The
global food preservatives market is greatly influenced by shifting
consumer preferences. In the past few decades, the growing preference
of consumers for healthier products has been shaping the food and
beverages industry. Consumers demand natural, organic, and healthy
food products. Since the food preservatives market uses a lot of
chemical food preservatives, the market is going through dynamic
changes to adapt to changing consumer preferences.
Synthetic
Food Preservatives Sector will Benefit due to Increasing Working
Population
The
global food preservatives market is segmented according to product
types into natural and synthetic preservatives. The synthetic
preservatives sector is further segmented into sorbic acid, benzoic
acid, propionic acid, lactic acid, and others. Functional types of
food preservatives include antioxidants, antimicrobial, and others.
These food preservatives are used in dairy and milk products; bakery
products; meat, poultry, and seafood products; beverage products; and
other products.
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The
hectic lifestyles of the expanding working population around the
world are fueling the demand for processed, ready-to-eat foods. Since
synthetic food preservatives are used in processed foods, the demand
for them will in turn grow. Due to this trend, manufacturers are
increasingly using food preservatives to maintain the quality and
standard of food and beverages for extended durations. The synthetic
food preservatives sector is one of the fastest growing segments in
the global food preservatives market.
However,
the rising concerns related to the health hazards of synthetic food
preservatives are suppressing this market sector. This trend has led
to manufacturers focusing more on organic, natural, and consequently
safer food preservatives.
Healthy
Eating Trends to Fuel Natural Food Preservatives Market
Healthy
eating trends and consumer preference for quality food is fueling the
demand for natural food preservatives worldwide. This opportunity
presented by accelerating demand for natural food preservatives has
resulted in manufacturers providing convenient and ready-to-eat
products that have superior taste and quality. Food products that are
made using organic food preservatives tend to be healthier and have a
superior, natural taste.
Nevertheless,
synthetic food preservatives tend to be more effective. In addition
to this, the logistical support for the synthetic food preservatives
sector is more developed as compared to the organic food
preservatives sector. Synthetic food preservatives will continue to
be the fastest growing segment in the global food preservatives
market. According to a market research firm, the global food
preservatives industry will grow at a CAGR of 3.5% from 2014 to 2020.
The market was estimated to be worth US$2,000 million in 2013 and
will reach a total value of US$2,560 million by 2020.
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Effective,
safe, and natural preservatives are currently in demand, especially
in the mature markets of Europe and North America. Furthermore, the
consumer perception related to the benefits of natural additives has
created a lot of interest among researchers. Around the world,
research is being conducted and encouraged to develop natural and
safer yet effective food preservatives.
Among
the various geographical segments of the global food preservatives
market, the Rest of the World food preservatives market is expected
to grow at a CAGR of 4.0% over the forecast period. In terms of
revenue, North America held the largest market size of US$729.8
million in 2013 and is expected to reach USD 921.6 million by 2020.
North America will continue to hold the largest market share till
2020, followed by Asia Pacific. The growing awareness for food safety
and quality is fueling the demand from the regional markets of
Australia, China, South Korea, and others. The top corporations in
the global food preservatives market include BASF SE, Celanese
Corporation, Cargill Incorporated, and Chr Hansen A/S. Other market
players are expected to come to the fore thanks to the extreme
competitiveness of the market, which is expected to rise in light of
the shifting dynamics of the market.
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