by Food preservatives are substances that are added to food products to help prevent spoilage and contamination caused by bacteria, molds, fungus, and yeast. They help extend the shelf life of packaged food products without significantly affecting their taste and nutritional value. Common food preservatives include salt, sugar, oil/fat, vinegar, alcohol, benzoates, sulfites, nitrites/nitrates, and antioxidants. They are used in a wide range of processed food products such as bakery products, dairy products, meat, fish, seafood, beverages, confectionery, and more. With rising consumer health awareness and changing dietary patterns, demand for clean label and natural food preservatives is increasing.
The global Food Preservatives Market is estimated to be valued at US$ 3.04 Bn or 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 key trends:
One of the key trends in the food preservatives market is the rising demand for natural and clean label preservatives. Consumers are increasingly becoming aware of potential health risks associated with synthetic and chemical preservatives. This has prompted food manufacturers to focus on developing natural substitutes from plant extracts and essential oils that offer similar antibacterial and antioxidant benefits. For instance, rosemary extract and oregano essential oil are gaining popularity as natural alternatives to chemical preservatives in meat products. Their acceptance as clean label ingredients is expected to support the market growth over the forecast period.
Porter’s Analysis
- Threat of new entrants: New players face high entry barriers in the established food preservatives market due to high capital requirements and established customer base of existing players.
- Bargaining power of buyers: Buyers have moderate bargaining power due to the presence of many established producers offering standardized products.
- Bargaining power of suppliers: Suppliers have moderate bargaining power due to the availability of substitute raw materials.
- Threat of new substitutes: Threat of substitutes is moderate as there are no major substitute products for food preservatives currently.
- Competitive rivalry: The food preservatives market is highly competitive due to presence of large number of regional and multinational players.
Key Takeaways
The global food preservatives market is expected to witness high growth, exhibiting CAGR of 4.5% over the forecast period, due to increasing demand for convenience and packaged food products.
Regional analysis: North America dominated the global market and accounted for over 30% of global revenue in 2023 owing to presence of major packaged food companies in the US and Canada. Asia Pacific is expected to be the fastest growing market during the forecast period driven by growing population and economic growth in countries such as China and India.
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.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
