The vendor landscape of the global processed food and beverage preservatives market features a moderately competitive nature on account of the presence of numerous large and small vendors, observes Transparency Market Research (TMR) in a recent report. Delivery of products consistent with international food safety and quality standards, innovations, and geographical expansion of business operations are some of the strategies adopted by companies in the market to outshine their peers.
Over the next few years as well, the market is expected to remain moderately competitive and witness the rise of a number of new vendors. With consistent introduction of new product varieties and strategic collaborations with F&B manufacturers across promising regional markets could help companies make the most of growth opportunities. Some of the leading companies in the global processed food and beverage preservatives market presently are GalacticSA, Celanese Corporation, E. I. du Pont de Nemours and Company, Koninklijke DSM N.V., and Kerry Group Plc.
TMR estimates that the market will exhibit a healthy 4.9% CAGR over the period between 2016 and 2024, rising from a value of US$1.7 bn in 2015 to a business opportunity worth US$2.5 bn by 2024.
Synthetic Preservatives to Remain Dominant Contributor of Revenue
In terms of product type, the segment of synthetic preservatives is expected to account for a dominant share in the revenue of the global market over the report’s forecast period owing to their massive benefits in improving the shelf life and affordability of food items. Although the segment will slightly drop in terms of valuation by the end of the forecast period as compared to the beginning of the forecast period, it will still be the more dominant segment as compared to the segment of natural preservatives.
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From a geographical perspective, the global processed food and beverage preservative market earns a massive share in its revenue from North America. The market in North America is expected to remain the leading contributor of revenue to the global market over the forecast period as well, surging at a promising 4.8% CAGR from 2016 to 2024.
Busy Lifestyles and Preference to Ready-to-Eat Preserved Foods to Drive Market
Busy lifestyles of urban dwellers, rapidly rising urban setups, and more likelihood towards the consumption of preserved foods owing to the level of convenience they grant are some of the key factors expected to further the growth opportunities of the global processed food and beverage preservatives market. The rising population of young population with high purchasing power in a number of emerging economies will also fuel the uptake of food and beverages that use preservatives. Moreover, high popularity of age-old food storage and preservation practices have also improved the global consumption of preservatives such as vinegar, salt, and sugar.
However, certain factors such as heightened health-related concerns associated with the increased consumption of preserved food products and the rising inclinations to fresh products are expected to hamper the overall growth dynamics of the global processed food and beverage preservatives market.