QY Research analysts state that the global Food Preservative market size is estimated to be worth US$ 2718.6 million in 2022 and is forecast to a readjusted size of US$ 3208.5 million by 2028 with a CAGR of 2.8% during the review period. The study comprises market attractiveness analysis, wherein all the segments are benchmarked based on their growth rate. To understand the competitive landscape in the market, of SWOT and Porter’s Five Forces model have been used. The market is gaining recognition due to its ability to increase the shelf life of food ingredients in the overall food & beverages industry boosting its packaged food side of business.
Some of the top players operating in the global market for food preservatives are Kunda, DSM, Wanglong, BASF, NTAC, Celanese, Kemin, Dupont, Akzonobel, Cornion, and Galactic. Players in the food industry are showing a deep interest in using food preservatives in their products, which is estimated to thrive market in the coming years.
The growing demand for processed and ready-to-eat food items is encouraging manufacturers to use food preservatives to enhance the shelf life of the products. Soaring consumption of packaged food items due to hectic lifestyles is expected to boost the demand for food preservatives in this region. Asia Pacific is also likely to witness significant growth in the food preservatives market due to growing population and changing food choices. Food preservatives market is also estimated to increase in the European region due to growing consumption of processed food in this region.
Natural preservative and chemical preservative are the two product segments of the global food preservative market. The natural preservative segment is increasing as it helps to reduce the bacteria from the food products without adversely affecting human health. The application segment includes meat, poultry and seafood, bakery, dairy and milk products, beverages, and others. The beverages segment is anticipated to drive the market growth due to higher consumption and longer shelf life.
Rising Demand for Food Preservative in Functional Beverages Burgeoning Market Growth
The demand for food preservative is rising in food, packaged drinks, confectionery products, and bakery products as they function to maintain quality of these products for a longer duration. Food preservatives are predominantly used by the food and beverages industry to maintain texture, color, and quality of the packaged products. Increasing demand for ready-to-eat food items is growing, driving companies to raise their standards for the packaging food products, which is propelling market growth. In the global food preservative market, food preservative function as an antimicrobial antioxidants agents. It also prevents the growth of microorganisms that spoil the texture, quality, taste, color of food items, making it inedible.