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IN THE NEWSThe global fruit preservatives market is anticipated to grow with a significant CAGR during the forecast period, i.e., 2021-2030. The growth of the market can be attributed to the growing usage of preservatives for different types of fruits in order to avoid their spoilage along with the changing consumer preferences towards fruits. Further, growing production of fruits worldwide, followed by the surge in the demand for ready to eat fruits, along with the growing demand for preservatives from fruit & beverage industry in order to stop the development of disease in fruits, are anticipated to drive the market growth during the forecast period. For instance, the production of fruits around the globe grew from close to 0.5 Billion Tonnes in 2000 to around 0.8 Billion Tonnes in 2018. On the other hand, the growing awareness for organic preservatives and the need to lower wastage of fruits so as to align with the targets of the sustainable development goals (SDGs) of the United Nations, are also anticipated to drive the market growth. Additionally, increasing trade on fruits and fruit products worldwide is raising the need among the cultivators and processors of fruits to use preservatives to enhance the shelf life of the products, which is also anticipated to drive the market growth.
The market is segmented by treatment type into coating, fungicides, sanitizers, and others, out of which, the coating segment is anticipated to hold the largest share in the global fruit preservatives market by the end of 2030. Coatings when applied on the fruit surface provides greater aesthetics and also helps to extend the shelf life. Moreover, coatings also reduce the water loss, slows senescence and aging, and imparts shine. CLICK TO DOWNLOAD SAMPLE REPORT
The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, Chemical industry in the U.S. accounted for 16.43% to manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in future. According to UNEP (United Nations Environment Programme), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry, that accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favorable government policies have boosted investment in China’s chemical industry. Easy availability of low-cost raw material & labor as well as government subsidies and relaxed environmental norms have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for the investment in businesses in Asia Pacific countries in the upcoming years.
Regionally, the global fruit preservatives market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in North America region is estimated to witness noteworthy growth over the forecast period on the back of growing demand from consumers for fruits along with the rising demand for ready to eat fruits. Moreover, increasing preferences for packaged fruits, presence of numerous manufacturers in the region that manufacture fruit preservatives, and the need amongst the marketers to provide greater aesthetics to the fruit to obtain greater price are some of the additional factors anticipated to drive the growth of the market in the region. On the other hand, the market in the Asia Pacific is anticipated to witness a significant CAGR throughout the forecast period owing to the increasing exports of fruits from several countries in the region. For instance, India, which is one of the major exporters of fruits worldwide, recorded exports worth USD 670 Million during the period 2019-2020.
The global fruit preservatives market is further classified on the basis of region as follows:
Our in-depth analysis of the global fruit preservatives market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The growing awareness for fruit preservatives, along with the rise in trade for fruits and fruit products worldwide are some of the major factors anticipated to drive the market growth.
The market is anticipated to attain a significant CAGR over the forecast period, i.e., 2021-2030.
The concern for the high cost of fruit preservatives is one of the major factors estimated to hamper the market growth.
The market in the North America is anticipated to witness noteworthy growth over the forecast period and display significant business opportunities in the future.
The major players in the market are Kemin Industries, Inc., Corbion N.V., Kerry Inc., Galactic SA/NV, DuPont de Nemours, Inc., Archer Daniels Midland Company (ADM), Apeel Sciences, DSM, Cargill, Incorporated, and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by product type, treatment type, function type, end-users, and by region.
The coating segment is anticipated to hold the largest market share over the forecast period and display significant growth opportunities.
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