According to a new report published by UnivDatos Markets Insights, the Food Preservatives Market is expected to grow at a CAGR of around 5% from 2022-2028.
According to a new report published by UnivDatos Markets Insights, the Food Preservatives Market is expected to grow at a CAGR of around 5% from 2022-2028. The analysis has been segmented into Type (Natural, Synthetic); Function (Anti-microbial, Anti-oxidant, Others); Application (Meat & Poultry Products, Bakery Products, Dairy Products, Beverages, Others); Region/Country.
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The Food Preservatives market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the Food Preservatives market. The Food Preservatives market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing market growth. Furthermore, this statistical market research repository examines and estimates the Food Preservatives market at the global and regional levels.
Market Overview
Food preservatives are the items fused during food handling to build their strength and to keep away from decay. They are included little amounts of different sorts of food relying upon the need. Customarily, salt, sugar, and flavors were utilized to protect meat and other food types. The growth in demand for ready-to-eat, functional food items is expected to be a major driver for the food preservative market. The global nature of food sourcing and increasing complexities in the food supply chain has resulted in increasing demand for products and techniques required to prolong the shelf-life of the food product, thus increasing the demand for food preservatives.
The Food Preservatives Market is expected to grow at a steady rate of around 5% owing to increasing demand for processed and packaged food items owing to the surging expenditure in food items. For instance, in 2019, the expenditure on food, drinks, and catering was USD 312 billion in the United Kingdom, as per the Department for Environment Food & Rural Affairs. Also, Canadian fast-food statistics reveal the Canadian fast-food industry is worth an impressive US$27 billion in 2021. It is expected to grow by 0.8% compared to the previous year. Also, The fast-food industry Canada facts show up to 34% of Canadians report dreaming of opening a restaurant, in the coming years and 3.7% are thinking of quick service. So, the rise in the culture of dining outside and partying is contributing to the growing demand for food preservatives.
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Some of the major players operating in the market include Cargill Inc., Kemin Industries Inc., ADM, Tate & Lyle, Koninklijke DSM N.V., BASF SE, Celanese Corporation, Corbion N.V., Galactic S.A., Kerry Group PLC.
COVID-19 Impact
During the COVID-19 pandemic, the demand for frozen meat, poultry, and seafood (MPS) sales witnessed a hike from the consumer side. However, the demand in the food service market fell sharply, hindered by restaurant closures and reduced foodservice business for 2020 overall. Meat preservatives help to control spoilage by inhibiting the growth of microorganisms, slowing enzymatic activity, and preventing the oxidation of fatty acids that promote rancidity. Retail sales of frozen meat, poultry, and seafood skyrocketed in the early months of 2020 during the lockdown. This was due largely to elevated demand for frozen foods as consumers prepared more meals at home, increased their interest in having a stock of non-perishable foods at home, and sought frozen foods as part of that stockpiling or increased home cooking.
The global Food Preservatives market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
Based on function, the market is segmented into Anti-microbial, Antioxidant, and Others. The antimicrobial segment grabbed the major market share and dominated the market in 2020. Antimicrobial preservatives include antibacterial, antiviral, antifungal, and antiparasitic agents. Growing demand for beauty and personal care products is contributing to the growing demand for antimicrobial preservatives. Antimicrobial preservatives in cosmetics and personal care products help prevent the growth of molds, yeasts, and bacteria, guarding against contamination that can cause irritation or infections.
On the basis of application, the market is categorized as Meat & Poultry Products, Bakery Products, Dairy Products, Beverages, and Others. Among these, Meat & Poultry segment grabbed the major market share and dominated the market in 2020. The processed meat, poultry, and seafood industry are expanding at a significant rate globally, which is expected to drive the demand during the forecast period. Food preservatives are used in a wide variety of applications including bakery, meat and poultry, seafood, beverages, confectionery, oils and fats, and dairy and frozen products.
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Food Preservatives Market Geographical Segmentation Includes:
· North America (United States, Canada, and Rest of North America)
· Europe (Germany, United Kingdom, Spain, Italy, France, and the Rest of Europe)
· Asia-Pacific (China, Japan, India, and the Rest of Asia-Pacific)
· Rest of the World
North America is anticipated to grow at a substantial CAGR during the forecast period. The rising number of working the coupled and adoption of western culture is leading to the growing demand for processed and packaged food. Therefore, there is an upsurge in demand for Food Preservatives. Moreover, the growth of the travel and tourism industry and the rising attractiveness of Quick Service Restaurants (QSRs) among millennials. Also, a rise in investment in the hospitality sector is leading to the growing number of hotels and restaurants which is leading to the growing demand for food preservatives.
The major players targeting the market include
• Cargill Inc.
• Kemin Industries Inc.
• ADM
• Tate & Lyle
• Koninklijke DSM N.V.
• BASF SE
• Celanese Corporation
• Corbion N.V.
• Galactic S.A.
• Kerry Group PLC
Competitive Landscape
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the Food Preservatives market. The major players have been analyzed by using research methodologies for getting insight views on global competition.
Key questions resolved through this analytical market research report include:
• What are the latest trends, new patterns, and technological advancements in the Food Preservatives market?
• Which factors are influencing the Food Preservatives market over the forecast period?
• What are the global challenges, threats, and risks in the Food Preservatives market?
• Which factors are propelling and restraining the Food Preservatives market?
• What are the demanding global regions of the Food Preservatives market?
• What will be the global market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by global companies?
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About UnivDatos Market Insights
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