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.
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