Chicago, June 19, 2023 (GLOBE NEWSWIRE) -- The food preservatives industry is bound to rise with high demand for processed food, the rise in meat consumption, and rising demand for products with an extended shelf life. New innovations are taking place in the natural preservatives segment owing to the rise in demand for clean-labeled ingredients in the European and North American market. This is also fueling the overall growth of the industry.
The food preservatives market was valued at USD 3.4 billion in 2023. The market is estimated to expand to USD 3.9 billion by 2028, exhibiting a CAGR of 3.0% over the projected period. Some macroeconomic and microeconomic factors that have been prevalent in some important countries have had an impact on the global food preservatives market. In terms of value of sales, this would be strong enough to significantly influence the market during the forecasted period. MarketsandMarkets™ provides this information in its research report, titled “Food Preservatives Market Global Forecast, 2023-2028”.
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Key Industry Development:
One key industry development in the food preservatives market is the growing demand for natural and clean label preservatives. In recent years, there has been a shift in consumer preferences towards natural and minimally processed food products. This has led to an increased demand for food preservatives derived from natural sources, such as plant extracts, essential oils, and fermentation products.
Report Scope & Segmentation:
| Report Metrics | Details |
| Forecast Period | 2023-2028 |
| Forecast Period 2023-2028 CAGR | 3.0% |
| 2028 Value Projection | USD 3.9 billion |
| Segments covered | Application, Region, Type |
| Regions covered | Europe, North America, South America, Asia Pacific |
Key Takeaways:
- Food preservatives market size is expected to grow to $3.9 billion by 2028.
- The use of synthetic preservatives, such as butylated hydroxyanisole (BHA) and sodium benzoate, has raised concerns among consumers due to potential health risks and perceived negative effects on food quality. As a result, food manufacturers are actively seeking alternative preservative solutions that are perceived as safer and more natural.
- By function, other functions which include chelating agents and enzyme inhibitors is projected to be the fastest growing segment in the food preservatives market.
- The food preservatives market is highly competitive, with numerous players operating in the industry. Key players include Cargill, Kerry Group plc, DSM, Kemin Industries Inc., ADM, Glactic etc.
- The fastest-growing region in the food preservatives market is Asia-Pacific. The Asia-Pacific region has witnessed rapid growth in recent years due to various factors, including the increasing population, rising disposable income, changing dietary patterns, and urbanization.
Drivers and Opportunities:
Growing demand for food products with an extended shelf life
With the rise in urbanization and employment globally, consumer lifestyles and eating habits have changed drastically. Consumers are thus looking for food products that are easy to prepare, consume, and have a longer shelf life. Food preservatives play a huge role in extending the shelf-life of food apart from keeping it fresh. Thus, with the rise in demand for food with longer shelf-life, the demand for food preservatives has increased in the food and beverage industry. This is because preservatives offer food manufacturers advantages in terms of storage efficacy and competitive pricing. Moreover, post COVID-19 pandemic, health consciousness has risen, which is also positively stimulating the growth of natural preservatives such as citric acid and rosemary extracts, thereby driving the overall market.
Clean-label trend across global food markets
Recent surveys and research show a growing inclination of consumers towards reading product labels and preferring clean food ingredients. This is because consumers these days are constantly looking to incorporate natural, fresh, wholesome, and balanced nutrition. Manufacturers in the food preservatives industry are thus focused on finding clean-labelled solutions and breakthroughs in the market. As a result, innovation around natural preservatives is spiking across the industry. Growing trend toward clean-label products is expected to create lucrative growth opportunities for market players to focus on the development of new formulations and new developments in the food & beverage industry.
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Segments:
By application, snacks segment is projected to be the second fastest growing segment during the forecast period
By application, the snacks segment is projected to grow at a significant CAGR during the forecast period. Convenience foods such as snacks have a greater surface area exposed to food contamination by bacteria. Hence, the need for preservatives has a larger significance in snacks. As per recent studies and research, the consumption of convenience foods is expected to grow significantly around the globe, especially in Asian, Middle East, African, and South American markets. This rise in consumption will create more demand for food preservatives used for snacks application thereby fueling the segment’s growth.
By function, other functions which include chelating agents and enzyme inhibitors is projected to be the fastest growing segment in the food preservatives market.
Other functions are the fastest growing segment by function in the food preservatives market during the forecast period. Other functions include chelating agents and enzyme inhibitors. They prevent spoilage of food products by inhibiting enzymatic processes such as ripening after harvest. Consumer preferences for healthy and sustainable food choices are driving the market for biodegradable chelating agents, making them the fastest growing segment by function in the market.
Regional Insights:
North America is a mature market for food preservatives, driven by the high demand for processed and convenience foods.
Europe has a well-established food industry and a strong focus on food safety and quality.
Asia-Pacific is the fastest-growing region in the food preservatives market, driven by a rising population, increasing disposable income, and urbanization.
Latin America has a growing food and beverage industry, creating opportunities for the food preservatives market.
The Middle East and Africa region have a growing population, increasing disposable income, and a rising demand for processed and packaged foods.
List of Key Players Mentioned in the Report:
- Kerry Group plc (Ireland)
- DSM (Netherlands)
- Jungbunzlauer Suisse AG (Switzerland)
- Glactic (Belgium)
- Cargill, Incorporated (US)
- Kemin Industries Inc. (US)
- ADM (US)
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Frequently Asked Questions (FAQs):
What is the market for food preservatives?
According to recent market research, the global food preservatives market is expected to grow from USD 3.4 billion in 2023 to USD 3.9 billion by 2028, at a CAGR of 3.0% during the forecast period. The market was valued at $3.3 billion in 2022.
What is the estimated growth rate (CAGR) of the global Food Preservatives Market for the next five years?
The global food preservatives market is set to grow at a moderate rate, representing a CAGR of 3.0% during the forecast period.
What are the major revenue pockets in the food preservatives market currently?
North America has always been an attractive and huge market for processed food industries due to large consumption of packaged and ready-to-eat foods. It is also among the biggest exporters of meat and meat products. These food products need the incorporation of food preservatives which are responsible for their longer shelf-life. As a result of the high demand for meat exports and processed food, the demand for food preservatives in the region is high. Moreover, North America has a well-established food & beverage industry with the presence of leading players such as PepsiCo (US), McCain Foods Limited(Canada), Tyson Foods (US), among others.
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