Asia Pacific Food Preservatives Market size is currently valued at 776 Million USD in 2022. The market is expected to grow at a CAGR of 4.98% over the forecast period to reach a valuation of 995 Million USD in 2028.
Food preservatives avoid the development of microorganisms, thus inhibiting or preventing food spoilage. Depending on the level of toxicity, they are graded as non-toxic and mildly toxic. Non-toxic preservatives may be used in processing, while moderately toxic preservatives may be regulated by relevant regulatory bodies, such as The Food and Drug Administration (FDA) and the European Food Safety Authority (EFSA).
Significant factors which have helped drive the Asia Pacific Food Preservatives Market forward are-
Rapid urbanization, along with high consumer disposable income, has led to progress in the demand for packaged products, including frozen food & desserts, thus stimulating market demand for food preservatives.
Many people prefer ready-to-eat food available on the market rather than home-made food. Such foods contain various additives and preservatives designed to maintain consistency and reduce the spoilage of multiple microorganisms, which are expected to increase the demand for food preservatives in the near future.
Growth in demand for food preservatives in the Asia-Pacific region is mainly due to changing people's lifestyles, which increase the consumption of processed foods that require long-term food preservatives.
The market is also increasing due to increased demand for organic food which requires different types of preservatives.
The factors holding the Asia Pacific Food Preservatives Market back include-
Various health hazards related to these preservatives are expected to reduce market growth during the forecast period.
The market growth is also limited by the stringent regulations of the government over the pricing.
The research done takes place in two phases namely-
Secondary Research The first phase of the research process is extensive secondary research and identification of the related intelligence. Secondary data is compiled from various sources. Extensive secondary research helps in generating hypothesis and identifying critical areas of interest that are investigated through primary research.
Primary Research This entails conducting hundreds of primary interviews with industry participants and commentators in order to validate the data points obtained from secondary research and to fill the data gaps. A primary interview provides first-hand information on the market size, market trends, growth trends, competitive landscape, future outlook etc. It also helps in deciding the scope and deliverables of the study in terms of the requirement of the market. Primary research involves E-mail interactions, telephonic interviews as well as face-to-face interviews for each market, category, segment and sub-segment across geographies.
In 2018, meat and poultry accounted for the largest market share of 34.8%. The processed meat, poultry and seafood industries are expanding at a significant rate globally, which is expected to drive demand over the projection period. The beverage segment is expected to see the fastest growth in the forecast period, led by the expansion of the Asia-Pacific industry.
Synthetic method accounted for the largest market share of 81.3 percent in terms of value in 2018. Synthetic type is commonly used because it is economical and straightforward to formulate. They may be designed following the specifications of the application.
Natural preservatives are experiencing higher demand due to their acceptance in processing by relevant regulatory agencies, coupled with increasing health awareness among customers. The Natural Products segment is expected to have a significant market share over the forecast period due to customer preference for clean label products.
Antimicrobial preservatives, followed by antioxidants, dominate the international market. Sorbates, benzoates and other chemicals serve as antimicrobial preservatives.
Geographically, the Asia-Pacific market for food preservation products is divided into China, India, Japan, South Korea and Australia. The Asia-Pacific market is growing at an extremely high rate of growth during the forecast period. With China and India being the largest food producers in the world, there is a high potential for emerging markets in these areas, as global companies entering the regions.
Key Players in the Market:
Major Key Players in the Asia Pacific Food Preservatives Industry are
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