Chicago, Jan. 23, 2023 (GLOBE NEWSWIRE) -- According to MarketsandMarkets, the global food preservatives market was estimated at USD 3.3 billion in 2021 and is expected to expand at a Compound Annual Growth Rate (CAGR) of 4.1% from 2021 to 2026. The increasing awareness regarding food safety and the need for a longer shelf life of food products are driving the growth of the food preservatives market.
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The food preservatives market is segmented based on type, application, functions, and region. The market is segmented into synthetic and natural preservatives, with synthetic preservatives dominating the market.
Additionally, the growth of the food industry, especially in the Asia Pacific region, is expected to drive the demand for food preservatives in the forecast period. It is expected to be the fastest-growing market for food preservatives due to the growing population, rising disposable income, and increasing urbanization in the region.
The growing preference for natural preservatives, clean-label products, and organic food is also expected to fuel market growth. Government regulations and standards also play a vital role in shaping market growth.
Key players in the food preservatives market include BASF SE, Cargill, Inc., Foodchem International Corporation, Kemin Industries, Inc., Lallemand, Inc., ADM, and Kerry Group Plc, among others.
Some of the current trends in the food preservatives market include:
- Natural preservatives: Consumers are becoming more conscious about their food's ingredients and prefer natural preservatives over synthetic ones. This has led to increased use of natural preservatives such as vinegar, citric acid, and rosemary extract.
- Clean-label products: There is a growing demand for clean-label products free from artificial ingredients and preservatives. This is driving the development of alternative preservation methods, such as high-pressure processing and pulsed electric field technology.
- Increasing demand for organic food: The organic food market is growing at a fast pace, and this is driving the demand for organic preservatives. Organic food is free from synthetic preservatives, and this is leading to an increase in the use of natural preservatives.
- Growing demand for functional ingredients: The food industry increasingly uses preservatives with added functional benefits, such as antioxidants and antimicrobial properties.
- Increasing preservatives in non-food products: Preservatives are used in a wide range of non-food products such as cosmetics, personal care, and pharmaceuticals.
- Government regulations and standards also play a vital role in shaping market growth.
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