According to Market Research Future (MRFR), the global food preservatives market is estimated to acquire the market value of USD 3315.5 million, expanding at a CAGR of 3.80% by 2023.
The increasing demand for processed foods is anticipated to be a key factor driving the food preservatives market 2020. The growing popularity of bakeries and confectionaries are likely to surge the need for food preservatives, which can boost the market in the review period. Besides, the growing demand for longer shelf food and better product quality are projected to enhance the demand and strengthen the market during the forecast period. The rising exports and imports, consumers’ willingness to pay for a premium price due to increasing disposable income and change in lifestyle are other salient factors fueling the requirement for food preservatives, which can expand the market.
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On the contrary, the growing awareness about the side effects of synthetic preservatives is likely to hamper the market growth during the forecast period. However, the increasing penetration in the organized retail sector, along with the factors mentioned above, are projected to counter the constraining factors and boost the market in the forecast period.
Some of the renowned players of the Global Food Preservatives Market are Akzo Nobel N.V. (the Netherlands), BASF (Germany), Cargill, Incorporated (U.S.), DuPont (U.S.), Univar Inc. (U.S.), Royal DSM (the Netherlands), and Kemin Industries, Inc. (U.S.).
The segmental analysis of the Global Food Preservatives Market is done by type, application, and function.
The type-based segments of the global food preservatives market are synthetic, natural, benzoates, propionates, sorbates and nitrates. Among all, the synthetic segment is likely to dominate the market by acquiring a significant market share of 67.09% during the review period.
The application-based segments of the global food preservatives market are bakery & confectionery, beverages, dairy, among others. Among all, the bakery & confectionery segment is projected to dominate the market by procuring significant market share. On the other hand, the dairy and frozen dessert segment are likely to be the fastest-growing segment during the review period.
The function-based segments of the global food preservatives market are antioxidants and antimicrobials. The antimicrobial segment is anticipated to dominate by acquiring the market value of 57.06% during the forecast period.
Based on the region, the global food preservatives market is segmented into Europe, North America, Asia-Pacific, and the Rest of the World (RoW).
As per the analysis, the global market is anticipated to be dominated by North America owing to the fast-paced life leading to a rise in the demand for packaged foods. North America is a major exporter of fruits, which can increase the demand for preservatives during the forecast period. The U.S. and Canada are predicted to play a crucial role in expanding the regional market due to the fast-paced development.
APAC is anticipated to be the fastest-growing region during the review period owing to the increase in population during the evaluation period. Furthermore, the changing lifestyle and the growing inclination towards packaged food are expected to fuel the regional market in the coming period. In addition, the growing popularity of bakeries and confectionaries are other salient causes driving market growth.
Europe market is predicted to acquire significant market share during the forecast period owing to the growing consumption of packaged food. The U.K. and Germany are anticipated to make a notable contribution owing to the fast-paced development which can drive the market expansion.
The MEA region is anticipated to acquire the least market share during the forecast period owing to the sluggish development of economy. However, the presence of untapped markets is expected to drive the regional growth of the market.
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