Food Preservatives Market Size

Food Preservatives Market Analysis

The Food Preservatives Market size is estimated at USD 3.40 billion in 2024, and is expected to reach USD 4.30 billion by 2029, growing at a CAGR of 4.81% during the forecast period (2024-2029).

The COVID-19 outbreak led to elevated sales of retail and long-shelf products across the global market due to restrictions on going out. Hence, the majority of the population across the world is engaged in stockpiling groceries and packaged food products for their households. This eventually had a positive impact on the industrial demand for food preservatives because of the rise in demand for processed food. Also, there has been a rise in the number of people who want ready-to-eat (RTE) meals, which has opened up new opportunities for companies that make food preservatives.

The strong correlation between the food preservatives market and the processed food market is driving the growth of the market, as there is a rise in the demand for processed food globally. The demand for food preservatives has gone up because they are used in more food industries.The antimicrobial and antioxidant properties of these food preservatives make them necessary for the food industry to make products last longer and stop bacteria from doing things they shouldn't.Sorbate, for example, is thought to be a good food preservative when it is used in a clean environment and in products that are made using good manufacturing practices.Sorbates are used a lot to make processed foods and drinks last longer. They are also used to make sausages, yogurt, cheese, cakes, and a lot of other things. Sorbates also stop different types, species, strains, substrate properties, and environmental factors from making microorganisms grow.Moreover, different regulatory agencies like the Food and Drug Administration, the Food and Agriculture Organization, and the European Food Safety Authority have put forward guidelines that say potassium sorbate is "generally regarded as safe", which is abbreviated as GRAS. The preservative doesn't accumulate in the body and passes through it.

The market is driven by the growing need for clean label solutions, the rising popularity of processed and packaged foods, and the complexity of the food industry's supply chain. The food preservatives market is likely to be driven by the growth of organized retail, especially in emerging markets. The major restraints on the market include the higher cost of natural preservatives (which are in higher demand) and consumer awareness of the side effects of synthetic preservatives. For example, Corbion NV increased its production of lactic acid and products made from lactic acid in March 2021 by working on expansion projects at the same time in Europe and other places.