Global Food Preservatives Market is expected to reach USD 2,560 million by 2020: Transparency Market Research
Food preservatives are ingredients, which are added with the end food item to prevent food spoilage due to microbial growth or by chemical changes. In general preservation is done in two ways; natural preservation with the help of natural food preservatives, and chemical preservation with the help of synthetic or chemical food preservatives. Most food items contain enzymes, alcohols and acids which make the food item to lose its characteristics over time. In addition, some environmental factors including heat also effects the food items and helps microorganism to grow. With the help of food preservatives, both natural and synthetic, the food manufacturers makes the food item to sustain its desirable characteristics and can improve the shelf life. The food preservatives market has experienced diversified trends across different region such as North America, Europe, Asia Pacific and RoW.
Food preservatives are used across different processed and convenience food products including snacks, processed meat and fish, and cakes among others to prevent microbial and bacterial spoilage. The increasing demand for these food products is expected to drive the food preservatives market. Busy lifestyles and changing eating patterns are driving the growth of convenience food products and this in turn is driving the growth of the food preservatives market. Increasing demand for organic food items is also driving the food preservatives market. Food preservatives are being added to the finished product to increase the shelf life and overall quality of organic food products. Increasing health concerns of people across the globe, increased food safety issues, higher usage of organic and natural products, and animal welfare issues are driving the market for organic food items which in turn is driving the growth of the food preservatives market.
The actual raw material which is used as natural food preservative is highly prone to get spoilt. The raw material has to be stored carefully and the process of mixing the raw material with the food item is very critical as the natural raw material can get damaged easily. Natural preservatives are generally extracted from seeds and plant leaves; this extraction process is costly which is also working as a restraint for the food preservatives market.
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The increasing demand for natural food preservatives is perceived as an area for growth in the food preservatives market over the forecast period. People prefer natural food preservatives over synthetic food preservatives driven by consumer perception of natural products being healthier than the synthetic ones. Because of this trend, manufacturers are focusing more on producing natural food preservatives. Due to the harmful effects on health and environment, synthetic preservatives would see a decrease in demand in the coming years.
Among the different regions including North America, Europe, Asia Pacific and RoW, North America held the largest market share of 36.5% in 2013, followed by Asia Pacific. In 2013 Asia Pacific held a market share of 30.6%. This trend is expected to be the same over the forecast period. It is estimated that North America would be the largest market for the food preservatives in 2020, followed by Asia Pacific.
The global food preservatives market was valued at USD 2,000 million in 2013 and is estimated to reach USD 2,560 million by 2020 in terms of revenue. The market in terms of revenue is projected to grow at a CAGR of 3.5% from 2014 to 2020.
Preservatives included under synthetic segment are sorbic acid, benzoic acid, propionic acid and lactic acid among others. Busy life style and increasing number of people working is driving the demand for processed foods, which in turn fueling the growth of food preservatives market globally. Another factor driving the growth of food preservatives market is the rising concerns towards health hazards.