Food Preservatives Market: Comprehensive Study Explore Huge Growth in Future
The food preservatives industry refers to the sector that produces and supplies substances used to prolong the shelf life of food products by inhibiting the growth of microorganisms, oxidation, or other undesirable chemical changes. These preservatives help maintain the quality, safety, and freshness of food, allowing for longer storage, transportation, and distribution.
The global food preservatives industry size was valued at US$ 3.3 billion in 2022 and is poised to grow from US$ 3.4 billion in 2023 to US$ 3.9 billion by 2028, growing at a CAGR of 3.0% in the forecast period (2023-2028).
The food preservatives industry includes various types of preservatives such as antimicrobials, antioxidants, and antimicrobial/antioxidant blends, among others. Commonly used preservatives include sodium benzoate, potassium sorbate, nitrites, sulfites, and ascorbic acid among others.
While food preservatives play a crucial role in food safety and quality, there’s also growing consumer interest in reducing the use of synthetic food preservatives and exploring alternatives to meet clean-label preferences. This trend is driving research and development efforts towards natural food preservatives derived from botanical sources, which are expected to gain traction in the coming years.
How natural food preservatives are creating growth opportunities for the industry players in the food & beverage industry?
Consumers these days are increasingly looking for natural, fresh, wholesome, and balanced nutrition, leading them to scrutinize product labels more and prioritize clean food ingredients. This trend is driving innovation in the food & beverage industry, with manufacturers of food preservatives focusing on clean-labelled solutions and breakthroughs. As a result, the growing demand for clean-label products is expected to create lucrative growth opportunities for market players to develop new formulations.
Synthetic food preservatives are estimated to account for the largest food preservatives market share
The wide-scale popularity of synthetic food preservatives in the food preservatives market can be attributed to several factors. These include their well-established effectiveness, readily available supply, and cost-efficiency. Additionally, lower regulatory hurdles and reduced research and development investment required in emerging Asia-Pacific economies further contribute to their dominance in the market.
North America is projected to be the largest region in the food preservatives industry
North America’s massive consumption of packaged and ready-to-eat foods, coupled with its position as a leading exporter of meat products, fuels the high demand for food preservatives in the region. These processed and meat products rely on preservatives to extend their shelf life, making North America a continuously attractive market for the food preservatives industry.
Factors driving the food preservatives market growth
Global urbanization and rising employment rates have drastically changed consumer lifestyles and eating habits. Convenience is key, leading to a demand for food products that are easy to prepare, consume, and have a longer shelf life. Food preservatives play a critical role in achieving this by extending shelf life and maintaining freshness. This surge in demand for extended shelf life has correspondingly increased the demand for food preservatives in the food and beverage industry.
Furthermore, preservatives offer manufacturers advantages in terms of storage efficiency and competitive pricing, further solidifying their importance. It’s important to note that the post-pandemic rise in health consciousness is also positively impacting the market. This trend is driving the growth of natural preservatives like citric acid and rosemary extracts, propelling the overall food preservatives industry forward.
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How the food preservatives industry will develop in the future with several major players like Cargill, Incorporated, DSM (Netherlands), and Kerry Group plc (Ireland)?
Cargill, Incorporated (US) is one of the leading food preservative companies across the globe. The company’s key business segments consists of specialty food ingredients & applications and bulk ingredients. Preservatives are provided through the Food & Beverage ingredients business segment. The business provides a variety of acidulants used as preservatives in the food and beverage industry. The company adopts various growth strategies and strongly focuses on research and development. The company’s research & development centers are located in Europe and North America, and it provides services in Africa, Europe, Asia, Latin America, North America, and the Middle East.
DSM (Netherlands) is a multinational corporation engaged in the production of nutritional and pharmaceutical ingredients and industrial chemicals. The company has four major segments: Animal Nutrition and Health, Health, Nutrition and Care, Food & Beverage, and Others. The company has its major focus on its R&D activities. It has its global presence in North America, Europe, Asia Pacific, South America and the Middle East.
Kerry Group plc (Ireland) is a prominent producer of food ingredients and flavors. The company manufactures and markets food ingredients and flavors for the food, beverage, and pharmaceutical industries. It majorly operates through two business segments: Taste & Nutrition and Consumer Foods. It places a heavy emphasis on R&D, with over 1,000 R&D scientists working toward innovations.Kerry supplies its products in around 150 countries across Europe, the Middle East, Africa (EMEA), the Americas, and Asia Pacific and has 149 manufacturing facilities in 31 countries.
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