The Food Preservatives Market is estimated to be valued at Us$ 3.18 Bn in 2023 and is expected to exhibit a CAGR Of 4.5% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Food preservatives are substances that are added to food products to protect them from deterioration by microbial growth or by biological, chemical, or physical changes. Common food preservatives include salt, sugar, oil, alcohol, and acidulants like vinegar and vitamin C. They help inhibit spoilage bacteria and mold growth, thereby increasing the shelf life of packaged and processed foods without affecting their nutritional value or flavor. Food manufacturers utilize various preservatives to maintain or improve the quality and freshness of products.
One of the major drivers for the food preservatives market growth is the rising demand for convenience and packaged foods across the globe. Busy lifestyles and changing demographics are increasing the consumption of packaged snacks, ready meals, baked goods, and other processed foods which require preservation. Further, the booming food and beverage industry is also fueling the usage of different preservatives in a wide range of food products. Stringent food safety and storage regulations especially in developed countries are further propelling the market expansion. However, rising health concerns regarding synthetic preservatives and growing demand for clean label products are likely to hinder the market growth during the forecast period.
The food preservatives market is broadly segmented into natural preservatives and synthetic preservatives. The synthetic preservatives segment currently dominates the market owing to mass production and approval for wide end-use applications by regulatory bodies. Synthetic preservatives such as sorbates, benzoates, and propionates are extensively used in packaged foods, bakery products and beverages to increase shelf life.
Political: Stringent regulations imposed by FDA and EFSA on the use of hazardous chemicals in food products are impacting the market. However, approval for new preservatives is also encouraging market growth.
Economic: Rising disposable incomes in developing nations are increasing the demand for packaged and processed food products, which is driving the demand for food preservatives.
Social: Growing health consciousness among consumers is augmenting the demand for natural preservatives over synthetic variants.
Technological: Advancements in extraction techniques are facilitating the large-scale production of natural preservatives from plant and animal sources. New testing methods are also expediting the approval process for novel preservatives.
The Global Food Preservatives Market Size is expected to witness high growth, exhibiting CAGR of 4.5% over the forecast period, due to increasing demand for convenience and packaged food. The market size for 2023 is estimated at US$ 3.18 Bn.
Regional analysis: Asia Pacific dominates the global market and is expected to maintain its lead throughout the forecast period. This can be attributed to rising incomes, growing demand for packed foods, and expansion of F&B industry in countries like China and India.
Key players analysis: Key players operating in the food preservatives market are BASF SE, Kerry Group Plc, Kemin Industries, Inc., DuPont Nutrition & Biosciences, ADM, Foodchem International Corporation, Corbion, Celanese Corporation, and Jungbunzlauer Suisse AG. BASF and Kemin are the dominant players due to their wider geographical presence and diversified product portfolio.
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it