New York, USA, July 31, 2024 (GLOBE NEWSWIRE) -- Market overview:
The Food Preservatives Market was estimated at USD 2.87 billion in 2023. The market valuation is expected to be USD 4.55 billion by 2032, registering a staggering CAGR of 5.3% during the forecast period of 2024-2032.
What are Food Preservatives?
Food additives known as preservatives are essential for extending the shelf life of food and improving its flavor. Preservatives, in particular, have an antibacterial role that helps control and prevent food degradation by shielding food from microorganisms (such as bacteria, yeast, and molds) that can cause food poisoning, as well as potentially fatal botulism.
There are two kinds of preservatives, artificial/chemical and natural. Both seek to maintain the life of an item, though they can vary in many ways. The main purposes of natural preservatives in food and drink products are to slow down spoilage and maintain the item's flavor and color. They can also be found in other hygiene items and cosmetics, though. However, man-made chemicals known as artificial or chemical preservatives are applied to a wide range of items to increase their shelf life. Although they are also designed to keep food fresher longer and preserve its color and texture, they frequently contain chemicals.
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Key Market Stats:
- The food preservatives market size was valued at USD 2.87 billion in 2023.
- The market is anticipated to grow from USD 3.01 billion in 2024 to USD 4.55 billion by 2032.
- The market is expected to exhibit a CAGR of 5.3% during the forecast period.
Major Findings from the Report:
- Some of the key drivers driving the food preservatives market growth are the rising demand for packaged and processed foods, the growing consumer consciousness regarding food safety, and the increasing popularity of online grocery shopping.
- The market segmentation is mainly based on type, label, application, function, and region.
- In 2023, North America registered as the largest market share.
Food Preservatives Market Drivers and Trends:
- Increased Demand for Convenience Foods: Due to their increased use in manufacturing, the growing number of consumers choosing to consume processed, convenience, and ready-to-eat meals is anticipated to fuel the food preservatives market demand over the forecast period.
- Government Initiatives: The government has intervened to support companies in their manufacturing endeavors due to the increasing demand for packaged and convenience goods.
- Safety and Quality of Food Products: The increasing number of lower-shelf-life items and inappropriate storage settings are raising serious concerns about the safety and quality of food products. This encourages the use of food preservatives by compelling the food regulatory bodies to impose strict quality standards.
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Market Challenges:
Growing public knowledge of the negative consequences of food preservatives is probably going to impede industry expansion. Additionally, the continuous branding campaigns to increase brand outreach are severely impeding food preservatives market share expansion.
Industry’s Prominent Players:
- Koninklijke DSM N.V.
- BASF SE
- Cargill, Inc.
- Archer Daniels Midland Company
- Corbion N.V.
- Galactic S.A.
- Celanese Corporation
- Kemin Industries, Inc.
- Kerry
- Tate & Lyle
Geographical Landscape:
The market was dominated by North America. Rising disposable income and shifting consumer purchase patterns are the main causes of the growth of food preservatives market in North America. Moreover, due to rising snack, poultry, and dairy product consumption, the Asia-Pacific region will expand quickly. The need for food production with a longer shelf life is optimally being driven by the existence of populous nations in the region, particularly China and India.
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Market Segmentation:
By Label Outlook:
- Clean Label
- Conventional
By Type Outlook:
- Natural
- Edible Oil
- Rosemary Extracts
- Natamycin
- Vinegar
- Chitosan
- Others
- Synthetic
- Propionates
- Sorbates
- Benzoates
- Others
By Function Outlook
- Anti-microbial
- Anti-oxidant
- Others
By Application Outlook
- Meat & Poultry Products
- Bakery Products
- Dairy Products
- Beverages
- Snacks
- Others
By Region Outlook
- North America (U.S., Canada)
- Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
- Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea)
- Latin America (Brazil, Mexico, Argentina)
- Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)
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