The present fast-paced lifestyle, changing food and dietary habits, and increasing demand for processed and packaged food is generating the market demand in the Food Preservatives market across the globe. Moreover, the increasing cross-border trade activities due to the increasing consumption of fruits and vegetables and other products such as meat and seafood are contributing to the growth of the Food Preservatives market worldwide.
According to MarkNtel Advisors’ research report titled “Global Food Preservatives Market Analysis, 2020”, the Global Food Preservatives market is anticipated to grow at a CAGR of around 2.75% during 2020-25 on an account of the increasing consumption of packaged and processed food. Hence, the need for food preservatives is surging to prevent food spoilage. Moreover, increasing trends of consumption of snacks, bakery products, and confectionery among the millennials is contributing to the growth of the Food Preservatives market.
In 2019, North America acquired the major share due to the well-established F&B industry in the region and the increasing trend of partying, get-togethers, and dining out of the consumers. Also, the rising number of food trucks and quick service restaurants in the region are contributing to the growth of the ready-to-eat food products, thereby fuelling the need for food preservatives.
The synthetic preservatives dominated over the natural preservatives owing to the factors such as ease of availability, wider application areas and the economical. However, the demand for natural preservatives is expected to increase on an account of the rising health awareness among consumers.
Meat & poultry segment dominated the Food Preservative market in 2019 on an account of the active consumption of meat and meat products due to a growing need for nutrients and minerals in the daily diet. Moreover, the variants and flavours offered by the manufacturers of meat and meat products are generating the demand for the food preservatives across the globe.
Natural Preservatives Manufacturers to Intensify Market Competition
The rise in health awareness among the end users is a major factor in creating a growth opportunity for the natural preservatives manufacturers. Companies are actively launching new products and some new players are also offering natural preservatives in the market, due to which the industry is highly competitive.
The key players in the industry are Cargill, Inc., Kemin Industries, Inc., Archer Daniels Midland Company, Tate & Lyle Plc, BASF SE, etc. A few of the instances of mergers and acquisitions are: In 2019, an Australian based Ingredient trading company launched natural preservatives. Also, Arjuna Natural Ltd, an Indian company launched a natural preservative in 2018, to extend the shelf life of frying oil.
Key Questions Answered in the Market Research Report
1. What are the key market statistics (Market Overview, Market Size, Forecast, CAGR, Market Segmentation, Market Shares) of Global Food Preservative Market?
2. What are the key market or technology trends in Global Food Preservative Market?
3. What are the significant innovations, technology upgrades, opportunities, regulations, growth drivers and challenges in the Global Food Preservative Market?
4. Who are the key competitors or market players and how they perform in global competitive benchmarking matrix?
5. What are the key results derived from the market surveys conducted during the course of Global Food Preservative Market study?