Food Preservatives Market: Applications, Opportunities & Trends
Preservatives are used in a wide range of products, such as bakery, confectionery, snacks, meat, seafood, poultry, and others to reduce oxidation, prevent food spoilage, and inhibit microbial growth. The types of preservatives include antimicrobials, antioxidants, chelating agents, and others.
Global Food Preservatives Market was valued at $2,271 million in 2016, and is expected to reach $2,714 million by 2023, registering a CAGR of 2.6% from 2017 to 2023. Food preservation is the process of treating food with preservatives to stop or slow down spoilage caused by microorganisms such as bacteria, fungi, and others and increases the shelf life of food. It involves restricting the oxidation of fats, which causes rancidity.
Factors that drive the growth of the global food preservatives market are change in lifestyle of people and varied consumer trends toward use of ready-to-eat food products. The food & beverage processing industry has influenced the food preservatives market to a large extent. In addition, growth in bakery, confectionery, meat, and poultry applications is expected to fuel the demand for food preservatives in the near future.
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Market by Geography:
· North America
· Europe
· Asia-Pacific
· LAMEA
Market by Functions:
· Antimicrobials
· Antioxidants
· Others
The application areas of the industry are broadly classified into bakery, meat, poultry, and seafood, oils & fats, dairy & frozen foods, snacks, confectionery, beverages, and others. The market is analyzed based on four regions, namely, North America, Europe, Asia-Pacific, and LAMEA.
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Major companies have adopted agreements, product launches, expansions, and mergers to sustain the intense competition in this market. The key players profiled in the report include Danisco A/S, Akzo Nobel N.V., Kemin Industries, Inc., Cargill, Incorporated, Hawkins Watts Limited, Celanese Corporation, Univar Inc., Tate & Lyle, Kerry Group, and Koninklijke DSM N.V.
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