(Entertainment-NewsWire.com, August 17, 2018 ) Food Preservatives market has been estimated at USD 3.35 Billion in 2018 and is projected to reach USD 3.92 Billion by 2023, at a CAGR of 3.2% during the forecast period from 2018 to 2023.
Food Preservatives are being used from prehistoric times. During the last century usage of preservatives for preservation of foods is increasing and has been necessity in food security. The usage of food preservatives mainly depends on the country. Some countries with strict regulatory polices of not using preservatives might be a challenge to the market.
In global food preservatives market, the biggest share is contributed by sea food products, poultry and processed meat. Largest consumer for preservatives is by beverage industry, followed by meat industry.
Drivers and Key Restraints for Food Preservatives Market:
Factors such as the rapid changes in food consumption habits is increasing the demand for food & beverages industry which results in the growth of food preservatives, are inducing the growth the food preservatives market. The growing expansion of processed and packed food market and the need for long term preserving is boosting the food preservatives market.
Major challenges restricting the food preservatives market are the policies made by government regarding the usage of chemical preservatives and growing awareness of the ill effects of using chemical preservatives.
In Food Preservatives market there are many key players, some of them are BASF SE, Celanese Corporation, Chr. Hansen A/S, Koninklijke DSM N.V, Corbion N.V., JEY’S F.I. Inc., Cargill Incorporated, Kerry Group, The Archer Daniels Midland Company and DuPont.
North America is holding the largest market share currently for food preservatives market in 2016. It occupied about 33% of the global market share and is expected to hold highest share for the next few years due to its high demand for processed foods in consumers.
In Asia - Pacific region, the market is expected to grow with a very high growth rate due to its increasing population in countries like India and China resulting in rise in demand of processed foods & beverages owing to growth in food preservatives market.
