"The food preservatives market projected to grow at a CAGR of 2.5%"
The food preservatives market is projected to reach USD 2.94 billion by 2021 at a CAGR of 2.5% from 2016 to 2021. The market is driven by factors such as high demand for food products with prolonged shelf-life, rise in demand for convenience foods, and the use of natural food preservatives for meat & poultry products in the western countries of North America and Europe.
"Meat, poultry, & seafood products led the food preservatives market by application, with the largest share in 2015"
Preservatives are an important factor in the meat, poultry, & seafood industry. Preservatives added to cured meats, bacon, and ground beef are sodium nitrite, which are added to destroy toxins, and react with proteins in the meat. Solutions used by meat processors to improve the shelf-life and taste can also help to reduce pathogens, including E. coli. Preservatives for meat is needed on a large scale, this is because meat is a very commonly consumed product across the globe and the consumption is high in major regions such as North America, Asia-Pacific, Europe, and Latin America. The economy is rising in these regions, which has given consumers the opportunity to consume meat on a regular basis.
"North America to lead the market in terms of market share between 2016 and 2021"
The North American region consumers are on the lookout for minimally processed convenience foods, with long storage lives. This has heightened the need for appropriate food safety concerns and preservatives to extend shelf-life, which has become increasingly important and critical. The burgeoning demand for such convenience food products is expected to have a high impact on the food preservatives market in North America right through to 2016, which also leads to a large market share during the review period.
The breakdown of the primaries on the basis of company, designation, and region, conducted during the research study, is mentioned as follows:
By Company Type: Tier 1 – 35%, Tier 2 – 40%, and Tier 3 – 25%
By Designation: Director level – 25%, C Level – 35%, and Others – 40%
By Region: North America – 20%, Europe – 30%, Asia-Pacific – 40%, and RoW – 10%
Akzo Nobel N.V. (Netherlands), Danisco A/S (Denmark), Cargill, Incorporated (U.S.), Univar Inc. (U.S.), and Koninklijke DSM N.V (Netherlands) collectively, accounted for the largest portion of the food preservatives market in 2015. Other players such as Brenntag Solutions Group, Inc. (Germany), Tate & Lyle (U.K.), Kemin Industries, Inc. (U.S.), Galactic (Belgium), and Hawkins Watts Limited (New Zealand) also have a strong presence in this market.