Food preservatives are substances that are added to foods to keep them fresh for longer by inhibiting the growth of microbes like bacteria, moulds and yeasts. They help extend the shelf life of foods without affecting their taste or nutritional value. Common food preservatives include salt, sugar, vinegar, chemical preservatives etc.
The global Food Preservatives Market is estimated to be valued at US$ 3.04 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 key trends:
The rising demand for convenience and packaged food products is a major trend fueling the growth of the food preservatives market. Rapid urbanization and changing lifestyles have led to increased consumption of ready-to-eat meals and snack foods which require preservatives to maintain quality and stretch shelf life during distribution and storage. Moreover, increasing health-consciousness among consumers has augmented the demand for natural preservatives like salt, vinegar, essential oils over synthetic chemical varieties which is also boosting market expansion.
SWOT Analysis
- Strength: Food preservatives help increase the shelf life of food products. They prevent food from spoilage and deterioration caused by microorganisms and environmental factors.
- Weakness: excessive use of some preservatives like sulphites can cause allergic reactions in sensitive individuals. stringent regulations regarding the use of certain preservatives.
- Opportunity: growing demand for minimally processed and ready-to-eat food products offer opportunities for food preservatives market. increasing focus on food safety and quality also drives the demand.
- Threats: consumer preference for fresh and minimally processed foods poses a threat. stringent regulations associated with certain preservatives is a challenge.
Key Takeaways
The global food preservatives market is expected to witness high growth, exhibiting a CAGR of 4.5% over the forecast period, due to increasing demand for convenience and packaged food products. Changing lifestyles and busy schedules have boosted the demand for packaged foods that have a longer shelf life owing to food preservatives.
North America dominated the global market in 2023, accounting for around 30% of the overall shares. This was attributed to growing demand for convenience foods and increasing consumer awareness regarding food preservation in the region. Asia Pacific is expected to be the fastest growing market during the forecast period, owing to rising incomes, changing eating habits, and growing demand for packaged foods in developing countries such as China and India.
Key players operating in the food preservatives market are BASF SE, Kerry Group Plc, Kemin Industries, Inc., DuPont Nutrition & Biosciences, ADM, Foodchem International Corporation, Corbion, Celanese Corporation, and Jungbunzlauer Suisse AG. Major players are focusing on new product launches, expansions, and mergers & acquisitions to strengthen their market position. They are also investing in R&D activities to develop natural and clean label preservatives to cater to changing consumer preferences.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
