LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global food preservatives market to grow at a CAGR of more than 2% during the forecast period, according to their latest report.
The market study covers the present scenario and growth prospects of the global food preservatives market for 2017-2021. The report also lists artificial and natural products as the two major segments, of which the artificial preservatives segment accounted for 87% of the market share in 2016.
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Technavio food and beverage analysts highlight the following three market drivers that are contributing to the growth of the global food preservatives market:
- Rising demand for frozen and packaged foods
- Growing desire for convenience
- Increasing complexities in food supply chain
Rising demand for frozen and packaged foods
The demand for frozen foods and packaged products is on the rise since the last decade. Many countries around the world have experienced rapid urbanization in recent years. Such an expansion in urbanized population has resulted in new habits and preferences for international food trends. The urbanized population is inclined toward packaged foods, and hence, various supermarkets and hypermarkets supply chilled and packaged food items. Frozen foods are mostly preferred due to time constraints.
“The growing number of working women along with the growth of the middle-class population will contribute to the demand for frozen and packaged products, which, in turn, will boost the demand for food preservatives,” says Manjunath Reddy, a lead analyst at Technavio for food research.
Growing desire for convenience
The consumption of convenience food has gained momentum during the last few years as consumers are choosing ready-to-eat meals because of their hectic lifestyles. These ready-to-eat meals can reduce the preparation, cooking, and clean-up times. In addition, the ease of use associated with packaging techniques and microwave cooking supports the growth of the frozen food segment. The importance of convenience, especially in the frozen ready-to-eat meals market, is unsurprising because these products have emerged as time-saving meals.
“Around 8 in 10 consumers across Europe consider frozen or prepared meals to be a good option when they are busy and cannot cook from scratch,” says Manjunath.
Increasing complexities in food supply chain
The global food supply is growing continuously in volume and complexity. Imports are expected to increase because of cost concerns, availability, and consumer demand for diverse food products. The complexities of the food supply chain have been increasing in recent times. With more people looking for freshness in foods, the demand for effective preservation techniques is on the rise.
It is difficult to know where the food is grown, and in what form it gets transported around the world. Some food products are shipped across the world as ingredients while others are exported as finished products. Thus, the rising supply chain complexities generate new opportunities to effectively store and extend the shelf life of the products by using preservatives and ensure that the components of food are safe for consumption.
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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