Published By : 10 Jun 2016 | Published By : QYRESEARCH
Given the high demand for packaged food, convenience food or ready to eat meals, the global food preservatives market is expected to witness a growth in the coming years. This is because food preservatives help in extending the shelf life of food and are thus used in the packaged and processed foods industry. According to a report published by Transparency Market Research (TMR), the global food preservatives market is expected to grow from US$2,000 mn in 2013 and is projected to reach a valuation of US$2,560 mn by 2020, expanding at a CAGR of 3.50% between 2014 and 2021.
Rising Concerns over Food Safety Boosts Food Preservatives Market
The global food preservatives market is driven by the rising concern over food safety. The increasing incidences of disease outbreaks and food poisoning are fueling the demand for food preservatives. The rising trend of natural food preservatives is expected to drive the market in the coming years. On the other hand, the difficulty in working with natural preservatives and the interventions and regulations by the government will threaten the global food preservatives market. The rising number of working women across the globe is further fueling the demand for ready to eat foods, subsequently causing a higher demand for food preservatives.
North America Food Preservatives Market to Grow Significantly between 2013 and 2020
North America dominated the food preservatives market in 2013, followed by Asia Pacific. The North America food preservatives market is expected to rise from US$729.8 mn in 2013 to US$921.6 mn by 2020. The demand for food preservatives will be particularly high in the Rest of the World.
On the basis of type, the market is segmented into natural and synthetic preservatives. While synthetic preservatives are currently in demand, the trend will change soon as focus shifts to natural ingredients. Natural preservatives segment will witness a rise as manufacturers are increasingly focusing their research and development activities on natural preservatives. Another trend of mixing different preservatives to reduce cost, is expected to drive the global food preservatives market.