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Market - OverviewAccording to a recent study report published by the Market Research Future, The global market of Food Preservatives has experienced an enormous growth over the past decade and is projected to gain prominence over the forecast period owing to its wide application in the Dairy and Bakery & Confectionery market. The Market is forecasted to witness a phenomenal growth by 2027; with a striking CAGR during forecast period 2017-2027.
Globally, the market for Food Preservatives has been increasing due to food and beverages industries. Changing lifestyle and consumer’s preference towards ready to eat food, packaged foods and frozen foods are key drivers for the market. Growth in per capita disposable income, rising urban middle class population and food consumption across the globe are among the key market contributors. Western countries generate the highest demand for food Preservatives globally. Another major factor that driving the market growth is the increasing complexities in the food supply chain. Imports are expected to increase because of cost concerns, availability, and consumer demand for diverse food products. Moreover, with more people looking for freshness in foods, the demand for effective preservation techniques is on the rise. However, the major constraint is the increased awareness about the side effects of synthetic ingredients and growing consumer demand for fresh and natural foods. Companies are seeing this as an opportunity to innovate and provide solutions in the in the form of natural and functional ingredients.
Market - Competitive Analysis
Characterized by the presence of several well-established and small players, the global Market of Food Preservatives appears to be highly fragmented and competitive. Well established players incorporate acquisition, collaboration, partnership, expansion, and product launch in order to gain competitive advantage in this market and to maintain their market position. The Key players operating in the market compete based on pricing, product launch, technology launch, reputation and services. Manufacturers continue to innovate the sustainable product portfolio to deliver solutions to customers and meet the needs of a dynamic market space. They respond to demands by adding functionality to their product portfolio.
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Key Players:
Cargill Inc., DSM N.V., Kemin Industries Inc., AkzoNobel N.V., Tate & Lyle PLC, and Brenntag AG, Univar Inc., Hawkins Watts Limited, Galactic, and Danisco A/S are some of the prominent players at the forefront of competition in the Global Food Preservatives Market and are profiled in MRFR Analysis.
Market - Segments
Food Preservatives Market can be segmented in to 5 key dynamics for the convenience of the report and enhanced understanding;
Segmentation By Type : Comprises flavouring agent, antioxidants, nutrition enhancer, colorants, sweeteners, Vitamins, phenols, herbal extracts, alcohol, salts, and others.
Segmentation By Source : Comprises natural and synthetic
Segmentation By Function : Comprises Antimicrobial agents, Antioxidants, chelating agent, and others.
Segmentation By Applications : Comprises Dairy & beverages, bakery & confectionery, Jams, salad dressings, sauces, and Others.
Segmentation By Regions : Comprises Geographical regions - North America, Europe, APAC and Rest of the World.
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Market - Synopsis
Preservatives are very efficient in the preserving processed foods but like all chemical compounds, it poses a few health risks, if precautions are not taken. Sodium Nitrate, when cooked at high temperature is said to produce carcinogenic compounds that react with the food. Sodium benzoate, the preservative proven to expand the shelf life of tomato paste to 40 weeks, is said to react with vitamin C to produce carcinogenic Benzene. Scientists have argued over the issue of food additives leading to Attention Deficit Hyperactivity Disorder (ADHD) in children and young adults and research is still being done on this. Increased consumer awareness on the ill effects of food Preservatives has forced the Governments to make stringent policies and regulations against food preservatives. This has restricted the growth of the Food Preservative Market.
Preservatives are chemical components that break the natural process of food decay and help preserve the freshness and goodness of processed foods. Major companies are coming together and partnering up with suppliers to capture the market that is growing at a slow and steady pace. Antioxidants hold the highest demand in this market which Beverages industry is the major consumer of preservatives, followed by meat and processed dairy food industry.
The raw material has to be stored carefully and the process of mixing the raw material with the food item is very critical as the natural raw material can get damaged easily. Natural preservatives are generally extracted from seeds and plant leaves; this extraction process is costly which is also working as a restraint for the food preservatives market. The increasing demand for natural food preservatives is perceived as an area for growth in the food preservatives market over the forecast period. People prefer natural food preservatives over synthetic food preservatives driven by consumer perception of natural products being healthier than the synthetic ones. Because of this trend, manufacturers are focusing more on producing natural food preservatives. Due to the harmful effects on health and environment, synthetic preservatives would see a decrease in demand in the coming years.
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