Global Food Preservatives Market was valued at $2,271 million in 2016, and is expected to reach $2,714 million by 2023, registering a CAGR of 2.6% from 2017 to 2023.
Food preservation is the process of treating food with preservatives to stop or slow down spoilage caused by microorganisms such as bacteria, fungi, and others and increases the shelf life of food. It involves restricting the oxidation of fats, which causes rancidity.
The demand for natural preservatives in various applications, such as meat, poultry, and seafood, bakery, and confectionery, is relatively high. increase in demand for natural preservatives in Asia-Pacific is expected in the near future, owing to stringent regulations over synthetic preservatives.
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In 2016, Asia-Pacific and North America collectively accounted for approximately three-fifths share of the total food preservatives market and are expected to continue to be dominant, specifically in China, India, and the other developing countries. Rise in food processing sector is the major reason for the growth of the market in the Asia-Pacific.
The major companies profiled in the report include Danisco A/S, Akzo Nobel N.V., Kemin Industries, Inc., Cargill, Incorporated, Hawkins Watts Limited, Celanese Corporation, Univar Inc., and Koninklijke DSM N.V.
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Key Findings of the Food Preservatives Market:
- In terms of value, the natural segment is expected to grow at a CAGR of 3.4% during the forecast period.
- Asia-Pacific is projected to maintain its lead position throughout 2022, growing at a CAGR of 3.5%, in terms of value.
- Meat, poultry, and seafood application is estimated to occupy one-fourth of the total market by 2023.
- China is expected to occupy more than half of the total Asia-Pacific food preservatives market by 2023.
- In the global food preservatives market, China is expected to grow at the highest CAGR of 4.5%, in terms of value, from 2017 to 2023.
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