Food Preservatives Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI2584
Food Preservatives Market size should have a steady growth over the forecast timeframe as the product is added to feed or pharmaceutical drugs to prevent degeneration. Increasing application usage in bakery, beverages, sweet & savory snacks and dairy industries may drive industry demand. Change in consumer lifestyle along with high purchasing parity should fuel food preservatives market demand.
Rapid urbanization along with high consumer disposable income has led to the progress of packaged product demand which includes frozen feed & desserts, thus stimulating food preservatives market demand. Preservatives including benzoates are used to enhance shelf-life of feed items, thus minimizing the risk of spoilage due to its anti-fungal property. Benzoates is a white compound which is odorless and soluble in water with a sweet taste, originated naturally from apples and plums.
Nitrites food preservatives market size is likely to have steady growth rate and is used to prevent spoilage of red meat & its product, as they are cooked at high temperatures. Global meat production was over 65 million tons in 2017. Meat products dominate the market share with around 35% in 2017. The total processed poultry, fish and meat industry has been increasing at a significant rate, which positively influences food preservatives demand over the forecast period.
Superior properties giving desirable changes of color to meat may enhance the market demand, but excessive usage of nitrites can be toxic to human health. The maximum limit of using nitrite as an additive is 20 gms per 100 kgs of meat products.
Natural food preservatives including salt, sugar, alcohol and vinegar are used in making jam, pickle and juices, thus minimizing the bacterial growth rate risk. Salt is used to preserve vegetables and meat to prevent bacteria and yeast from decaying the product, resulting in increased demand.
Artificial food preservatives including antimicrobial agents, antioxidants and chelating agents are used to slow down spoilage and discoloration. Antimicrobial agents including benzoates, nitrites, propionates, and sorbates are widely used to prevent microbial degradation. Global market size of packaged ingredients was valued at over USD 60 billion in 2017 and may have a steady growth rate over the timespan. Enhanced product usage in beverages and bakery products will stimulate market demand.
Food preservatives offers antibacterial properties which reduces risk of degradation, but is also associated with disadvantages including allergic reactions, asthma, and abdominal pain. New trends are emerging in the market to safeguard the value and keep it cost effective where various manufacturing units are beholding to HPP (High pressure processing), a technique where product is processed without heat. Added advantage of this method would retain the nutritional value and will be a safe to eat.
The FDA panel evaluates the safety of new additives are generally approved by GRAS. Information including chemical and biological properties, toxicity is approved by EFSA’S expert panel who carry out the safety evaluation.
North America, led by Mexico., Canada, and the U.S. food preservatives market are likely to have a moderate growth rate. To inflate the market share, companies are acclimating new technologies, partnerships, ventures to develop their market. Hectic life schedule has induced the urge to increase in the demand for processed feed with extended shelf life, attracting the companies to enlarge the customer base.
Asia Pacific food preservatives market demand, led by South Korea, India, Japan, China is probable to have maximum growth by 2024 with increasing bakery products demand. The global bakery market size is poised to reach USD 45 million by 2024 along with various companies catering including Pasco, Oreo, Parle-G. Rising economy and growing population with disposable income have derived the demand for packaged products leading to growth of food preservatives market size.
Global food preservatives market share is moderately fragmented. Mergers form an important part for the companies including Kerry Group, BASF, Cargill Inc. and DuPont. Increasing natural product demand due to health issues which has led various manufactures including Kemin, DSM and Galactia to invest in the business to provide a premium quality product and accelerate food preservatives demand. Gurpo Bimbo a Mexican giant is working on new technology named nutraREV which comprises of rapid and low extraction of water cutting down the production costs and enhances the feed product & its quality.
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