Australia Food Preservatives Market is projected to reach a CAGR of 3.78% during the forecast period (2020 - 2025).
Key Highlights
- Food additives are used to enhance the taste, texture, color while maintaining the nutritional content in foods. Food preservatives are a growing segment in the food additives market as they are used to prevent spoilage and decomposition which takes place in food products due to microbial reactions.
- The preservatives market in Australia is largely driven by demand for convenience and packaged foods by the burgeoning population and rising urbanization rates.
Key Market Trends
Rising Demand for Functional Beverages
The booming beverage industry is majorly uplifting the consumption of ingredients including preservatives which is most likely to foster the market growth in Australia. The properties of drinks such as high water activity demand the irreplaceable use of preservatives in the beverage industry is to avoid the change in taste, the color, and bitter aftertaste. Moreover, with the rise in demand for functional beverages, the market for natural preservatives is gaining momentum. Manufacturers are embracing innovation for gaining a position in the market by incorporating the organically sourced preservatives in the product formulation. Key players such as Cargill, Incorporated offers a range of natural preservatives to cater to the growing demand for healthy drinks.
Increasing Demand for Clean-Label Products
Consumers demand clean labels on products to know what exactly they consume and at what levels. Their interest in identifying the ingredients present in products has triggered the clean label product market. Consumers, in the region, are highly concerned about the long-term effects of synthetic preservatives on health, and thus prefer natural preservatives in their foods. Asia-Pacific has the fastest growth rate for clean label products. According to the research conducted by the ingredient company Ingredion, Asia-Pacific registered the strongest demand for clean label products, as compared to any other region.
Competitive Landscape
The strategies used by companies is the increase in Research and Development expenditure to innovate products under the natural preservatives segment to meet the growing consumer preference. Some of the major players in Australia food preservative market are Cargill Inc, Koninklijke DSM N.V., DuPont, Jungbunzlauer Suisse AG, Basel, Archer Daniel Midland, Brenntag Inc. among others.
Additional Benefits:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support
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