Presence
of numerous small and medium players makes the global processed food
and beverage preservatives market fragmented. In such a cutthroat
environment, companies that have come to hold a prominent position
are Koninklijke DSM N.V., Celanese Corporation, Shanghai Ruidian
Trading Development Co., E. I. du Pont de Nemours and Company, Kerry
Group Plc, and Galactic SA. One of the reasons why the firms have
come to hold a prominent position in the global processed food and
beverage preservatives market are their high quality products. These
has helped them to expand their global outreach. Apart from that, the
companies’ thrust on strategic mergers and acquisitions has also
helped them to expand in the global processed food and beverage
preservatives market.
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A
report on the global processed food and beverage preservatives market
finds that it would rise at a steady 4.9% CAGR over the course of the
forecast period starting from 2016 and ending in 2024. Surging at
this rate, the market which was valued at US$1.7 bn in 2015, will
likely touch US$2.5 bn by 2024-end.
The
different types of products available in the global processed food
and beverage preservatives market are natural and synthetic. Between
the two, the synthetic products account for most of the share in the
market. By the end of 2024, the segment is predicted to hold a share
of US$947.2 mn. From a geographical standpoint, the North America
processed food and beverage preservatives market is predicted to take
the lead with respect to revenue generation. The relatively higher
spending capacity of people in the region is mainly responsible for
the growth in the market. Going forward too, the market in the region
is predicted to retain its dominance by clocking a 4.8% CAGR during
the forecast period.
At
the forefront of driving the global processed
food and beverages preservatives market is the changing
eating habits of people worldwide. With rising globalization and
lowering of regulatory hurdles to trade in different nations,
multinational food and beverage companies have penetrated to every
corner of the planet. This has not just changed the eating habits of
people, but also given rise to local players in the processed food
and beverages market, which in turn has stoked the processed food and
beverages preservatives market.
Another
factor having a positive impact on the global processed food and
beverages market is the rising urbanization worldwide. Elaborates the
lead analyst of the TMR report, “Hectic schedule of people in urban
pockets does not give them much time to prepare elaborate meals at
home. This has led to high uptake of ready-to-eat foods, frozen food,
and canned beverages. This, in turn, has led to higher consumption of
synthetic preservatives needed for increasing the shelf life of
processed foods and beverages. Natural products for preserving food
and beverages such as salt, sugar, and vinegar are also seeing high
uptake.”
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