ALBANY, New York, December 7, 2016 /PRNewswire/ --
According to a new market report published by Transparency Market Research, "Global Processed Food & Beverage Preservatives Market (By Product Type - Natural and Synthetic, By Form- Solid and Liquid, By Function - Antimicrobials, Antioxidants, Chelating Agents, and Others, By Application - Bakery, Confectionery; Meat, Poultry and Sea Food; Dairy, Beverages, Snack Food, Frozen Food, Fats and Oils, and Others) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2016 - 2024," the market was valued in terms of revenue at US$ 1,700.6 Mn in 2015 and is expected to reach US$ 2,593.7 Mn by the end of the forecast period 2024, at a CAGR of 4.9%. In terms of volume, the market stood at 1,379.3 kilo tons in 2015 and is expected to reach 2,011.6 kilo tons by the end of the forecast period 2024, increasing at a CAGR of 4.3% from 2016 to 2024.
Preservatives are natural or chemical substances which when added to food and beverages reduce the growth of microorganisms. Microorganisms reduce the freshness of packaged food & beverages and contaminate them. Processed food and beverage preservatives increases the shelf life of the food and beverage item which makes them fit for consumption for a prolonged period of time without affecting the nutritional value. Natural preservatives are gaining popularity and their demand is increasing as they do not have the side effects of chemical preservatives. Natural preservatives reduce the chances of food borne diseases such as diarrhea, botulism, and stomach flu by keeping the freshness of food and beverages intact. Solid form of preservatives is in greater demand as it has a wider range of applications in both processed food and beverages. The market is segmented on the basis of product type, form, function, and application. The global market for processed food & beverage preservatives is expected to expand at a considerable rate in future owing to their increased demand.
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Major drivers of the global processed food & beverages preservatives market include increased demand for convenience food. Changing lifestyles and rapid urbanization has increased the demand for convenience foods such as frozen foods and ready to eat products, as working class population and students get less time and opt for food and beverages on the go. Processed beverages including soft drinks, energy drinks, and juices are in high demand as they can be consumed in a convenient manner and on the go which has increased their popularity among the urban population. In addition, increase in demand for processed food and beverages with extended shelf life also act as a major driver of the global market. Food storage is a common trend in households as regular preparation of food is cumbersome for the working class. Getting fresh food on a regular basis is also a challenge due to lack of time resulting from prolonged working hours. Therefore, consumers are opting for processed food and beverages which have a longer shelf life and can be stored for a longer period of time as compared to fresh perishable food and beverages.
By product type, the global processed food & beverage preservatives market is segmented into natural and synthetic. Among the two types, natural preservatives include salt, sugar, alcohol, vinegar, rosemary extracts, and others. Synthetic preservatives include benzoates, nitrites, sulfites, sorbates, propionates, and others. Types of synthetic preservatives are further segmented on the basis of benzoate type into sodium benzoate and benzoic acid; on the basis of sulfite type into sulfur dioxide, acetic acid, sodium diacetate, and lactic acid; and on the basis of sorbate type into sodium sorbate and potassium sorbate. Synthetic preservatives accounted for majority of the market share in 2015 and are expected to experience a declining growth rate. This is attributed to increasing awareness about the harmful effects of synthetic preservatives on the human body. Natural preservatives are expected to have a high growth rate owing to increase in demand due to the nutritional benefits that natural preservatives provide in addition to increasing shelf life of processed food and beverages.
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By form, the global market for processed food & beverage preservatives is segmented into solid and liquid. Solid form of preservatives held the primary market share in this category in 2015 and is expected to have a steady growth rate throughout the forecast period. This is attributed to its range of uses in baked food products and savory products. Liquid preservative is forecasted to have a high growth rate during the forecast period 2016 - 2024. This is attributed to its diverse uses in carbonated drinks, fruit juices, cured meat products, pickled fruits and vegetable, and salad dressing among others.
By function, the global market is segmented into antimicrobial, antioxidant, chelating agents, and others. Antimicrobials held the leading market share owing to its property of preventing growth microorganisms in processed food and beverages. Other functions of preservatives is forecasted to have the fastest growth rate due to its property of ripening inhibition. This property delays the ripening of food products, increasing its shelf life considerably, keeping the nutritional benefits intact.
By application, the global market is segmented into bakery, confectionery; meat, poultry & sea food; dairy, beverages, snack food, frozen food, fats & oils, and others. Meat, poultry & sea food held the dominant market share in 2015 owing to its increased demand globally which in turn is increasing the demand for preservatives such as potassium sorbate and calcium propionate which are widely used in meat, poultry, and sea food. Dairy is forecasted to have the fastest growth rate globally owing to increased use of preservatives such as natamycin, nisin, and lysozyme in dairy products.
Some of the major players of the global processed food & beverage preservatives market include Celanese Corporation, Koninklijke DSM N.V., E. I. du Pont de Nemours and Company, Kerry Group Plc, Galactic SA, Hawkins Watts Limited, Innophos Holdings Inc, Kemin Industries, Inc., Cargill, Incorporated, Akzo Nobel N.V., Albemarle Corporation, Naturalin Bio-Resources Co., Ltd, Shandong Kunda Biotechnology Co., Ltd., Shanghai Ruidian Trading Development Co., Ecochem Group Co., Ltd, Ningbo Pangs Chem Int'l Co., Ltd. Zhejiang Silver Elephant Bioengineering Co., Ltd., Shandong Tong Tai Wei Run Chemical Co., Ltd., Laiwu Taihe Biochemistry Co., Ltd., and SEEBIO BIOTECH (SHANGHAI) CO.,LTD.
Browse Report on Global Food Preservatives Market: http://www.transparencymarketresearch.com/food-preservatives-market.html
The report provides an exhaustive study of the processed food & beverage preservatives market along with the market estimates, in terms of revenue (USD million) for the forecast period 2016-2024. Further, the global market is classified on the basis of product type, form, function, and application.
Global Processed Food & Beverage Preservatives Market, by Product Type
- Rosemary Extracts
- Sodium Benzoate
- Benzoic Acid
- Sulfur Dioxide
- Acetic Acid
- Sodium Diacetate
- Lactic Acid
- Sodium Sorbate
- Potassium Sorbate
Global Processed Food & Beverage Preservatives Market, by Form
Global Processed Food & Beverage Preservatives Market, by Function
- Chelating Agents
Global Processed Food & Beverage Preservatives Market, by Application
- Meat, Poultry & Sea Food
- Snack Food
- Frozen Food
- Fats and Oils
Global Processed Food & Beverage Preservatives Market, by Geography:
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- Rest of APAC
- Middle East and Africa
- South Africa
- Rest of Middle East & Africa
- Latin America
Rest of Latin America
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SOURCE Transparency Market Research