The global preservatives market size is expected to reach USD 8.12 billion by 2028, according to a new report by Grand View Research, Inc., expanding at a CAGR of 5.1% over the forecast period. The increased product demand has positively contributed to the market growth. The synthetic type of food preservatives dominated the global market owing to their cost competitiveness. However, natural preservatives are replacing synthetic ones in developed economies owing to the high customer awareness regarding the adverse effects of chemicals, thus positively impacting the market growth. Food manufacturers utilize antioxidants for the neutralization of free radicals and to balance the adverse effects of additives in processed foods.
Thus, with the increasing consumption of processed foods, such as meats and snacks, along with various types of beverages, the antioxidants market is expected to witness significant growth during the forecast period. Increasing incidences of animal feed damages owing to fungal and bacterial contamination are expected to drive the demand for feed preservatives globally. In addition, according to the International Feed Industry Federation, feed prepared without the addition of preservatives has shown harmful effects on all classes of animals owing to the production of mycotoxins. This has benefitted the demand for preservatives for application in the feed industry.
The regional governments in countries of Asia Pacific, including China and India, are providing incentives, flexible Foreign Direct Investment (FDI) policy measures, and budgetary support to boost the growth of the food processing industry. As such, the market in the Asia Pacific region for food applications is expected to progress at a considerable growth rate from 2020 to 2028. North America led the global market in 2020 due to the strong foothold of key players operating in the food, pharmaceutical, cosmetics, and feed industries. In addition, high growth in the processed meat industry and a rise in the sales of bakery products, such as cakes and pastries, are expected to boost the market growth over the forecast period.
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Preservatives Market Report Highlights
- The natural type segment is expected to progress at the fastest CAGR during the forecast period. This is attributed to the shifting consumer preference for natural and organic ingredients in food, cosmetic, and pharmaceutical products
- The anti-microbial function of preservatives accounted for the maximum volume share in 2020 owing to their property of protecting food & beverage, cosmetic, feed, and pharmaceutical products against pathogens and microbes
- Natural antimicrobial agents are becoming increasingly popular owing to the rising concerns among consumers regarding chemical preservatives
- The cosmetics application segment is expected to expand at a significant CAGR during the forecast period due to the development of new cosmetic products with an emphasis on the inclusion of natural ingredients and a rise in investments in R&D for natural preservatives in cosmetic products
Key Companies & Market Share Insights
The market has been characterized by the presence of a large number of manufacturers of synthetic food preservatives. The increasing demand for natural preservatives has fueledthecompetition with new players entering the market. Public companies in the industry are proactive in initiating strategies to push the adoption of their products in the global market. Manufacturers compete on the basis of innovations and new launches with different formulations to improve the shelf life of various products without compromising their texture and flavor. The demand for natural preservatives is gradually increasing worldwide owing to rising health consciousness among consumers and willingness to pay more for premium products.
Thus, manufacturers, such as DSM N.V. and BASF SE, are capitalizing on their widespread distribution networks to expand their product range of natural preservatives. New entrants, such as Kemin Industries, Inc. and Galactic S.A., compete in the market by introducing new products that are formulated from various natural sources, such as vinegar. In addition, these players are expanding their geographical footprint by opening new sales offices and strengthening their distribution networks. Some prominent players in the global preservatives market include: Zhejiang Bossen Technology Co., APAC Chemical Corp., Nantong Acetic Acid Chemical Co., Jinneng Science and Technology Company Ltd., Guangzhou ZIO Chemical Co., Nanjing Jiayi Sunway Chemical Co., CFS Wanglong Flavors Co., Tianjin Haitong Chemical Industrial Co., Wanglong Tech Co., Celanese Corp., FBC Industries, Veckridge Chemical, Shandong Hongda Group, REIPU (QINGDAO) International Trade Co., Jiangsu Mupro IFT Corp., Daicel Corp.
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