Food Preservatives Market to be worth US$2.56 bn by 2020 owing to Rising Demand for Convenience Food
Transparency Market Research (TMR) has announced the addition of a new market study on the food preservatives market. The report is titled “Food Preservatives Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2014 – 2020.” According to the report, the global food preservatives market is expected to grow from US$2.0 bn in 2013 and is projected to reach a valuation of US$2.56 bn by 2020, expanding at a CAGR of 3.50% between 2014 and 2021.
Food preservatives are added to food products to prevent microbial growth and spoilage of food. Food preservatives help in extending the shelf life of food and are thus used in the packaged and processed foods industry. Given the high demand for packaged food, convenience food or ready-to-eat meals, the global food preservatives market is expected to witness steady growth in the coming years.
The global food preservatives market is driven by the growing concern over food safety. The rising incidences of disease outbreaks and food poisoning are fueling the demand for preservatives. The rising trend of natural food preservatives is expected to drive the market in the coming years. On the other hand, the difficulty in working with natural preservatives and the interventions and regulations by the government will threaten the global food preservatives market.
The global food preservatives market is segmented on the basis of type, function, application, and geography. On the basis of type, the market is segmented into natural and synthetic preservatives. While synthetic preservatives are currently in demand, the trend will change soon as focus shifts to natural ingredients. The natural preservatives segment will witness a rise as manufacturers are increasingly focusing their research and development activities on natural preservatives. Another trend of mixing different preservatives to reduce cost is expected to drive the global food preservatives market.
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On the basis of application, the market is segmented into beverage, bakery products, dairy and milk products, meat, poultry, and sea food products, and others. Of these, preservatives are used extensively in beverages, bakery, dairy products, and meat and poultry products across the globe to resolve quality issues in the food industry.
By geography, the global food preservatives market is segmented into Europe, North America, Asia Pacific, and the Rest of the World. Of these, North America dominated the food preservatives market in 2013, followed by Asia Pacific. The demand for food preservatives in Asia Pacific is high due to a rise in demand from countries such as China, Australia, and South Korea. The North America food preservatives market is expected to rise from US$729.8 mn in 2013 to US$921.6 mn by 2020. TMR analysts suggest that the demand for food preservatives will be particularly high in the Rest of the World.
The report profiles some of the key players in the global food preservatives market for the purpose of study. The companies included are BASF SE, Cargill Incorporated, Celanese Corporation, Chr. Hansen A/s, Corbion N.V., Kerry Group, The Archer Daniels Midland Company, and Du Pont.
The global food preservatives market has been segmented as follows:
Dairy and milk products
Meat, poultry and sea food products