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Food Preservatives Market Size

Report ID: GMI6101
Published Date: Jun 2023
Report Format: PDF

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Food Preservatives Market Size

Food Preservatives Market was valued at USD 3.3 billion in 2023 and is anticipated to register over 4.5% CAGR from 2024 to 2032. Increasing consumer awareness about food safety, the desire to reduce food wastage, and the need for reliable protection against microbial contamination to ensure product safety for longer periods will drive the industry growth.

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Preservatives are critical in preserving freshness and preventing spoilage as food products are exported across borders and regions. Globalization of the food supply chain has contributed to the demand for food preservatives. Food preservatives help in maintaining the sensory attributes of processed foods, facilitating consumers to enjoy convenient and ready-to-eat options. These factors are anticipated to accelerate the market expansion during the forecast period.

Food Preservatives Market Report Attributes
Report Attribute	Details
Base Year:	2023
Food Preservatives Market Size in 2023:	USD 3.3 Billion
Forecast Period:	2024 to 2032
Forecast Period 2024 to 2032 CAGR:	4.5%
2032 Value Projection:	USD 4.3 Billion
Historical Data for:	2018 to 2022
No. of Pages:	210
Tables, Charts & Figures:	349
Segments covered:	Type, Function, Application
Growth Drivers:	Synthetic preservatives being replaced by natural preservatives Advancements in preservation technologies Focus on customized preservatives
Pitfalls & Challenges:	Health risks caused by synthetic preservatives High manufacturing costs of natural preservatives Keeping up with changing regulations

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The increasing demand for natural & clean-label alternatives due to the growing consumer concerns related to health risks caused by synthetic preservatives will hamper the food preservatives market. Manufacturers must tackle these challenges to meet consumer expectations and offer products that are stable & safe. Additionally, the manufacturing cost of natural preservatives is higher than synthetic alternatives, affecting their adoption and hampering market growth.

Major factors hampering market growth are the challenges faced by manufacturers in keeping up with the changing regulations and ensuring compliance when launching a new product or expanding into a new market. These factors will impede market growth.

Authors: Kiran Pulidindi, Kunal Ahuja

Frequently Asked Questions (FAQ) :

The market size of food preservatives was worth USD 3.3 billion in 2023 and is projected to witness 4.5% CAGR during 2024 to 2032, driven by the growing consumer awareness about food safety and the importance of reducing food wastage worldwide.

Synthetic food preservatives industry generated USD 1.2 billion in revenue in 2022 and is set to witness huge demand through 2032 owing to their efficiency, stability, and relatively lower cost.

U.S. food preservative industry amassed USD 1.8 billion in revenue in 2022 and is poised to expand at a rapid pace from 2023 – 2032 attributed to the rising consumer demand for convenience foods, including ready-to-eat meals and snacks.

Kerry Group Plc, Cargill Incorporated, Corbion N.V, DuPont de Nemours, Inc., Archer Daniels Midland Company, BASF SE, Kemin Industries, Inc., Koninklijke DSM, and Galactic S.A are some of the leading firms in the industry’s competitive landscape.