San Francisco — Global sales for food preservatives are projected to grow 3.7 percent, compounded annually, to reach $3.2 billion by 2025, according to Grand View Research, Inc.
The fast-paced working lifestyles of U.S. and Asia Pacific consumers, and the corresponding increase in demand for ready-to-eat foods, is expected to propel the market, the research company reports.
In fact, Asia-Pacific markets are anticipated to see the fastest growth, with a projected compound annual growth rate of 5 percent. This estimate is largely based on significant growth in applications from sectors including confectionery, bakery and beverages, according to Grand View.
North America was the largest regional market in terms of revenue during 2016, and sales are estimated to reach $1.4 billion by 2025.