Global Processed Food and Beverage Preservatives Market: Overview
Processed food and beverage preservatives are added to food and beverages to prevent the growth of microorganisms. These preservatives are either natural or synthetic and are known to increase the shelf life of products without impacting the taste, texture, form, and nutritional value of the product. Additionally, they also prevent the product from becoming toxic, thus making them edible for a longer period of time. Owing to these reasons, the research report anticipates that the global processed food and beverage preservatives market is estimated to witness a steady growth. According to the research report, the global processed food and beverage preservative market is expected to reach a valuation of US$2.5 bn by the end of 2024 as compared to US$1.7 bn in 2015. The global market is estimated to progress at a CAGR of 4.9% between 2016 and 2024.
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Urbanization Offers Lucrative Opportunities to Global Market
The rapid urbanization and the rise of the working class population are the primary growth drivers for the global market. These reasons have been pivotal to the lack of time available for the preparation of elaborate meals. Thus, several consumers are opting for frozen foods and beverages. The global market is also being driven by the impact of global warming, which has caused climatic changes triggering frequent spoilage of food items. With rising temperatures, it has become crucial to preserve food in the right way to prevent it from turning toxic. Analysts anticipate that the demand for processed food and beverage preservatives is expected will also rise as several consumers are opting for storing food for the sake of convenience.
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Out of the natural products used for preserving food and beverages, salt held the lion’s share in the global market, which was closely followed by sugar and vinegar. The research report estimates that rosemary extract segment will be the fastest growing segment in the coming few years. Amongst the synthetic preservatives, benzoate is leading the global market. Sorbate closely follows the lead due to its excessive usage in yogurt, wine, cheese, dried meats, apple cider, and baked goods.
North America to Continue to Grow over Forecast Period
On the basis of geography, the global market is segmented into Europe, Asia Pacific, the Middle East and Africa, North America, and Latin America. Presently, North America has a leading share in the global market due to an exceptionally high demand for packaged foods and beverages by consumers across the region. Several consumers are opting for packaged food items due to their sheer convenience. Analysts anticipate that Asia Pacific will also be an emerging market due to rapid urbanization and changing lifestyle of consumers. Furthermore, the tropical climate of Asia Pacific, which makes food and beverages susceptible to spoilage, will also augment the demand for processed food and beverage preservatives in the region in the coming few years.
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Some of the key players in the global processed food and beverage preservatives market are Celanese Corporation, Koninklijke DSM N.V., E. I. du Pont de Nemours and Company, Kerry Group Plc, Shanghai Ruidian Trading Development Co., Galactic SA, Hawkins Watts Limited, Cargill, Incorporated, Innophos Holdings Inc, Kemin Industries, Inc., Akzo Nobel N.V., Albemarle Corporation, Naturalin Bio-Resources Co., Ltd, Shandong Kunda Biotechnology Co., Ltd., Ningbo Pangs Chem Int\'l Co., Ltd., Ecochem Group Co., Ltd., and Zhejiang Silver Elephant Bioengineering Co., Ltd.
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