnology in food preservation.
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What Is Driving The Growth Of The Food Preservatives Market?
The increasing consumption of ready-to-eat food due to busy lifestyles is expected to propel the growth of the food preservatives market in the coming years. Ready-to-eat food uses a variety of natural and artificial preservatives to lower the chances of spoilage due to microbial reactions and to enhance food quality. The higher demand for processed or ready-to-eat food is due to the increasing working population that prefers to consume convenient food rather than cooking it at home. For instance, in 2021, a survey by the Associated Chambers of Commerce and Industry of India ASSOCHAM shows that about 79% of Indian households prefer to have instant food due to time constraints. Therefore, the high consumption of ready-to-eat food drives the growth of the food preservatives market.
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Who Are The Major Players In The Food Preservatives Industry?
Major companies operating in the food preservatives market include Kerry Group, Dupont De Nemours Inc., Badische Anilin- und Sodafabrik SE, Cargill Incorporated, Celanese Corporation, Corbion N.V, Archer Daniels Midland Company, Galactic SA, Kemin Industries Inc., Koninklijke DSM NV, Tate & Lyle PLC, Brenntag Solutions Group Inc., Albemarle Corporation, Akzo Nobel NV, Univar Inc., Danisco A/S, Hawkin Watts Ltd., ABF Ingredients Ltd., Ajinomoto Co Inc., Jungbunzlauer Suisse AG, Grupo Bimbo SAB de CV, Hansen Holding A/S, Royal DSM NV, Naturex SA, DuPont Company, Emanuel Merck Darmstadt, Brenntag Inc., MAYASAN Food Industries AS, BTSA Biotecnologías Aplicadas SL, Siveele BV, Kalsec Inc.
What Are The Emerging Trends Influencing The Food Preservatives Market?
The growing use of natural preservatives is an emerging trend in the food preservatives market. Consumers are increasingly becoming concerned about the harmful impact of preservatives and resorting to natural alternatives including organic acids, salt, sugar, and others. Major companies operating in the food preservatives sector are shifting their focus toward natural preservative solutions to offer a range of clean-label preservation to fortify their position. For instance, in 2021, Kerry Group, an Ireland-based food company expanded its range of clean-label preservative solutions to replace traditional sodium nitrite salts to provide safer consumer-friendly preservatives for beverages. The development of clean-label preservatives is crucial to food and drink solutions and determines the success of such products in the market going forward.
How Is The Global Food Preservatives Market Segmented?
The food preservatives market is categorically segmented by –
1 Type: Synthetic, Natural
2 Function: Anti-Microbial, Anti-Oxidant, Chelating Agents, Enzyme Attackers
3 Application: Beverages, Oils And Fats, Bakery, Dairy And Frozen Products, Snacks, Meat, Poultry, Confectionery, Other Applications
In Which Regions Is The Food Preservatives Market Most Active?
North America was the largest region in the food preservatives market in 2023. The Asia-Pacific is expected to be the fastest-growing region in the forecast period. Both the current and future status of the food preservatives market are covered extensively in the report and includes regions such as Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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