Global food preservatives market revenue is expected to exceed USD 3.0 billion by 2022. The industry is also expected to grow at a CAGR of around 3.0% from 2015 to 2022. Developing need for high shelf-life food products is expected to drive the global demand over the forecast period.
Changing consumer preferences are impacting food and beverage processing industry. Customers are demanding for safe and hygienic food items which mean developments of such preservativess, which are capable of maintaining food quality for longer period of time without any harm.
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The world is also witnessing growth in convenience products, such as frozen foods and ready-to-eat, mainly among corporate people and students. This factor is also expected to drive overall industry growth in future.
Meat and poultry markets also utilize natural preservativess for maintaining quality and increase product shelf-life. Continuous preservatives use in markets mainly in developed regions such as Europe and North America is expected to drive the global industry demand over the forecast period.
Food preservatives protects the products from deterioration by micro organisms for longer period of time, but reduces the freshness of items. Therefore, this factor is shifting demand towards organic and natural items, which is expected to restrain overall market growth in future.
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The market is also expected to be restrained by huge costs of preservativess mainly natural, which are expensive in nature. Limited availability of sources for preservativess manufacturing is also expected to hinder the global industry demand in the future.
Global industry growth is also expected to be threatened by associated health problems such as breathing difficulties resulting into asthma. Other serious health issues are hyperactive behavior of children, cancer, and heart damage. Cancer is caused on account of presence of carcinogens while heart damage is a result of weakening of heart tissues owing to high preservatives consumption.
Global industry is also characterized by huge opportunities, which are expected to positively impact the demand in future. Changing consumer trend and lifestyle mainly in emerging countries such as India, China, Indonesia, Taiwan, Thailand, Vietnam, and South Korea are expected to boost the overall market over the forecast period.
The industry is segmented on the basis of application, type, and function. Application segment includes bakery, beverages, oils & fats, confectionery, dairy & frozen products, meat, poultry & seafood, and snack foods. Type segment includes synthetic and natural preservativess. Synthetic is further segmented into propionates, sorbates, benzoates, and others.
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