January 09, 2021
As cited by the business intelligence report titled ‘Global Food Preservative Market Analysis, 2020’ available with Market Study Report LLC, global food preservative market is anticipated to register a compound annual growth rate of 2.75% during 2020-2025.
The report states that evolving food and dietary habits, fast-paced lifestyles, and escalating demand for packaged as well as processed food products are augmenting the growth of global food preservative market size.
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Surging cross-border trading activities coupled with increasing consumer preference towards fruits & vegetables over meat and seafood products are further contributing to the overall market expansion.
Furthermore, increasing consumption of confectionary foods and bakery products, rising product adoption to prevent food spoilage, growing health awareness among consumers, and innovative product launches by industry players are stimulating global food preservative market outlook.
Based on type, the market is split into natural preservatives and synthetic preservatives, among which the demand for latter is expected to attain substantial traction during 2020-2025. Factors such as widespread applications, high availability, and growing consumer health consciousness are fostering the growth of the segment.
With regards to application spectrum, global food preservative industry is bifurcated into snacks, beverages, dairy, bakery, meat & poultry, and others. Among these, the meat & poultry segment accounted for a substantial market share in 2019, owing to surging demand for minerals and nutrients in the daily diets along with active consumption of the product.
As per the regional analysis of the report, North America reflected a majority of the global food preservative market share in 2019 and is predicted to amass lucrative gains over the forecast period. Evolution of the trend of dining out and partying, increasing establishment of food truck and quick service restaurants, high demand for ready-to-eat foods, and flourishing food & beverage industry are propelling the expansion of the regional market.
Major companies that influence the global food preservative industry trends are Galactic S.A., Corbion N.V., Celanese Corporation, BASF SE, Akzo Nobel N.V., Koninklijke DSM N.V., Tate & Lyle Plc, Archer Daniels Midland Company, Kemin Industries, Inc., and Cargill, Inc.