Global Food Preservatives Market to Reach US$2.5 bn by 2020 owing to High Demand for Convenience Foods and Organic Foods

Transparency Market Research has published a new market report titled “Food Preservatives Market Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2014 - 2020.” According to the report, the global food preservatives market is valued at USD 2,000 million in 2013 and is estimated to reach USD 2,560 million in 2020, growing at a CAGR of 3.5% from 2014 to 2020. Among different regions the RoW market is expected to grow at the highest CAGR of 4.0% over the forecast period. In terms of revenue North America held the largest market size of USD 729.8 million in 2013 and is expected to reach USD 921.6 million by 2020.

Preservatives are added to food products to prevent decomposition and unwanted bacterial growth. Currently, using preservatives in bakery and dairy products, beverages, meat and poultr has become the accepted method to resolve quality issues of the food industry worldwide. Food preservatives are used to keep food products safe for a long duration of time. Food preservatives can be categorized into two major segments - natural and synthetic. Preservatives included under synthetic food preservatives are benzoic acid, sorbic acid, lactic acid, and propionic acid among others. Busy lifestyles and increasing number of working people is fueling the demand for processed food. With the current market trend, manufacturers are using preservatives for maintaining the quality and standard of food for long durations. Rising concerns for health hazards is increasing the demand for food preservatives globally.

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The major factors driving the growth of the food preservatives market are increasing demand for processed foods, increasing health concerns among public and increasing demand for organic food items globally. Additionally, The rise in the number of food borne diseases is driving the growth of the food preservatives market as preservatives are needed to maintain the overall quality of the product and to increase shelf life. However, stringent government regulations across different countries are currently inhibiting the global food preservatives market.

The global food preservatives market has been segmented on the basis of product types into natural and synthetic food preservatives. Synthetic food preservatives dominated the market accounting for more than 85% of the total market in 2013 and are expected to continue its dominance throughout the forecast period. The market has also been segmented on the basis of function segment into antimicrobial, antioxidants and others. The antimicrobial segment accounted for the maximum market share covering more than 50% of the total food preservatives market in 2013, followed by antioxidants which accounted for less than 40% in 2013. The market has been further segmented on the basis of applications into bakery, beverages, dairy and milk products, meat and poultry and others. The meat and poultry segment accounted for the largest market share in 2013, followed by the beverages segment.

Based on geography, the market has been segmented into North America, Europe, Asia Pacific and Rest of the World (RoW). North America held the largest market share in 2013, accounting for more than 35% of the total food preservatives market and is expected to continue its dominance throughout the forecast period. Increasing use of food preservatives in order to prevent spoilage is the key factor driving the demand for food preservatives in this region. Meat, poultry and seafood accounted for the largest market share in the food preservatives market in North America in 2013, followed by the beverages segment. Both the segments are expected to retain their respective positions in the market throughout the forecast period.

Asia Pacific held the second largest market share, accounting for more than 30% of the global food preservatives market in 2013 and is expected to retain its position in the market throughout the forecast period. Rising demand and trade of food products across the world is driving the demand for food preservatives market in Asia Pacific. Additionally, increasing demand for bakery products, meat and dairy products and beverages are fuelling the demand for the food preservatives market in Asia Pacific. Further, the shift in the preference of the consumers in terms of feeding habits has also shown a positive impact on the food preservatives market in Asia Pacific. Australia was the largest market for food preservatives in Asia Pacific in 2013 and is expected to retain its dominance throughout the forecast period.

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Europe was the third largest market for food preservatives in 2013 and is expected to maintain its position throughout the forecast period. The increasing demand for processed food among the consumers is primarily fuelling the demand for the food preservatives market in Europe. Additionally, consumer demand for high premium quality food is also driving the demand for food preservatives in Europe.

Rest of the World is inclusive of Middle East, Latin America and Africa. This segment held the lowest market share of just above 15% of the global food preservatives market in 2013. However, the demand for this market in RoW is expected to maintain a gradual growth throughout the forecast period. Increasing demand for canned and processed food in Latin America is one of the key factors driving the demand for food preservatives at present. Additionally, rising demand for beverages, meat and baked products in the Middle East is another key factor driving the demand for food preservatives in this region.

The global food preservatives market is marked by some intense competition from some the major players operating in this market. Major players like BASF SE, Cargill Incorporated, Celanese Corporation, Chr Hansen A/S among others are expected to capture the attention of consumers due to their cost effectiveness vis-à-vis branded products.

The Food Preservatives Market has been segmented as follows:

Global Food Preservatives Market by Product Type
Product types covered under this research study are:
Natural Preservatives
Synthetic Preservatives

Global Food Preservatives Market by Function
Functional types covered under this research study are
Antimicrobial
Antioxidants

Global Food Preservatives Market by Application
Dairy and milk products
Meat, poultry and sea food products
Bakery products
Beverages products
Other products

Global Food Preservatives Market by Geography
North America
Europe
Asia Pacific
RoW

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