Natural Antimicrobials Market Revenue and Cost Analysis with Key Company’s Profiles and Forecast to 2024

Natural antimicrobials are chemical or natural compounds which are primarily added to food products in order to restrict the microbial growth. They are used to preserve flavor, taste, and other food qualities. Also, natural antimicrobials help in reducing spoilage caused by bacteria, fungi, and yeast which increases the product shelf-life.

Market Forecast:

The global market for natural antimicrobials has been experiencing high demand for the last few years and is projected to reach USD 826.89 million by 2023. Rising demand for convenience food is majorly driving the growth of the natural antimicrobials market. Growing popularity of organic, gluten-free and other such clean-label commodities is directly influencing the positive growth of natural antimicrobials market. Consumers across the globe have become health conscious and demand foods with product traceability. Increasing consumption of organic foods will further increase the demand for natural and organic food additives including natural antimicrobials as a potential food additive.

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Furthermore, rising demand for clean-label as well as vegan food products creates enormous opportunity for the manufacturers of natural antimicrobials to increase their production capacity of plant-based natural antimicrobials. Hence, the sector is projected to experience a boost during the review period. Additionally, the demand for essential oils and plant extracts is also estimated to increase which further creates opportunities for new players to enter into the market and generate high revenue.

Additionally, owing to the ongoing trend, the market of natural antimicrobials is estimated to hold high potential during the assessment period. The awareness among the consumers has increased and the consumers are willing to pay high prices for chemical-free products. On the manufacturers’ side, they are identified to build up strong R&D resource to satiate the consumer's demand.

Nevertheless, all these factors are boosting the global natural antimicrobials market to grow at the CAGR of 7.38% during the forecast period of 2017-2023.

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Downstream Analysis

The global natural antimicrobials market is segmented into type and application.

Among the type, the plant-based natural antimicrobials segment is anticipated to retain its dominance throughout the forecast period. Also, the segment is projected to register a healthy CAGR of 7.79% during the given period due to increasing consumer demand for green label products as a preservative in packed and food frozen products. Among application of natural antimicrobials, the dairy & frozen desserts segment is accounting for approximately 27.57% market share followed by the beverages accounting for 21.24% of the global natural antimicrobials market.

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This release was published on openPR.