Preservatives are additives to drugs, food, beverages, paints, cosmetics, and wood, among others, to prevent microbial growth and undesirable changes in terms of both physical and chemical properties. Preservatives can also enhance quality of the end product. Preservatives are either natural or synthetic. Some examples of natural preservatives are antioxidants, vitamin E, rosemary extracts, and seed extracts. Synthetic preservatives are chemical components processed and added to the end product to enhance its quality. Increasing demand for natural preservatives due to growing health concerns is a major factor projected to drive market growth over the forecast period. Positive growth outlook of the food industry in highly populous and emerging economies of India and China, argues well for growth of the global preservative market.
On the basis of function, the preservatives market is categorized into antimicrobial and antioxidants. Preservatives that are added to end products to arrest growth of microorganisms are called antimicrobial preservatives. Some of the common antimicrobial agents that are used as preservatives are benzoic acid, lactic acid, nitrate, nitrite, propionic acid and sulfites. Preservatives that are used to inhibit oxidation process, especially in stored food items are called antioxidants. Food items with high fat content tend to get damaged during oxidation process. Antioxidants are used to counteract oxidation process and significantly increase shelf life of packaged food items. Some of the major antioxidants that are used as preservatives are Vitamin C, Vitamin E, carotenoids, lutein, selenium, and lycopene.
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Preservatives Market Taxonomy
On the basis of source, the global market is classified into:
On the basis of function, the global market is classified into:
On the basis of end user, the global market is classified into:
Food and beverages
On the basis of geography, the global market is classified into:
Rest of Europe
Rest of Asia Pacific
Rest of Latin America
Rest of Middle East
In the construction industry, preservatives are widely used to enhance the quality of wooden floors and to increase the shelf life of wooden, aluminum, steel and glass materials. In pharmaceuticals industry and cosmetics industry preservatives are majorly used to increase the gap between manufacturing date and expiry date. Quality and effectiveness of cosmetics can rapidly deteriorate due to presence of microbes or water in the final product. Cosmetics preservatives are used as antioxidants, stabilizers, and antimicrobials in the formulation of face masks, sunscreens, scrubs, and lotions. Cosmetics preservatives are available as wet wipes, rinse off, and leave-on.
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Preservatives Market Outlook – Growing Demand for Processed Food Is Fueling Market Growth
Rising demand for processed food due to busy lifestyle and increasing number of women in the workforce is projected to drive growth of preservatives market over the forecast period (2016–2024). In addition growing retail industry in emerging economies and popularity of processed food among the younger generation is also boosting growth of the market for processed food, which in turn is projected to drive market growth. According to a study conducted by Coherent Market Insights, the market for processed food is projected to reach US$ 88.2 billion by 2024. This growing market for processed food is expected to fuel growth of preservatives, as preservatives are added to the processed food to enhance its overall quality, taste and shelf life.
Preservatives Market Challenges – Stringent Government Rules and Regulations
Stringent regulatory scenario regarding use of preservatives due to its negative health impact is a challenge for growth of the global preservatives market. Various authorities across the globe regulate usage of preservatives. Despite its usage in various end-use industries, preservatives are associated with a number of health issues such as cancer, hyperactivity, and heart issues. The U.S. Food & Drug Administration (FDA) implemented certain guidelines for usage of preservatives in food and medicines. According to FDA, 'a chemical preservative should comply with purity specifications in regulations in 21 CFR 172, or in the Food Chemicals Codex'. Also, countries such as Finland, Norway, Austria, U.K. and France have banned synthetic food colorings, while the U.K. and Canada have banned usage of Olestra (a fat substitute preservative). This inhibits growth of the preservatives industry to a certain extent.
Asia Pacific is expected to be the fastest growing market for preservatives over the forecast period, owing to increasing demand for ready-to-consume food items and growing retail industry. North America is the largest market for preservatives, followed by Europe and the regions are expected to retain their dominance over the forecast period. This is mainly attributed to the availability of a number of retail outlets and busy lifestyle of consumers, increasing their inclination towards ready-to-eat food products. Large untapped markets in countries such as India, Bangladesh, South Africa, China, Malaysia, and Mexico would provide lucrative growth opportunities for preservative manufacturers in the near future.
Key players in the global preservatives market include Corbion N.V., Cargill Incorporated, Kerry Group, BASF SE, Chr. Hansen A/S, Archer Daniels Midland Company, E. I. du Pont de Nemours and Company, and Celanese Corporation.
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