Global Statistics Representing Food Preservative Market Scenario
Food spoilage is a common issue faced daily, and most of the spoilage occurs due to microorganisms or enzymatic reactions. Preservatives, also termed as food preservatives, are chemical substances added to products such as beverages, oils and fats, and others to prevent the decomposition caused by chemicals or micro-organisms. For instance, sodium benzoate is one of the synthetic additives widely used in the food industry. It is the sodium salt of benzoic acid used against bacteria, fungi, and others. According to ‘The Chemical Company’, about 139,000 tons of benzoic acid is synthesized each year for its use in different industries.
The growing concern among people regarding health and increased preference towards the adoption of packaged foodstuffs is the primary factor driving food preservative market growth. It is added in small quantities for improving and maintaining the freshness of food products along with flavor, taste, and aroma.
The increasing adoption of natural preservatives on meat and poultry products is expected to augment food preservative market growth during the forecast period. In January 2017, Arjuna Natural Extracts launched a natural preservative ‘X-tend’ to increase the shelf-life of chilled meat products and assure food safety.
Momentous market opportunities for food processing industries in developing economies such as China, India, and others are also fuelling food preservative market growth. Rising disposable income and today’s lifestyles with time constraints have led to the adoption of frozen food products such as vegetables, fish, meat, and others. According to the India Brand Equity Foundation (IBEF), in 2015, the food processing market in India accounted for 32% of the country’s total food market. Additionally, favorable initiatives adopted by the government are also expected to drive food preservative market growth. For instance, in 2015, ITC Limited announced its decision to start a food processing unit in Telangana with an investment of USD 117.4 million.
The global food preservative market is mainly segmented on the basis of type, function, and application. Based on type, the market is segmented into natural and synthetic food preservatives. On the basis of function, the market is segmented into antimicrobial and antioxidant. While based on application, the food preservative market is segmented into meat and poultry products, beverages, dairy products, snacks, and others.
The global food preservatives market is mainly analyzed across North America, Europe, Asia-Pacific, and Latin America and the Middle East and Africa (LAMEA).
North America is estimated to hold a significant market share fo food preservative in terms of value and remain dominant during the forecast period. Countries such as the U.S., Canada, and Mexico are driving market growth through numerous applications in the region. Increasing consumption of meat in the region is a key factor providng impetus to food preservative market growth.
Asia-Pacific is expected to hold the second position for food preservative market, followed by Europe. Asia-Pacific is the fastest growing market, owing to the increasing working population as well as preference for packaged food products. Major countries such as Germany, the U.K., and France are driving market growth in Europe. Inclination towards organic food along with growing health concerns among people are expected to fuel food preservative market growth during the forecast period.
Some of the key players operating in the food preservative market are Cargill, Incorporated (U.S.), Danisco A/S (Denmark), Akzo Nobel N.V. (Netherlands), Hawkins Watts Limited (New Zealand), Kemin Industries, Inc. (U.S.), Tate & Lyle (U.K.), Univar Inc. (U.S.), Galactic (Belgium), Celanese Corporation (U.S.).
Cargill Incorporated, in March 2018, started producing EverSweet, a next-generation, zero calorie sweetener made up of two sweet compounds found in the stevia leaf, Reb M and Reb D. The focus of the company is to satisfy consumer needs to produce low-calorie products that would taste good and are affordable.
Food Preservative Market Segmentation
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