Preservatives are used in a variety of items to reduce oxidation, prevent food spoiling, and suppress microbiological development, including bakery, confectionery, snacks, meat, fish, poultry, and others. Antimicrobials, antioxidants, chelating agents, and other forms of preservatives are examples. Regulatory organizations set various restrictions on the use of food preservatives. The FDA has controlled the concentration range of preservatives that can be applied to food products and prohibited the use of compounds that are hazardous to human health.
Food Preservatives Market by Type, Function, and Application: Global Opportunity Analysis and Industry Forecast, 2022–2031, “The global Food Preservatives market was valued at $2,511.5 million in 2020, and is projected to reach $3,671.7 million by 2031, registering a CAGR of 3.4% from 2022 to 2031. Asia-Pacific is one of the prominent consumers of food preservatives, accounting for majority share of the total market in 2021.
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Changes in people’s lifestyles and various consumer trends toward the use of ready-to-eat food products drive the expansion of the worldwide food preservatives industry. The food and beverage processing industry has had a significant impact on the food preservatives market. Furthermore, expansion in bakery, confectionery, meat, and poultry applications is projected to drive food preservative demand in the near future. However, tight rules in governing the use of chemical preservatives in many places, as well as surge in consumer awareness about the usage of these chemicals, are projected to stymie market growth in the foreseeable future.
Natural preservatives are in high demand in a variety of applications, including meat, poultry, and seafood, as well as bakery and confectionery. Owing to severe laws on synthetic preservatives, demand for natural preservatives is likely to rise throughout Asia-Pacific in the near future.
Increased consumer awareness and change in food consumption habits, and rise in population boost demand for various areas of the food and beverage industry drive the food preservative market. Increased demand for natural food preservatives in established economies, as well as increased need for processed food in emerging areas, drives this growth.
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Sensing the growing consumer preference for natural food goods, certain multinational corporations have begun substituting artificial food preservatives with natural preservatives in their food items. They are exploiting this to position their product as an ‘all-natural’ food product, so drawing more consumer attention. Convenience foods and personal care items have expanded the range of applications for food preservatives.
Manufacturers favor natural food preservatives for a variety of reasons. For example, they aid in the prevention of spoiling during transportation. The worldwide nature of food sourcing, as well as the rise in complexities in the food supply chain, has led in an increase in demand for products and procedures necessary to extend the shelf-life of food products, hence raising demand for natural variations of food preservatives.
The Food Preservatives Market is rapidly approaching pre-COVID levels, and a high growth rate is predicted during the forecast period, owing to the V-shaped recovery in the majority of emerging countries. Lockdowns around the world in 2020, followed by further restrictions in 2021, disrupted the supply chain, providing hurdles for manufacturers in the Food Preservatives Market. Vendor profit margins are expected to continue to be squeezed as a result of intense competition, price challenges, and altering consumer preferences.
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The major companies profiled in the report include Danisco A/S, Akzo Nobel N.V., Kemin Industries, Inc., Cargill, Incorporated, Hawkins Watts Limited, Celanese Corporation, Univar Inc., and Koninklijke DSM N.V.
Key Findings And Scope
In terms of value, the natural segment is expected to grow at a CAGR of 3.9% during the forecast period.
Asia-Pacific is projected to maintain its lead position throughout forecast period, growing at a CAGR of 4.4%, in terms of value.
Meat, poultry, and seafood application is estimated to occupy one-fourth of the total market by 2031.
China is expected to occupy more than half of the total Asia-Pacific food preservatives market by 2023.
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