Major
players operating in the global processed food and beverage
preservatives market include Celanese Corporation, Kerry Group Plc,
Koninklijke DSM N.V., GalacticSA, and E. I. du Pont de Nemours and
Company. The processed food and beverage preservatives market is
moderately competitive, with several large and small players
competing against each other, notes Transparency Market Research
(TMR). The top companies are consistently delivering premium quality
products that conform to international standards to consolidate their
market shares. To maintain a competitive edge along the forecast
period, the players should be actively engaged in launching new
products and making strategic mergers and impactful acquisitions.
According
to TMR’s estimation, the global
processed food and beverage preservative market was estimated at
US$1.7 bn in 2015 and is forecast to reach a valuation of US$2.5 bn
by the end of 2024. The global market will expand at a CAGR of 4.9%
during the period 2016 – 2024.
Synthetic
Preservatives to Witness Slight Slump in Demand while Natural
Products Show Promising Growth
On
the basis of geography, the global processed food and beverage
preservative market is segmented into North America, Asia Pacific,
Europe, the Middle East and Africa, and Latin America. North America
is anticipated to lead the global market and is estimated to expand
at a 4.8% CAGR when measured in terms of revenue. The growth in the
regional market is primarily attributed to surging demand for
processed foods.
Based
on the type of product, the global market is segmented into synthetic
and natural preservatives. The synthetic segment is projected to hold
a noticeable market share and is estimated to attain a valuation of
US$947.2 mn by the end of the forecast period. The significant growth
is fuelled by the use of synthetic preservatives in extending the
shelf-life of a wide spectrum of food products, their affordability
at large, and their ability to enhance food flavor and appearance. In
addition, the major synthetic variants that include antimicrobials,
antioxidants, and chelating agents inhibit the growth of bacteria and
mold, thus making the food safe for consumption.
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However,
over the forecast period, synthetic preservatives will witness a
slump in demand due to increased adoption of natural preservatives.
The natural variants are expected to exhibit impressive demand as a
large number of consumers across the globe are preferring food
products containing natural preservatives over artificial additives.
The increasing preference of natural over synthetic preservatives
among people is due to their inclination towards organic food and its
ability to add natural fragrances to the food items.
Changing
Lifestyles Lead Consumers to Opt for Processed Foods, Stimulating
Market Growth
Over
the years, changing eating habits have led to the adoption of
processed foods and beverages as a lifestyle choice. Coupled with
this, the rapid pace of urbanization is a key factor propelling the
growth of the processed food and beverage preservatives market across
the globe. Owing to hectic daily schedules, people are finding less
time to cook elaborate and nutritious meals at homes. Hence
pragmatism concerns persuade several consumers to opt for processed
foods and beverages. A large number of consumers are also buying
frozen food items, ready-to-eat foods, and canned beverages, which
has spurred the demand for synthetic preservatives, boosting the
processed food and beverage preservatives market.
An
increasingly large number of consumers are choosing natural variants
for preserving home-cooked food items, which can then be used for an
extended duration. The trend is primarily driven by the need to avoid
preparing some food items daily. In addition, the inclination of
several food manufacturers to significantly prolong the shelf life of
their products has led them to use a variety of artificial additives.
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