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Asia-Pacific Food Preservatives Market - Growth, Trends, and Forecast (2020 - 2025)

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Market Insights

Food additives are used to enhance the taste, texture, and color of food while maintaining its nutritional content. Food preservatives are a growing segment in the food additives market as they are used to prevent spoilage and decomposition, which takes place in food products due to microbial reactions. The food preservatives market is expected to reach USD 3.6 billion by 2023 at an estimated CAGR of 3.6%.

Market Dynamics

The Asia-Pacific food preservatives market is largely driven by the demand for convenience and packaged food by the burgeoning population and rising urbanization rates. However, the major constraint is the increased awareness of the ill effects of synthetic ingredients, and growing consumer demand for fresh and natural foods. Companies are seeing this as an opportunity to innovate and provide solutions in the form of natural and functional ingredients. 

Market Segmentation

Asia-Pacific food preservatives market is classified as natural and chemical, with chemical preservatives currently accounting for a large market share. Preservatives are used in food such as oil & fat, bakery & confectionery, fruits and vegetables, dairy and frozen products, meat, poultry, and seafood, savory snacks, and beverages. Asia-Pacific is the second largest market and the fastest growing segment due to the growing preference for packaged and processed food.

As per the regulations, it is required to adhere to the good manufacturing practice (GMP) to make sure minimum amount is added to achieve the desired technological effect. 

Food preservatives are classified as natural and chemical preservatives, with chemical preservatives currently accounting for a large market share. In India, sodium benzoate cost is driven by the pricing of its core components, sodium hydroxide, and benzoic acid. The global outbreak of natural disasters has had a significant impact on the supply and demand for sodium hydroxide, driving prices higher.

                                          

Key Developments

  • January 2018: Agribusiness giants Archer Daniels Midland Company opened food innovation center in Singapore. It will develop flavors and specialty ingredients for food & beverage manufacturers in the region and beyond.

Competitive Landscape

The major players include Akzo Nobel, Albemarle Corporation, Archer Daniels Midland, BASF SE, Brenntag Inc., Cargill Inc, Celanese Corp., Chr. Hansen, Cognis, DuPont, Jungbunzlauer AG, Jey's F.I. Inc., Kerry Group, and Royal DSM, among others.

The strategy used by companies is increasing the expenditure on R&D to innovate products under the natural preservatives segment to meet growing consumer preferences.

Reasons to Purchase the Report

  • Analyzing outlook of the market with the recent trends and Porter’s Five Forces Analysis.
  • Studying the market dynamics, essentially considering the factors which impel the present market scenario along with growth opportunities of the market in the years to come.
  • Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and non-economic aspects.
  • Regional and country-level analysis integrating the demand and supply forces that are influencing the growth of the market.
  • Competitive landscape involving the market share of major players along with the key strategies adopted for development in the past five years.
  • Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players.
  • 3-month analyst support along with the Market Estimate sheet (in Excel).

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