July 21, 2024

Growing Demand For Convenience Food To Fuel Growth Of The Global Food Preservatives Market

The global Food Preservatives Market is estimated to be valued at Us$ 3.18 Bn in 2023 and is expected to exhibit a CAGR Of 4.5% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Food preservatives are substances that are added to food to keep it safe for consumption and prevent food poisoning by inhibiting the growth of microorganisms like bacteria, mold and yeast. Common food preservatives include salt, sugar, vinegar, preservatives like sodium benzoate and antioxidants like ascorbic acid. They help extend the shelf life of food items without altering their nutritive value or taste. With changing lifestyles, there is a growing demand for convenience foods like ready-to-eat meals, canned foods and packaged snacks which require food preservatives to maintain freshness.

Market key trends:

One of the key trends in the food preservatives market is the rising demand for natural preservatives. Consumers are increasingly wary of artificial preservatives and their potential health impacts. This has lead to a shift towards more natural alternatives like rosemary, thyme and garlic extracts that extend shelf life while being perceived as safer. Another trend is the development of innovative preservatives targeted at specific food applications. For example, preservatives effective against yeast and molds are gaining demand in bakery products. Stringent regulations regarding permitted food additives also continues to shape innovation in safer and sustainable food preservatives.

Porter’s Analysis

Threat of new entrants: Low barrier for new entrants in the food preservatives market as manufacturing process in not highly advanced and capital intensive. However, established brands have strong customer loyalty and distribution channels.

Bargaining power of buyers: Buyers have moderate bargaining power as there are numerous suppliers for food preservatives. However, compliance with regulations gives some bargaining power to large buyers.

Bargaining power of suppliers: Suppliers have moderate to high bargaining power due to supply constraints of few key raw materials used in manufacturing of food preservatives. Suppliers can charge higher prices for raw materials.

Threat of new substitutes: Low threat of substitutes as food preservatives have well established purpose without Effective alternatives.

Competitive rivalry: High competitive rivalry among existing players to gain market share and maximize profits. Players compete on basis of product quality, pricing and innovation.

Key Takeaways

The Global Food Preservatives Market Size  is expected to witness high growth, exhibiting CAGR of 4.5% over the forecast period, due to increasing demand for convenience and processed foods. The market size for 2023 is estimated to be US$ 3.18 Bn. Asia Pacific region is expected to dominate the global market during the forecast period owing to rising health awareness among population and rapid urbanization in countries like China and India.

Regional analysis

Asia Pacific region is expected to dominate the food preservatives market during the forecast period. Countries like China and India are amongst the fastest growing markets for food preservatives due to rising health awareness among population and rapid urbanization leading to growth in demand for convenience and processed foods. The region accounted for around 35% of the global market share in 2023.

Key players

Key players operating in the food preservatives market are BASF SE, Kerry Group Plc, Kemin Industries, Inc., DuPont Nutrition & Biosciences, ADM, Foodchem International Corporation, Corbion, Celanese Corporation, and Jungbunzlauer Suisse AG. BASF SE is the global market leader owing to its diverse product portfolio and global presence.

*Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it