The Australia food preservatives market size is estimated to register a substantial CAGR during the forecast period, 2021–2028. The growth of the market is attributed to its application to enhance the texture, taste, and color while maintaining the nutritional content in foods.
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Food preservative refers to the products incorporated during processing of food to avoid its spoilage and to maximize its stability. They are added in small quantities to several categories of food depending on the requirement. Traditionally, salt, sugar, and spices were used to preserve meat and other food types.
The Covid-19 pandemic had an adverse impact on the food preservatives market. As production and utilization of food preservatives have changed, food consumption patterns has also changed around the world. Furthermore, restriction of trade activities, distribution networks, and supply chains had a moderate impact on the sales of food products; however, the government’s steps and strategies have helped to neutralised the situation. This pandemic has encouraged the key players to implement advance technologies to overcome these challenges and expand the market growth.
Market Trends, Drivers, Restraints, and Opportunities
- Significant applications of food additives to enhance the texture, taste, color while maintaining the nutritional content in foods are expected to drive the market during the forecast period.
- Rising demand of food preservatives for prevention of decomposition and spoilage, which takes place in food products due to microbial reactions, are likely to propel the market in coming years.
- Increasing demand for convenience and packaged foods by the burgeoning population is anticipated to surge the Australian food preservatives market.
- Growing urbanization rates is projected to boost the food preservatives market.
- R&D investment and technological advancement in the Australian food preservatives market are expected to offer lucrative opportunities for the market players.
Market Segment insights
The natural segment is projected to constitute a large market share
Based on type, the Australian food preservatives market is segregated into natural and synthetic. The natural segment is expected to account for a key share of the market during the forecast period owing to growing awareness and changing preference toward healthy preservatives and the adverse health hazards of synthetic preservatives.
The beverage segment is expected to register a substantial CAGR
Based on application, the market is divided into beverage, dairy & frozen product, bakery, meat, poultry & seafood, confectionery, sauces & salad mixes, and others. The beverage segment accounts for a key share of the market and is estimated to propel even further over the forecast period owing to characteristics of drinks such as high water activity demand the unique use of preservatives in the beverage industry is to avoid the change in color, the taste, and the aftertaste.
Competitive Landscape
Key players competing in the Australian food preservatives market include Cargill Inc; Koninklijke DSM N.V.; Jungbunzlauer Suisse AG, Basel; Brenntag Inc; and Archer Daniel Midland
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