According to a report by Grand View Research, Inc., global food preservatives market is estimated to reach at USD 3.2 billion by 2025. Growing need for processed and packaged food products with maximum shelf life is anticipated to propel the demand for food preservatives. Food preservatives delay or inhibit the process of spoilage and prevent multiplication of microorganisms. Rising number of food import and export activities across the globe is anticipated to boost the market growth during the forecast period (from 2018 to 2025). In addition, high demand for quality and fresh edibles attributed to growing health consciousness among consumers can influence market growth. Moreover, increasing consumer’s disposable income and willingness to pay high price for food can augment market growth during the forecast period (2014 to 2025).
The food preservatives market is segregated on the basis of type, function, application, and region. Based on type, the market is bifurcated into natural and synthetic. In 2016, synthetic preservative dominated the product type segment and accounted for 81.84 % of the overall market share. Low cost and easy formulation of synthetic preservatives is the key factor driving its demand. Natural food preservatives segment is expected to witness a substantial growth during the forecast period attributed to rising demand for clean labelled products. Rising health consciousness and acceptance from regulatory agencies can stimulate the product demand in the forthcoming years.
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Based on function, the market is classified into anti-oxidant, anti-microbial, and others. In 2016, anti-microbial segment dominated the market and accounted for 56.06 % of the industry share. Based on application, the market is categorized into dairy products, bakery products, meat & poultry products, beverages, snacks, and others. In 2016, meat & poultry products dominated the market and accounted for 34.45 % of the market share. Significant growth of meat, poultry and seafood sector across the global is estimated to augment the demand for food preservatives during. Bakery products segment was valued at USD 365.48 million in 2016. It is predicted to expand further and reach USD 504.92 million by 2025.
The beverages segment is expected to emerge as fastest-growing segment during forecast period due to significant growth of the sector, particularly in Asia Pacific region. Regional segmentation includes Asia Pacific, North America, Europe, Central & South America, and Middle East & Africa. In 2016, North America dominated the global food preservatives market and was valued at USD 778.28 million. It is expected to reach at USD 1,040.36 million by 2025. Strong presence of large and well-established food and beverages companies along with bakery and confectionary product manufacturers can fuel the region’s growth. In addition, increasing consumption of processed meat can also influence product demand in this region.
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Asia Pacific regional market accounted for 28.35 % of the market share in 2016 and is anticipated to be the fastest-growing region during the next few years. High demand for Ready-To-Eat (RTE) products and growing number of working population can fuel the Asia Pacific food preservatives market growth. Some of the leading companies offering food preservatives are Cargill, Inc.; Kemin Industries, Inc.; Archer Daniels Midland Company; BASF SE; and Celanese Corporation. Growing adoption of natural ingredients in food is anticipated to invite new entrants in the market during the forecast period.
Considering the rising demand for natural food preservatives, most manufacturing companies are focusing on R&D activities to develop new and effective products. For instance, Kemin Industries recently introduced its natural food preservative made from a blend of spearmint, rosemary, and green tea extracts. The new NaturFORT RSGT offers more efficacy than the existing plant-based solutions. According to the company, the product can replace synthetic preservatives, such as comparable to ethylenediaminetetraacetic (EDTA), and enhance the shelf life of various salad dressings and sauces.
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