The global market for food preservatives has been experiencing high demand from the last few years and is projected to reach USD 3315.5 million by 2023 compared to USD 2650 million in 2017. The increasing complexities in the food supply chain is majorly driving the growth of the food preservatives market. Increasing awareness regarding health benefits associated with food preservatives such as prevention from diseases including food-borne illness, low oxidation in the body, and others are likely to boost the growth of the global food preservatives market. Additionally, the development of new products coupled with scientific advancements and innovations are considered to be one of the major reasons for the increasing growth of the food preservatives market during the review period.
Based on the type, the synthetic segment is dominating the market and is also expected to have a steady growth during the forecast period. On the basis of the function, the antioxidant segment is expected to witness the highest growth rate of 4.09% on a global level. Moreover, on the basis of the application, the bakery & confectionery segment is dominating the market over past years. However, the dairy & frozen desserts segment is projected to witness high growth at a CAGR of 4.63% over the forecast period followed by the beverages segment.
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Some of the leading players in the global food preservatives market are: Cargill, Incorporated (U.S.), BASF (Germany), DuPont (U.S.), Royal DSM (the Netherlands), Univar Inc. (U.S.), Kemin Industries, Inc. (U.S.), Akzo Nobel N.V. (the Netherlands), Galactic S.A. (Belgium), Chr. Hansen A S (Denmark), Brenntag Inc (U.S.), Celanese Corp. (U.S.), Prinova Group, LLC (U.S.), Tate & Lyle PLC (U.K), Danisco A/S (Denmark), Hawkins Watts Limited (New Zealand), Albemarle Corporation (U.S.), Kerry Group (Ireland), Archer Daniel Midland (U.S.), Corbion Purac (the Netherlands), Jungbunzlauer Ag (Switzerland), Cognis (Germany)
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Among the regions, North America is dominating the Food Preservatives Market with over 36.10% of the global market share and is projected to reach more than USD 1187 million by 2023. In North America, Canada is expected to grow at the highest rate followed by Mexico over the forecast period. Moreover, Asia Pacific is projected to witness the highest growth rate during the forecast period 2017-2023 in which India is expected to grow at the highest growth rate. In Asia Pacific region, China is dominating the market with market share of 34.97% in the year 2017.