The food preservatives market is projected to reach a value of $2.8 billion by 2020 growing at a CAGR of 2.4 percent from 2015, according to a recent report from research firm MarketsandMarkets.
The new report includes focuses on food preservatives used in meat, poultry and seafood products, beverages, confectionery, snacks , dairy and frozen products, oils and fats, and bakery.
According to researchers, the growing demand for the processed foods has fueled the growth for the food preservation additives market.
“The stricter legislatives and regulations with respect to food safety and shelf-life, has meant that processing industries are keen on getting the right formulation to present the best food product to the consumer, and preservatives play a pivotal role in this aspect,” MarketsandMarkets said. “The main driving force for the growing market is the scope and range of food preservation and shelf-life extension technology.”
North America led the global food preservatives market followed by the Asia-Pacific region. Researchers said the Asia-Pacific food and beverage sector is greatly influenced by consumer preferences for healthy eating, natural foods and the growing need for convenience food products. Processed meat, poultry and seafood products represent the largest share of the global food preservatives market. Preservatives are used in processed meats industry for food safety, and to extend shelf-life.