Food Preservatives Market size to grow by USD 568.28 billion from 2022 to 2027 | America is estimated to account for 34% of the global market growth - Technavio

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Nov 21, 2023, 01:15 ET

NEW YORK, Nov. 21, 2023 /PRNewswire/ -- The food preservatives market report has been added to Technavio's offering. The food preservatives market size is estimated to grow by USD 568.28 billion from 2022 to 2027, growing at a CAGR of 3.52%. The food preservatives market report includes information on the product launches, sustainability, and prospects of leading vendors including Archer Daniels Midland Co., Camlin Fine Sciences Ltd., Cargill Inc., Celanese Corp., Chemical Corporation Inc., Corbion NV, Foodchem International Corp., Gadot Biochemical Industries Ltd., Handary SA, Hawkins Watts Ltd., Hemadri Chemicals, ITA 3 s.r.l., Jungbunzlauer Suisse AG, Kalsec Inc., Kemin Industries Inc., Kerry Group Plc, Koninklijke DSM NV, RZBC Group Co. Ltd., Tate and Lyle Plc, and Yolimex Sdn Bhd. For Comprehensive details on the market size of the historic period(2017 to 2021) and forecast period (2023-2027) - View Sample report

Technavio has announced its latest market research report titled Global Food Preservatives Market 2023-2027

Food Preservatives Market - Vendor Landscape
The food preservatives market is fragmented; the vendors are competing with competitors and are trying to get a greater market share. The market is growing, and the chances of new entrants cannot be overlooked. The major vendors have well-established economies of scale and market presence and generally rely on positioning technological advances, and the price of the products -The report provides a full list of key vendors, their strategies, and the latest developments. Buy Now

Food Preservatives Market - Market Dynamics

Major Drivers & Challenges-

The increasing demand for processed food drives the food preservatives market growth during the forecast period. There is an increasing preference for processed food items, especially in developed and developing countries due to the factors such as increasing disposable income. Additionally, factors such as the growing levels of urbanization and the rising number of women workers have significantly contributed to the market growth. Some of the main factors fuelling the rising demand for processed foods is their long shelf life. Hence, such factors are expected to drive market growth during the forecast period.

Stringent regulations for food preservatives are a major challenge hindering the market growth during the forecast period. Several regulatory bodies and government agencies such as the Food and Drug Administration (FDA) in the US are enforcing strict rules, standards, and guidelines related to the usage of food preservatives in food items. These rules and regulations are enforced to ensure proper labeling and limit the use of excess food preservatives in specific products. However, these compliances pose a significant challenge to manufacturers and any deviation from such rules can hamper the reputation of the company along with monetary loss. Hence such factors are negatively impacting the market which in turn is expected to hinder the market growth during the forecast period.

Key Trends-

The increasing consumer awareness towards organic products is a primary trend in the food preservatives market during the forecast period. The growing health awareness has a significant impact on different industries with a shift in preference among the consumer base towards organic products. Furthermore, several vendors in the market are catering to this demand by providing organic-based products and complying with regulatory bodies and government agencies-issued guidelines and standards. As a result, there is an increase in organic food preservatives including acetic acid, citric acid, and lactic acid which is expected to positively impact the market. Hence, such factors are expected to drive market growth during the forecast period.

Technavio has identified key trends, drivers, and challenges in the market, which will help clients improve their strategies to stay ahead of their competitors. - View Sample Report

Competitive Analysis

The report includes competitive analysis, a proprietary tool to analyze and evaluate the position of companies based on their industry position score and market performance score. The competitive scenario categorizes companies based on various performance indicators. Some of the factors considered include the financial performance of companies over the past few years, growth strategies, product innovations, new product launches, investments, and growth in market share, among others.

Food Preservatives Market - Market Segmentation

The food preservatives market is analyzed in terms of product type (synthetic and natural), type (anti-microbial, antioxidant, and others), and geography (North America, Europe, APAC, South America, and the Middle East and Africa).

The market share growth in the synthetic segment is significant during the forecast period. Some of the main preservatives in the synthetic segment include sodium benzoate and sorbic acid which are used for the preservation of the quality, flavor, and taste of a food product and are added during the manufacture of food. Factors such as the growing demand for convenience foods products, packaged food, and ready-to-eat (RTE) food that require a prolonged shelf life are expected to fuel the growth of this segment which in turn will drive the market growth during the forecast period.

Food Preservatives Market - Geographical Analysis

North America is estimated to account for 34% of the global market growth. One of the main factors which are significantly contributing to the growth of the food preservatives market in North America is the increasing demand for products such as cheese, canned fruit juice, and margarine. Additionally, there is a significant presence of vendors in the region which meet the requirements of the largest food chains in the world such as McDonald, Starbucks Corp., KFC, Burger King, etc. Furthermore, they are investing in increasing the food production capacity. Hence, such factors are expected to drive market growth in the region during the forecast period.

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Table of Contents

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product Type
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Company Landscape
12 Company Analysis
13 Appendix

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SOURCE Technavio