Impact of COVID-19 on Economy, Industry and Company :
The emergence of novel coronavirus has affected the global economy, industry dynamics and company’s top line. The entire ecosystem has to suffer the impact of this pandemic disease which would result in significant demand & supply gap, production delay and weak consumer demand of end products across industries. At Bizizz Market Research, our analyst has done extensive research across industries and identify various methodologies which would assist C-Level executive to counter this ongoing threat and make informed business decision.
Kindly contact us to know more details: https://www.bizizzmarketresearch.com/contact
Global Food Preservatives Market was Valued at US$ XX Bn in 2019 and it is Expected to Reach More than US$ 3.5 Bn by 2028, Likely to Grow with the CAGR of 4.0 % During the Forecast Period.
The global Food Preservatives technology has shown stagnant growth since the last few years and is expected to gain momentum during the forecast period. Some of the factors fuelling the growth of the global market include rising awareness regarding benefits of food preservatives, increasing demand for clean label solutions, and the popularity of packaged and processes food in developing continents
Benefits Offered By Food Preservatives Is Anticipated To Fuel the Demand for Food Preservative during the Forecast Period
The global food preservatives market is gaining traction due to several benefits offered by these products. The food preservative improves the food shelf life at room temperature while maintaining the nutritional quality. The food preservatives prevent the food from ripening, increase acidity, prevent the growth of microorganisms which results in surging demand from a large consumer base. The improve shelf life leads to lower food wastage which is the major advantage of using preservatives. However, the excessive use of food preservatives can cause allergen or carcinogen risks which might limit the growth of the global market.
The Natural Segment Is Projected To Witness Fastest Growth During The Forecast Period
On the basis of type, the synthetic segment is widely used among the large consumer base. The wide adoption of the segment is mainly due to the easy formulation and cost-efficiency provided by these preservatives. The synthetic preservatives include benzoates, sorbates, and propionates in which sorbates accounted for maximum share. The sorbates are widely accepted in several applications such as poultry, meat, and dairy products.
Furthermore, natural preservatives are projected to witness remarkable growth during the forecast period. The natural preservatives have received approval from regulatory entities which is encouraging the manufacturers to adopt a new formulation process to produce organic products to develop clean labeled products and cater to the demand from different regions.
Anti-microbial Segment Occupied Significant Share in 2019
In terms of function, the anti-microbial segment dominated the global market by occupying a significant market share in 2019. Some of the anti-microbial preservatives include benzoates and sorbates. In the United States, these chemicals are reserved under GRAS (Generally Recognized as Safe) category which is expected to surge the demand among health-conscious people. Additionally, these preservatives have found applications in the bakery and brewing industry which is propelling the segment growth.
Meat and Poultry Segment Held a Key Share in Global Food Preservatives Market in 2019
By application, the meat and poultry segment led the global market by holding a maximum share in terms of revenue. The segment is projected to dominate the global food preservatives market throughout the period of the research study. This is mainly due to the rising popularity of meat and meat products in developed countries including Brazil, the U.S., and Canada. The segment occupied a 35.4 % share in 2019.
Moreover, the beverages segment is anticipated to grow at a significant pace during the forecast period. The growth of the segment can be credited to the growing beverage industry and the rising popularity of ready-to-drink products in the Asia Pacific.
Asia Pacific Anticipated To Dominate the Global Food Preservatives Market During The Forecast Period
By geography, Asia Pacific is anticipated to be the leading region throughout the forecast period. The growth of the region is driven by the rising food & beverage industry, increasing population, and significant economic growth. India and China are the major contributors for food preservatives market in the Asia Pacific.
North America is expected to hold considerable share and is anticipated to witness noteworthy growth during the forecast period. The growth of the region is fuelled by the well-established bakery store and the rising popularity of processed meat in Canada and the U.S.
Some of the major players operating in global food preservatives market include Galactic, Akzo Nobel N.V., Danisco A/S, Kemin Industries, Inc., Cargill, Incorporated, Tate & Lyle, Univar Inc., Brenntag Solutions Group, Inc., Koninklijke DSM N.V., and Hawkins Watts Limited
Global Food Preservatives Market by Type
- Edible Oil
- Rosemary Extracts
Global Food Preservatives Market by Function
Global Food Preservatives Market by Region
- North America
- Asia Pacific
- Middle East & Africa
- Latin America