As per FMI, the global plant based preservatives market is forecast to grow from US$ 3.1 Bn in 2022 to US$ 5.8 Bn by 2032, with overall sales accelerating at a robust CAGR of 6.6% throughout the forecast period.
Rising preference for natural food preservatives over chemical preservatives is a key factor boosting sales of plant based preservatives in the global market and the trend is likely to continue during the forecast period.
Similarly, as consumers become more aware of health issues, the plant based preservatives market is likely to grow quicker in the future years. The increased use of a variety of plant-based preservatives in conjunction with other chemical preservatives in the food and beverage industry is likely to promote market growth in the next ten years.
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In addition to this, rising trend for clean-label goods, which are basically devoid of additives, particularly synthetic versions, is likely to drive the growth of the global plant based preservatives market during the assessment period.
Key Takeaways from Market Study
- Based on source, herbs and spices segment is anticipated to grow at a healthy pace during the forecast period.
- North America is expected to hold around 38% share in the global plant based preservatives market share.
- The U.S. currently holds 65% share of the North America plant based preservatives market and it is poised to grow swiftly over the next ten years.
- With high consumption of plant based ingredients, Europe is expected to hold around 31% share of the global plant based preservatives market during the forecast period.
- Asia is expected to account for 20% revenue share in the overall plant based preservatives market.
- Germany holds approximately 22% market share in the Europe plant based preservatives market.
“In the long run, the increased focus on plant based preservatives consumption in developed regions such as North America and Europe is projected to provide profitable opportunities for market participants. “, – says a lead analyst at Future Market Insights.
Plant Based Preservatives have a strongly competitive global market. Introducing new product variations, acquiring smaller market competitors, and raising awareness about the advantages of plant-based preservatives through different promotional activities and programmes are some of the main strategies adopted by key players to gain a competitive edge in the market.
Some of the leading companies offering plant based preservatives include Hawkins Watt Limited, Univar, Inc, Archers Daniels Midland Company, Du Pant Nutrition & Health, Cargill Incorporated, Kemin Industries, Inc, Ajinomato Omnichem, and Tate & Lyle.
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Future Market Insights, in its new offering, provides an unbiased analysis of the Plant Based Preservatives presenting historical demand data (2017-2021) and forecast statistics for the period from 2022-2032.
The study incorporates compelling insights on the Plant Based Preservatives Market by Type (Antimicrobial, Antioxidants, Plant Based Food Preservatives for Other Functions), By Type (Herbs and Spices, Fruit Juices), By Application(Plant Based Preservatives for Sea Food, Meat & Poultry, Bakery Products, Dairy Products, Snacks, Beverages, Fruits & Vegetables, Plant Based Preservatives for Other Applications) and across seven major regions of the world (North America, Latin America, Europe, East Asia, South Asia, APEJ, and MEA).
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