Food Preservatives Market worth $3.9 billion by 2028 - Exclusive Report by MarketsandMarkets™

CHICAGO, April 6, 2023 /PRNewswire/ -- The Food Preservatives Market is estimated to be valued at USD 3.4 billion in 2023. It is projected to reach USD 3.9 billion by 2028, recording a CAGR of 3.0% from 2023 to 2028 according to a report published by MarketsandMarkets™. Some macroeconomic and microeconomic factors that have been prevalent in some important countries have had an impact on the global food preservatives market. In terms of value sales, this would be strong enough to significantly influence the market during the forecasted period. Growing demand for food products with extended shelf life, increasing preference for convenient processed food, and global rise in the demand for meat are some of the major factors expected to drive the demand for food preservatives.

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By application, snacks segment is projected to be the second fastest growing segment during the forecast period

By application, snacks segment is projected to grow at a significant CAGR during the forecast period. Convenience foods such as snacks have a greater surface area exposed to food contamination by bacteria. Hence, the need for preservatives has a larger significance in snacks. As per recent studies and research, the consumption of convenience foods is expected to grow significantly around the globe, especially in Asian, Middle East, African, and South American markets. This rise in consumption will create more demand for food preservatives used for snacks application thereby fueling the segment's growth.

By function, other functions which include chelating agents and enzyme inhibitors are projected to be the fastest growing segment in the food preservatives market.

Other functions are the fastest growing segment by function in the food preservatives market during the forecast period. Other functions include chelating agents and enzyme inhibitors. They prevent spoilage of food products by inhibiting enzymatic processes such as ripening after harvest. Consumer preferences for healthy and sustainable food choices are driving the market for biodegradable chelating agents, making them the fastest growing segment by function in the market.

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Europe is estimated to hold the second-largest market share in the food preservatives market in 2022.

Europe held a significant share in the food preservatives market. It is estimated to be the second-largest market following North America in 2022. The consumer shift towards healthier food alternatives and subsequent rise in demand for clean-labeled food products has significantly contributed to the natural food preservatives market growth in these countries. Italy was projected to be the fastest growing country in the region. Well established food & beverage industry in the region and high per capita incomes of consumers in the region are some of the macro factors contributing to the large share of the region in the market.

The key players headquartered in this market include Kerry Group plc (Ireland), DSM (Netherlands), Jungbunzlauer Suisse AG (Switzerland), and Glactic (Belgium).

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