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By application, snacks segment is projected to be the second fastest growing segment during the forecast period
By application, snacks segment is projected to grow at a significant CAGR during the forecast period. Convenience foods such as snacks have a greater surface area exposed to food contamination by bacteria. Hence, the need for preservatives has a larger significance in snacks. As per recent studies and research, the consumption of convenience foods is expected to grow significantly around the globe, especially in Asian, Middle East, African, and South American markets. This rise in consumption will create more demand for food preservatives used for snacks application thereby fueling the segments growth.
By function, other functions which include chelating agents and enzyme inhibitors is projected to be the fastest growing segment in the food preservatives market.
Other functions is the fastest growing segment by function in the food preservatives market during the forecast period. Other functions include chelating agents and enzyme inhibitors. They prevent spoilage of food products by inhibiting enzymatic processed such as ripening after harvest. Consumer preferences for healthy and sustainable food choices are driving the market for biodegradable chelating agents, making them the fastest growing segment by function in the market.
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Europe is estimated to hold the second-largest market share in the food preservatives market in 2022.
Europe held a significant share in the food preservatives market. It is estimated to be the second-largest market following North America in 2022. The consumer shift towards healthier food alternatives and subsequent rise in demand for clean-labeled food products has significantly contributed to the natural food preservatives market growth in these countries. Italy was projected to be the fastest growing country in the region. Well established food & beverage industry in the region and high per capita incomes of consumers in the region are some of the macro factors contributing to the large share of the region in the market.
The key players headquartered in this market include Kerry Group plc (Ireland), DSM (Netherlands), Jungbunzlauer Suisse AG (Switzerland), and Glactic (Belgium).
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