The
vendor landscape of the global processed food and beverage
preservatives market features a moderately competitive nature on
account of the presence of numerous large and small vendors, observes
Transparency Market Research (TMR) in a recent report. Delivery of
products consistent with international food safety and quality
standards, innovations, and geographical expansion of business
operations are some of the strategies adopted by companies in the
market to outshine their peers.
Over
the next few years as well, the market is expected to remain
moderately competitive and witness the rise of a number of new
vendors. With consistent introduction of new product varieties and
strategic collaborations with F&B manufacturers across promising
regional markets could help companies make the most of growth
opportunities. Some of the leading companies in the global
processed food and beverage preservatives market presently
are GalacticSA, Celanese Corporation, E. I. du Pont de Nemours and
Company, Koninklijke DSM N.V., and Kerry Group Plc.
TMR
estimates that the market will exhibit a healthy 4.9% CAGR over the
period between 2016 and 2024, rising from a value of US$1.7 bn in
2015 to a business opportunity worth US$2.5 bn by 2024.
Synthetic
Preservatives to Remain Dominant Contributor of Revenue
In
terms of product type, the segment of synthetic preservatives is
expected to account for a dominant share in the revenue of the global
market over the report’s forecast period owing to their massive
benefits in improving the shelf life and affordability of food items.
Although the segment will slightly drop in terms of valuation by the
end of the forecast period as compared to the beginning of the
forecast period, it will still be the more dominant segment as
compared to the segment of natural preservatives.
From
a geographical perspective, the global processed food and beverage
preservative market earns a massive share in its revenue from North
America. The market in North America is expected to remain the
leading contributor of revenue to the global market over the forecast
period as well, surging at a promising 4.8% CAGR from 2016 to 2024.
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Busy
Lifestyles and Preference to Ready-to-Eat Preserved Foods to Drive
Market
Busy
lifestyles of urban dwellers, rapidly rising urban setups, and more
likelihood towards the consumption of preserved foods owing to the
level of convenience they grant are some of the key factors expected
to further the growth opportunities of the global processed food and
beverage preservatives market. The rising population of young
population with high purchasing power in a number of emerging
economies will also fuel the uptake of food and beverages that use
preservatives. Moreover, high popularity of age-old food storage and
preservation practices have also improved the global consumption of
preservatives such as vinegar, salt, and sugar.
However,
certain factors such as heightened health-related concerns associated
with the increased consumption of preserved food products and the
rising inclinations to fresh products are expected to hamper the
overall growth dynamics of the global processed food and beverage
preservatives market.
The
information presented here is based on a recent Transparency Market
Research report, titled “Processed Food and Beverage Preservatives
Market (Product - Natural and Synthetic; Form - Solid and Liquid;
Function - Antimicrobials, Antioxidants, and Chelating Agents;
Application - Bakery, Confectionery, Meat, Poultry and Sea Food,
Dairy, Beverages, Snack Food, Frozen Food, and Fats and Oils) -
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast
2016–2024.”
For
the study, the market has been segmented as follows:
Global
Processed Food & Beverage Preservatives Market, by Form
- Solid
- Liquid
Global
Processed Food & Beverage Preservatives Market, by Function
- Antimicrobials
- Antioxidants
- Chelating Agents
- Others
Global
Processed Food & Beverage Preservatives Market, by Application
- Bakery
- Confectionery
- Meat, Poultry & Sea Food
- Dairy
- Beverages
- Snack Food
- Frozen Food
- Fats and Oils
- Others
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