Food Preservatives Market to Witness Unprecedented Growth in Coming Years
The food preservatives market refers to the industry 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 market 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.
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Exploring North America's growing influence in the food preservatives sector
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 food preservatives market a continuously attractive industry.
Essential Takeaways from the Latest Food Preservatives Market Report
- Why food preservatives have the highest demand in the market?
- Which food preservatives have the largest market share?
- What drives the food preservatives industry?
- Are there any challenges affecting this industry, as per the food preservatives market forecasts?
- Who will be the leading hub for food preservatives?
- What are the key trends affecting the global 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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