Expanding processed foods market and penetration of organized retail sector are also major factors contributing to the market growth.
The Global Food Preservatives market has been estimated at USD 3.15 Billion in 2016 and is projected to reach USD 3.69 Billion by 2021, at a CAGR of 3.2% during the forecast period from 2016 to 2021. Preservatives are the substances that are added products like pharmaceuticals, biological samples and food to prevent decomposition by microbial growth or by undesirable chemical changes.
Food preservatives reduce the risk of food borne infections, decrease microbial spoilage and preserve nutritional quality.
Increase in population and change in food consumption habit is driving the demand in market for various segments of food and beverage industry, which in turn, is driving the market for food preservatives.Expanding processed foods market and penetration of organized retail sector are also major factors contributing to the market growth.
Increase in consumer awareness on the ill effects of chemical preservatives is driving the market for natural preservatives. Increase in consumer awareness on the ill effects of synthetic ingredients, stringent government policies and intervention regarding the usage of chemical preservatives is restricting the growth of the global food preservatives market.
Also, rising consumer preference for ‘natural preservatives’ is increasing R&D spending on the market.
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Global market for food preservatives are segmented on the basis of Type, Function and Application. Each of these segments are further sub segmented as follows Type: Natural and Synthetic; Function: Antimicrobials, Antioxidants, Chelating and enzyme inhibitors; Application: Beverages, Oils & fats, Bakery, Dairy & frozen products, Snacks, Meat, poultry, & seafood products, Confectionery, Other applications.
Benzoic acid and Sodium benzoate are the most preferred preservatives, followed by sorbates. Sea food products, processed meat and poultry consume the major share of global food preservatives market.
Beverage industry is the major consumer for preservatives, followed by meat industry.
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Geographically Global market for food preservatives is segmented into North America, Asia Pacific, Europe, Latin America, and Middle-East and Africa. Global food preservatives market is dominated by North America with a share of 33%, while the Asia-Pacific region is growing at the highest CAGR.
Major companies are partnering with diverse set of suppliers to boost their markets. BASF SE, Cargill Incorporated, Celanese Corporation are the major players in the Global market.
Other important companies include Chr. Hansen A/S, Kerry Group, Koninklijke DSM N.V, The Archer Daniels Midland Company, Corbion N.V., DuPont and JEY’S F.I. Inc.
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