The global Food Preservatives Market is estimated to be valued at Us$ 3.18 Bn in 2023 and is expected to exhibit a CAGR Of 4.5% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Food preservatives are substances that are added to food products to prevent them from spoiling, decaying or losing nutritional value due to microbial growth. Common food preservatives include salt, sugar, oils, alcohol and acidulants which help improve the shelf life of products without significantly altering their taste and flavor. They play a crucial role in reducing food wastage.
Market key trends:
Rising health consciousness among consumers has prompted food manufacturers to focus on the development of natural preservatives derived from plant sources. Natural preservatives such as rosemary extracts, grape seed extract and cinnamon oil are more preferable due to clean label appeal and absence of harmful additives. They act as a natural antimicrobial agent, antioxidant and flavoring agent. Many food industry players are therefore increasingly investing in research & development activities to introduce new generation of natural preservatives to attract health-conscious consumers.
Segment Analysis
The global food preservatives market is segmented into natural and synthetic. The natural segment dominates the market and accounts for around 60% market share in 2023. Within natural, salt is the dominating sub-segment owing to its widespread application in curing and preserving meat and seafood. Salt inhibits the growth of microorganisms and slows down the spoilage of food products.
Key Takeaways
The Global Food Preservatives Market Size is expected to witness high growth, exhibiting CAGR of 4.5% over the forecast period, due to increasing demand for packaged and processed food products.
Regional analysis:
North America dominates the global food preservatives market with over 35% share in 2023 owing to stringent food safety standards and presence of major food producers in the region. Asia Pacific is expected to be the fastest growing region during the forecast period due to rising disposable income, growing middle class population and their willingness to spend on convenience food products.
Key players:
Key players operating in the food preservatives market include BASF SE, Kerry Group Plc, Kemin Industries, Inc., DuPont Nutrition & Biosciences, ADM, Foodchem International Corporation, Corbion, Celanese Corporation, and Jungbunzlauer Suisse AG. BASF SE is the global leader in food preservatives with over 15% market share. The company offers wide range of natural and synthetic preservatives for different food applications.
