Food Preservatives Industry Outlook, Size, Share, Growth Prospects & Key Opportunities 2030
Manufacturers of food and beverage sector are becoming quick to leverage perpetual innovations in food technologies in an effort to satiate consumer appetency in terms of both quality and quantity – rapid digitization and technological advancements in the production, processing, and packaging of F&B products will continue to hold sway in the future.
The food preservatives market is expected to register a moderate CAGR of 4% during the forecast period (2020-2030). Gains remain primarily driven by increased demand for food products with longer shelf life. The rise of on-the-go culture along with sprung in the number of working population has been significantly contributing to the market growth.
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“Market players primarily focused on natural or plant-based sources of food preservatives will largely benefit from consumer optimism about natural or chemical-free products. These players can also gain advantage from clean label certifications for food preservatives,” says the Fact.MR analyst.
In the wake of COVID-19 pandemic and a series of its domino effect, panic buying and stockpiling tendencies has led to a spike in the sales of ready-to-eat food products during the 2nd quarter of 2020. High sales of these products have resulted in depletion of distributor level inventories. In addition, factory closures and supply chain disruptions have triggered challenges in raw material procurement and sales of food preservatives.
The reopening of food production facilities is expected to significantly accelerate the demand for food preservatives. With consumer inclination towards food that provides comfort and familiarity, the food preservatives market is expected to experience gradual growth after the COVID-19 crisis.
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Global Food Preservatives Market Analysis 2015-2019 and Forecast 2020-2030, by Product Type
Global Food Preservatives Market Analysis 2015-2019 and Forecast 2020-2030, by Function
Global Food Preservatives Market Analysis 2015-2019 and Forecast 2020-2030, by Application
Bakery and processed food
Dairy and milk products
Meat, poultry and seafood
Global Food Preservatives Market Analysis 2015-2019 and Forecast 2020-2030, by Region
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food preservatives market image 01
Key Takeaways of Food Preservatives Market Study
North America accounts for nearly 1/3rd of the global food preservatives market value, and is expected to grow 1.6X during the forecast period.
Synthetic food preservatives continue to account for major share of the market revenue, while demand for natural food preservatives is expected to grow at a significant rate over the forecast period.
Antimicrobial food preservatives remain highly preferred and their sales are expected to grow 1.7X during the forecast period.
Bakery and processed food remain key application areas of food preservatives, while growing adoption in beverage is likely to result in increased market share.
Top Market Players to Prioritize Innovative Product Offerings
The food preservatives market has witnessed multiple product launches and innovations during the recent years. Companies such as BASF SE, Cargill, Incorporated, Celanese Corporation, and Chr. Hansen A/S have been on the forefront of these innovations. A majority of companies operating in the food preservatives market have been expanding their product portfolio to attract and retain a large number of consumers.
In the view of aversion among consumers towards chemical-based food products, companies have been tackling performance issues with partial substitution of synthetic preservatives. Moreover, manufacturers of synthetic or artificial food preservatives are struggling to switch and fulfill newer demands.
For More Insights: https://www.globenewswire.com/en/news-release/2018/02/15/1348735/0/en/6-Pointer-Highlights-from-Fact-MR-s-Forecast-on-Global-pH-Control-Salts-Market-for-2017-2026-Period.html
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