According to a recent market research report released by Transparency Market Research, the global food preservatives market is estimated to grow at a CAGR of 3.50% during the period between 2014 and 2020. The report, titled “Food Preservatives Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2014 - 2020”, assesses the valuation and size of the global food preservatives market during the forecast horizon. The overall market was worth US$2,000 mn in 2013 and is projected to reach a valuation of US$2,560 mn by 2020.
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The report points out that the increasing demand for convenience food and organic food products will drive the growth of the global food preservatives market. Food preservatives are used to increase the shelf life of the food products by inhibiting microbial growth on them. Disease outbreaks have increased the need for food preservatives. However, the report suggests that stringent government regulations and intervention regarding the usage of food preservatives will restrict the growth of the global food preservatives market. Presence of various chemical compounds in food preservatives has significantly increased the demand for natural food preservatives. This will create new growth opportunities for the overall market. It is also observed that the manufacturers are mixing different types of preservatives to reduce cost.
On the basis of product type, the report segments the global food preservatives market into synthetic and natural food preservatives. Though synthetic food preservatives account for the major share of the market, increasing demand for natural preservatives will restrict the growth of the synthetic food preservatives market. Manufacturers are increasingly focusing on research and development activities regarding natural preservatives as they are difficult to work with and are less effective than the synthetic preservatives.
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In terms of application, the report categorizes the global food preservatives market into bakery products, beverages, meat, poultry, and seafood products, dairy and milk products, and others. Currently, the usage of preservatives in beverages, bakery and dairy products, and meat and poultry products has become the accepted method to resolve quality issues across the global food industry. The report studies the global food preservatives market across four key regions: Europe, North America, Asia Pacific, and Rest of the World. In 2013, North America dominated the overall food preservatives market, closely trailed by Asia Pacific. The food preservatives market in North America was worth US$729.8 million in 2013 and is expected to hit US$921.6 million by 2020. In Asia Pacific, the demand for food preservatives is significantly high in countries such as China, South Korea, and Australia. The report estimates that during the forecast horizon, the demand for food preservatives in Rest of the World will be particularly high and the market in the region will develop at a CAGR of 4.0%.
The report profiles some of the key players operating in the global food preservatives market such as Cargill Incorporated, BASF SE, Celanese Corporation, Corbion N.V., Chr. Hansen A/s, Kerry Group, Du Pont, and The Archer Daniels Midland Company. The report offers insightful information about the key players such as financial overview, business strategy, and recent developments.