Seattle, WA -- (SBWIRE) -- 09/24/2019 -- Food preservatives are additives that added or sprayed in food and food products to inhibit growth of bacteria, fungi, and other harmful microorganism. Food additives are classified as synthetic and natural. According to Coherent Market Insights stats 2016, natural food preservatives held dominant position in the market. Increasing prevalence of foodborne diseases and growing population is expected to drive growth of global food preservatives market during the forecast period, as preservatives maintain the optimal quality and shelf life of the food. Food preservatives are added to food and beverages before they are stored, in order to reduce the possibilities of bacterial infection.
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Food preservatives are substances added or sprayed in food to restrict the growth of fungi, bacteria, and other harmful microorganisms. Food preservatives are broadly classified as natural and synthetic. Moreover, high prevalence of various food-borne diseases such as diarrhea, abdominal pain, and vomiting is expected to fuel the demand for food preservatives during the forecast period. Furthermore, growing awareness regarding natural food preservatives and side effects of synthetic food preservatives is expected to drive the market growth of natural food preservatives.
Detailed Segmentation:
Global Food Preservatives Market, By Source:
Natural
Synthetic
Global Food Preservatives Market, By Functionality:
Anti-Oxidants
Anti-Microbial
Others
Global Food Preservatives Market, By Application:
Dairy Products
Meat, Poultry and Sea Food
Bakery
Beverages
Confectionery
Others
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The global Food Preservatives market size is estimated at US$ 2.23 billion in 2016 and is expected to expand at a CAGR of 3.30% from 2017 – 2025.
Among applications, the meat, poultry & sea food segment held dominant position in the global food preservative market in 2016 and the trend is expected to continue during the forecast period. Increasing demand for protein food and organized retail is expected to propel the global food preservatives market. Furthermore, increasing disposable income and changing demography, typically in Asia Pacific and Latin America coupled with innovation in meat processing technology is expected to fuel growth of the global food preservatives market over the forecast period. Moreover, growing initiatives by the governments in Asia Pacific is expected to boost the market growth. For instance, in, July 2015, the Government of India planned to set up 13 Mega Parks in various states of India, which includes, Andhra Pradesh, Bihar, Chhattisgarh, Himachal, Gujarat, Jammu & Kashmir, Madhya Pradesh, Maharashtra, Odisha, Rajasthan and Uttarakhand. Moreover, by 2017, The Spice Board of India, set up by the Ministry of Commerce, will promote and develop Indian spices across the world, and aims to export US$ 3 billion worth of Indian spices.
One of the major challenges of the food preservatives market is the stringent government regulations. For instance, on June 20, 2016, the Food Safety and Standards Authority of India (FSSAI) by the Government of India banned the use of potassium bromate and cyclamates in food. Moreover, the Government of the Hong Kong special Administrative region, on July 01, 2008, introduced new regulations for controlling the use of preservatives and antioxidants in food. Also, the National Food Safety Standard for Food Additive Use (GB2760-2014) was introduced on December 24, 2014 by the National Health and Family Planning Committee of China. It will be implemented on May 24, 2015.
Regional Insights
Europe, followed by North America and Asia Pacific accounted for major share in the global Food Preservatives market in terms of revenue in 2016 and the trend is estimated to remain the same over the forecast period. In 2016, Europe held a share of 28.1% in terms of value, followed by Europe (27.6%). The growing demand for confectionery in Asia Pacific due to growing population, increased urbanization and growing retail and hospitality sector is expected to drive growth of the global food preservatives market over the forecast period. According to a study conducted by Coherent Market Insights, the global anti-oxidants market is expected to witness a CAGR of 3.32% during 2017-2025, which is expected to fuel growth of the global food preservatives market.
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Multinational players need to tap potential addressable market in the emerging regions with the help of geographical expansion
Product portfolio expansion and geographical expansion are the key market trends which are expected to shape the industry in the near future.
Major players in the global Food Preservatives market include Univar Inc., Hawkins Watts Limited, Cargill Inc., DSM N.V., Galactic, Danisco A/S, Tate & Lyle PLC, and Brenntag AG, Kemin Industries Inc., AkzoNobel N.V., among others.
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Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.