Market Definition:

Food preservatives are chemical or natural compounds primarily added to food products in order to reduce food spoilage by restricting the microbial growth and hence, increase the shelf-life of the product. They are also used to preserve flavor, taste, and other food qualities. Food preservatives naturally restrict the process of osmosis and kill the microorganisms thus, these products are regarded as safe and economical. It is added to the food products in small quantity as an additive.   

Market Scenario:

The global market for food preservatives has been experiencing high demand from the last few years and is projected to reach USD 3315.5 million by 2023 compared to USD 2650 million in 2017. The increasing complexities in the food supply chain is majorly driving the growth of the food preservatives market. Increasing awareness regarding health benefits associated with food preservatives such as prevention from diseases including food-borne illness, low oxidation in the body, and others are likely to boost the growth of the global food preservatives market. Additionally, the development of new products coupled with scientific advancements and innovations are considered to be one of the major reasons for the increasing growth of the food preservatives market during the review period.

Based on the type, the synthetic segment is dominating the market and is also expected to have a steady growth during the forecast period. On the basis of the function, the antioxidant segment is expected to witness the highest growth rate of 4.09% on a global level. Moreover, on the basis of the application, the bakery & confectionery segment is dominating the market over past years. However, the dairy & frozen desserts segment is projected to witness high growth at a CAGR of 4.29% over the forecast period followed by the beverages segment.

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Key Players:

Some of the leading players in the global food preservatives market are: Cargill, Incorporated (U.S.), BASF (Germany), DuPont (U.S.), Royal DSM (the Netherlands), Univar Inc. (U.S.), Kemin Industries, Inc. (U.S.), Akzo Nobel N.V. (the Netherlands), Galactic S.A. (Belgium), Chr. Hansen A S (Denmark), Brenntag Inc (U.S.), Celanese Corp. (U.S.), Prinova Group, LLC (U.S.), Tate & Lyle PLC (U.K), Danisco A/S (Denmark), Hawkins Watts Limited (New Zealand), Albemarle Corporation (U.S.), Kerry Group (Ireland), Archer Daniel Midland (U.S.), Corbion Purac (the Netherlands), Jungbunzlauer Ag (Switzerland), Cognis (Germany)

Target Audience:

Food preservatives manufacturers

Raw material suppliers

Food and beverage industry

Retailers and wholesalers

E-commerce industry

Traders, importers, and exporters

By Downstream Analysis

On the basis of the type of the food preservatives, the synthetic segment is dominating the market holding a global market share of 67.09%. Moreover, the North America region is dominating in the consumption of synthetic food preservatives market. However, the natural segment is expected to grow substantially at a CAGR of 4.29% over the forecast period.

Based on the function, the antimicrobial segment is dominating the market with a market share of 57.06% in the year 2017. However, the antioxidants segment is projected to be the fastest growing segment over the forecast period.

Potential application of food preservatives in the bakery & confectionery segment has a positive impact on its market growth with the major market share of 27.64% in the year 2017. However, the dairy & frozen dessert segment is likely to witness the highest growth rate followed by the beverages segment over the coming years.

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Regional Analysis

Among the regions, North America is dominating the food preservatives market with over 36.10% of the global market share and is projected to reach more than USD 1187 million by 2023. In North America, Canada is expected to grow at the highest rate followed by Mexico over the forecast period. Moreover, Asia Pacific is projected to witness the highest growth rate during the forecast period 2017-2023 in which India is expected to grow at the highest growth rate. In Asia Pacific region, China is dominating the market with market share of 34.97% in the year 2017.