Food Preservatives Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2014 – 2020
Albany, NY -- (SBWIRE) -- 05/26/2015 -- 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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