The competitive landscape of global processed food & beverage preservatives market is prognosticated to be fragmented due to presence of various small and medium players. Koninklijke DSM N.V., Celanese Corporation, E. I. du Pont de Nemours and Company, Shanghai Ruidian Trading Development Co., Kerry Group Plc, Galactic SA, Cargill, Hawkins Watts Limited, Innophos Holdings Inc, Akzo Nobel N.V., Kemin Industries, Inc., Albemarle Corporation, Shandong Kunda Biotechnology Co., Ltd., Naturalin Bio-Resources Co., Ltd, Ningbo Pangs Chem Int’l Co., Ltd., Zhejiang Silver Elephant Bioengineering Co., Ltd, and Ecochem Group Co., Ltd. are some of the key players dominating the global processed food & beverage preservatives market. These firms are working on delivering consistently high quality products, in order to maintain the international standards and to improve their overall market shares in coming years. The firms are also considering the merger and acquisition activities in order to gain an edge over their competitors in the market.
According to Transparency Market Research, the global processed food & beverage preservatives market is estimated to grow at a CAGR of 4.9% within the forecast period from 2016 to 2024. The market was valued around US$1.7 bn in 2015, which is anticipated to reach around US$2.5 bn by the end of year 2024. On the basis of product type, the synthetic segment is likely to lead the global market, with significant market share and valuation of worth US$947.2 mn by the end of 2024. Geographically, North America region is estimated to dominate the other regions as far as revenue is concerned, with a CAGR of 4.8%.
Change in Eating Habits to Fuel Demand for Processed Food & Beverage Preservatives
In past few years the change in eating habits have propelled the adoption of processed foods and beverages by the consumers. Along with this, the rise in urbanization is a major factor fueling the demand for global processed food & beverage preservatives, globally. Due to hectic daily routine, and lack of spare time, people are finding it difficult to cook nutritious and elaborated food at home. This encourages various consumers to go for processed foods and beverages. Many people nowadays are purchasing ready-to-eat foods, canned beverages, and frozen food items, which has surged the consumption of synthetic preservatives, strengthening the processed food and beverage preservatives market.
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Manufacturers are Working on Increasing Shelf Life of Their Products
Rise in number of people are choosing natural ways for preserving home-cooked food items, which can then be used for longer duration. The trend is mainly driven by the need to save some preparation time daily. Moreover, the various food manufacturers are working in order to come up with increased shelf life of their products. This has led them to use a variety of inorganic additives.