Impact Assessment of COVID-19 Outbreak on Food Preservatives Market
The global food preservatives market has been prophesied to hold a large count of manufacturers for the next few years. However, it could witness the entry of new players making their presence known in the industry due to the increase in the demand for organic food preservatives. In a report by Transparency Market Research (TMR), important players such as Kerry Group, Koninklijke DSM N.V., and Archer Daniels Midland Company have been profiled. In order to see an expansion of their regional presence and product portfolios, manufacturers have been foreseen to adopt mergers and collaborations as key growth strategies.
As per TMR’s analysis, the global food preservatives market could be valued at a US$2.5 bn by the completion of 2020. By type of product, the market had testified the lead secured by synthetic preservatives in the recent past. On the basis of region, North America has been projected to dominate the market with its US$0.9 bn valuation expected to come within grasp by the end of 2020.
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High Demand for Organic and Convenience Foods Paves Way for Growth in Market
The food and beverages industry consists of two core segments that have been anticipated to set the tone for valuable growth in the world food preservatives market with their rising demand. Organic food products have been raking in an aggressively swelling demand in the recent years. They are researched to require a different group of preservatives. On the other hand, changing lifestyles have been said to trigger a magnifying demand for convenience foods, the second core segment of the food and beverages industry.
Desperate need to put a stop to the outbreak of diseases could be another vital factor advocating the use of food preservatives. Perishable foods that require increased shelf life could be included with food preservatives on a large scale. Food preservatives help to avoid the spread of bacteria by arresting their growth and that of other microorganisms present in foods.
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Increasing Pressure of Adhering to Stringent Government Regulations Puts Off Demand
The international food preservatives market has been predicted to look good in terms of future growth. However, there could be a few factors hindering its rise in the coming years. For instance, manufacturers are under constant pressure to adhere to tight government regulations. Considering their propensity to disturb the physical wellbeing of consumers, an increasing number of compounds and chemicals have been kept in check.
Nonetheless, rising research and development efforts observed in the international food preservatives market as a result of high focus on natural products have been forecasted to create lucrative prospects in the near future. Owing to health concerns and food safety issues, consumers could be more inclined to natural food preservatives instead of synthetic ones. Furthermore, surging demand for organic and hygienic foods has been envisaged to bode well for the market.
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The information presented in this review is based on a TMR report, titled “Food Preservatives Market (Product – Natural and Synthetic; Function – Antimicrobials and Antioxidants; Application – Dairy and Milk Products, Meat, Poultry, and Seafood Products, Bakery Products, and Beverages Products) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2014 – 2020.”
The global food preservatives market has been segmented as presented below:
Global Food Preservatives Market by Product
- Natural
- Synthetic
Global Food Preservatives Market by Function
- Antimicrobials
- Antioxidants
Global Food Preservatives Market by Application
- Dairy and Milk Products
- Meat, Poultry, and Seafood Products
- Bakery Products
- Beverages Products
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