Food preservatives Market Global Key Player: Cargill, Incorporated (U.S.), BASF (Germany), DuPont (U.S.), Royal DSM (the Netherlands), Univar Inc. (U.S.), Kemin Industries, Inc. (U.S.), Akzo Nobel N.V. (the Netherlands)

Market Overview

Food preservatives are chemicals added to foods and beverages to prevent or delay the decomposition caused due to microbial growth or by unwanted chemical changes. Food preservatives prevent the growth of microorganisms such as yeasts or bacteria as well as slows the oxidation of fats that cause rancidity. The global food preservatives market is assessed to grow at a moderate rate of 3.80% during the forecast period, conferring to the latest report published by Market Research Future (MRFR).

Many factors are promoting growth in the food preservatives market, including the extensive use of food preservatives in the food and beverages sector owing to the characteristics they can bring to edible items. The rising adoption of packaged goods and convenience products has fueled the augmentation of the global food preservatives market. Collective complexities of the food supply chain are significantly driving the food preservatives market. Moreover, mounting demand for ready-to-eat food products which require a minimum time to cook and eat is also causative to the ascension of the global food preservatives market.

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Key Players

Some of the striking players in the global food preservatives market include Cargill Incorporated (U.S.), BASF (Germany), Royal DSM (the Netherlands), DuPont (U.S.), Univar Inc. (U.S.), Akzo Nobel N.V. (the Netherlands), Kemin Industries, Inc. (U.S.), Galactic S.A. (Belgium), Brenntag Inc (U.S.), Chr. Hansen A S (Denmark), Celanese Corp. (U.S.), Tate & Lyle PLC (U.K), Prinova Group, LLC (U.S.), Danisco A/S (Denmark), Albemarle Corporation (U.S.), Hawkins Watts Limited (New Zealand), Kerry Group (Ireland), Corbion Purac (the Netherlands), Archer Daniel Midland (U.S.), Jungbunzlauer Ag (Switzerland), and Cognis (Germany).

Market Segmentation

The global food preservatives market is segmented by MRFR on the basis of type, function, application, and region. On the basis of type, the global preservative food additives market is segmented into synthetic, benzoates, natural, sorbates, nitrates, and propionates. Among these, the synthetic segment is observed to dominate the food preservatives market, holding a 67.09% market share during the forecast period.

On the basis of function, the food preservatives market is segmented into antioxidants and antimicrobials. Among these, the antimicrobial segment is likely to spearhead the global food preservatives market with a market share of 57.06% during the forecast period. Due to a high need for the prevention from microbial spoilage of food products, the demand for food preservatives with antimicrobial function is at its peak. Sorbic acid is a common preservative with an antimicrobial function. The antioxidant segment, on the other hand, is anticipated to grow at the fastest rate, expanding at 4.09% CAGR through the assessment period. A growing need to reduce the contact of the food products with the external environment and to avoid enzymatic food spoilage is the primary contributor to the surging demand for antioxidant-based food preservatives in the forthcoming years.

Based on application, the food preservatives market is studied for the segments of beverages, dairy & frozen dessert, bakery & confectionery, and dairy. Among these segments, the bakery & confectionery segment is assessed to dominate the global food preservatives market with a market share of 27.64% at the beginning of the forecast period. Alternatively, the dairy and frozen dessert segment is likely to upscale at the fastest rate during the review period. The dairy and frozen dessert segment is projected to register a CAGR of 4.63% owing to the increasing disposable income and the growing dairy industry during the conjectured time period.

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Detailed Regional Analysis

The global food preservatives market is likely to garner a valuation of USD 3315.5 Mn by 2023. The global food preservatives market is regionally segmented into North America, Europe, Asia Pacific, and Rest of the World (RoW). North America is projected to retain its domination over the food preservatives market through the assessment period. North America is expected to hold a 36.10% share of the food preservatives market. On the other hand, Asia Pacific is expected to grow at the fastest pace, registering a 4.53% CAGR between 2017-2023.

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This release was published on openPR.