Food Preservatives Market has witnessed a constant demand during the last few years and is projected to reach USD 3315.5 million at a CAGR of 3.80% by 2023. Preservatives are natural or chemical ingredients added in small quantity as an additive to products such as food, beverages, pharmaceutical drugs, paints, biological samples, cosmetics, wood, etc. to check decomposition by microbial growth and in turn, increase the shelf-life of the products. The increasing complexities of the food supply chain are majorly driving the growth of the food preservatives market. Moreover, growing demand for packaged and convenience foods have propelled the growth of the food preservatives market.
Food preservatives are being used extensively in the food and beverage sector, due to the characteristics they can add to edible items. Market Research Future which focuses on market reports connected to the food & beverage sector among others lately made available a report on this industry. The food preservatives sector globally has observed a continual demand during the past few years and is estimated to earn USD 3315.5 million in revenue while expanding with a CAGR of 3.80 per cent by 2023.
As the food sector has evolved over the past few years, the food preservatives have been used increasingly in different applications due to innovations in the sector. The rising popularity of packaged goods and convenience products have fuelled the growth factors in this particular sector. The sector though is significantly impacted by the availability of synthetic food preservatives which are not being preferred due to the negative health repercussions of those products.
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Major Key Players Analysis:
The trend for diversification and cost effective strategies in the sector has facilitated the players to access the rewarding state of affairs obtainable in this market are being applied by candidates who are trying to grow their industry coverage by exhaustive growth which can fuel the expansion of this business sector. The products are also being specialized to great extent to keep up with the dynamic pace of technological discoveries. The organizations are also additionally trying to create and capture economic worth simultaneously and in a proper manner. This has raised the potential for the approaching growth period considerably. This situation has additionally established to be productive for businesses so they can fix goals that can support their enterprise’s viable liquidity to take the effective decisions in terms of strategy designing and execution.
The leading players in the Food Preservatives Market globally are Celanese Corp. (U.S.), Univar Inc. (U.S.), DuPont (U.S.), Prinova Group, LLC (U.S.), Cargill, Incorporated (U.S.), BASF (Germany), Kemin Industries, Inc. (U.S.), Royal DSM (the Netherlands), Akzo Nobel N.V. (the Netherlands), Galactic S.A. (Belgium), Brenntag Inc (U.S.), Chr. Hansen A S (Denmark) and Tate & Lyle PLC (U.K) to name a few.
Mar 2018 Celanese Corporation which is a global technology and specialty materials firm has recently announced that it is ending its merger contract with Blackstone’s Rhodia Acetow corporate entity and that the two parties have taken back their announcement of the proposed joint venture from the European Commission. The parties were not able to reach an agreement with the European Commission on suitable conditions to allow for the proposed joint venture to be finalized.
The food preservatives industry around the world is divided on the basis of type, region, function and application. The type category of food preservatives is divided into synthetic, natural, benzoates, propionates, sorbates and nitrates. On the basis of function, the industry includes antioxidants and antimicrobials. Furthermore on the basis of application, the category is divided into bakery & confectionery, beverages, dairy among others. Finally on the basis of region the market comprises of geographical regions such as Europe, North America, APAC and Rest of the World.
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The market for food preservatives globally has been observing a continual period of growth through the forecast period due to increasing consumption of convenience foods and mounting demand for frozen food and packed products. In terms of volume and value, the North American market is projected to control the food preservatives sector controlling a major share of 36.10 per cent. Likewise, the Asia Pacific region is expected to be the main growing region at a rate of 4.53 per cent in the forecast period.
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