Food Preservatives Market

Cargill (US) and Univar (US) are the Key Players in the Food Preservatives Market

The North American food preservatives market, the most significant in the global market, is projected to grow from USD 991 million in 2016 to USD 1,126 million by 2021 at a compound annual growth rate (CAGR) of 3% during the forecast period. The North American region is largely driven by the US market, which accounted for the largest share in the North American food preservatives market. The North American market is mainly driven by an increase in consumer demand for healthy convenience food due to their busy lifestyles. American consumers, however, are primarily seeking minimally processed convenience foods, with a long shelf life. Consumers in North America are gradually becoming aware of the health effects caused by certain synthetic food preservatives that may have an adverse effect on their health. Food manufacturers are exploring the use of newer technologies and additives, which would be efficient alternates to synthetic additives. The popular perception among consumers that natural additives are a healthier option is among the key trends that continue to supplement the market’s growth in the region.

The synthetic preservatives segment is projected to account for the larger market share during the forecast period

The food preservatives market has been segmented, on the basis of type, into natural and synthetic products. All natural and chemical/synthetic preservation additives can be broadly classified as antimicrobials, antioxidants, and chelators, depending on their target food-spoiling agent. In recent times, natural food preservatives are gaining higher rates of acceptance across developed markets where the regulation of synthetic preservatives is closely monitored. Chemical preservatives, owing to their low cost, diverse functionalities, and abundance, accounted for a larger share. Chemical preservatives have long been the major category of food preservation additives in the industry. Small amounts of chemicals are usually a part of the formulation of processed food & beverage products.

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Bakery products and snacks are projected to be the fastest-growing applications in the North American food preservatives market during the forecast period

North America is a major market for food preservatives for a population that follows a trend of consuming snacks and other convenience foods. Due to the changing preferences of the population in this region, manufacturers are constantly involved in innovation and launching new products in the market, which has also positively affected the preservatives market for bakery items. The increased consumption of snacks and processed foods in the region has led to the growing need for preservation; this is because produced food would require a substantial amount of preservatives and other additives in order to extend the shelf life of convenience products. Hence, bakery products and snacks are projected to be the fastest-growing applications of food preservatives during the forecast period.

The US accounted for the largest share in the North American food preservatives market

The growth in the industrial consumption of food preservatives in the US is largely driven by an increase in consumer demand for convenience products including packaged foods & beverages; which often face scrutiny due to the increased use of synthetic food preservatives and growing consumer awareness toward their adverse effects on human health. The US has a large market for bakery, snacks, and meat & poultry products; hence, it is estimated to constitute a major share of the regional and global market due to high rates of consumption and exports of convenience products across different regions.

Competitive Landscape

Major manufacturers in the food preservatives market include Cargill (US), Univar (US), Archer Daniels Midland Company (US), Ingredion Incorporated (US), and Penford Corporation (US). New product launches and expansions were among the key strategies adopted by market players to gain a competitive edge in the food preservatives market. The rising demand for food preservatives as well as the high rate of growth in developing economies encouraged companies to launch new offerings to meet market requirements. In April 2016, Galactic (Belgium) introduced a new product in the market by the name of Galimax Flavor V-50. Expansions were another important strategy that the companies adopted to geographically expand their presence in the global food preservatives market.

Related Reports:

Food Preservative Market by Type (Natural & Chemical), Function (Antimicrobial, Antioxidant), Application (Oil & Fat, Bakery, Dairy & frozen, Snack, Meat, Poultry & Seafood, Confectionery, Beverage), & Geography - Global Trend & Forecast to 2021

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Report Code
FB 2206
RI Published ON
8/29/2016
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