Global Food Preservatives Market to Surpass US$ 2.97 Billion by 2025, Fueled by Burgeoning Growth of Food Industry in Asia Pacific

Published On : May 06, 2017

The Global Food Preservatives Market was valued at US$ 2.23 billion in 2016, according to a new report published by Coherent Market Insights. Food preservatives are substances added or sprayed onto food to restrict the growth of fungi, bacteria, and other harmful microorganisms. Increasing demand for convenience and packaged food is driving growth of the global food preservatives market. Natural food preservatives are the most preferred preservative and the segment is expected to gain further traction over the forecast period, according to the stats provided by Coherent Market Insights. Oil and salt are the primary natural food preservatives used to preserve food. For instance, salt is used to trap the water content in the food and is applied to store dried vegetables and fruits. Moreover, citric juices are also used as antioxidants and helps in fermentation of various foods. Increasing population, growing urbanization and increasing number of women in the workforce is increasing demand for processed and ready-to-eat food products, in turn driving growth of the global food preservatives market.

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Asia Pacific is projected to witness significant growth in food preservatives market, owing to rapid economic growth. For instance, according to India Brand Equity Foundation (IBEF)—a Trust established by the Department of Commerce, Ministry of Commerce and Industry, Government of India—the Indian food processing industry accounted for 32% of the total food market share and contributed around 14% towards the country’s GDP. Furthermore, key players in market are majorly investing in food processing industry to gain maximum market share and to maintain leading position in the market. Moreover, initiatives taken by government of various economies are expected to drive growth of the market. For instance, ITC Limited announced to start a premier food processing unit in Medak, Telangana with an investment of US$ 117.4 million. Furthermore, the Government of India, in December 13, 2014, established the Mega International Food Park at Dabwala Kalan, Punjab, which is intended for development of the food sector in the country.

Key takeaways of the market:

  • Asia-Pacific is projected to be the third-largest region in global Food Preservatives market. It accounted for around 27.6% of overall Food Preservatives market revenue in 2016. The market in this region is expected to be primarily driven by rampant growth of economy and rapid urbanization in China, India, and ASEAN countries. The growing demand for convenience food is expected to be the key drivers for the growth of Food Preservatives in the Asia-Pacific region.
  • The market in Latin America is expected to register highest growth rate over the forecast period. Rise in discretionary income along with increasing disposable income is expected to create lucrative growth opportunities for the players in this region.
  • Meat, poultry and sea food industry is one of the key industries for the use of food preservatives. Rapid urbanization and increasing working population in Asia-Pacific and Europe is expected to enhance the growth of Food Preservatives in the forecast period. Moreover, growing food industry and Foreign Direct Investment in Asia Pacific is expected to double the demand for food preservatives. For instance, according to the Department of Industrial Policies and Promotion (DIPP), the food processing sector in India has received around US$ 7.47 billion worth of Foreign Direct Investment (FDI) during the period April 2000-December 2016.
  • Univar Inc., Hawkins Watts Limited, Cargill Inc., DSM N.V., AkzoNobel N.V., Tate & Lyle PLC, Brenntag AG, Galactic, Danisco A/S, Kemin Industries Inc., among others are few of the key players in global food preservatives market.
  • Companies are also investing in expansions, mergers & acquisitions, and joint ventures in the market. For instance, Mr. Tomasz Lukaszuk, the Ambassador of the Republic of Poland had also highlighted the keen interest shown by Polish companies looking for opportunities in India to expand collaboration and invest food processing.

About Coherent Market Insights:

Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.

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