The demand for minimally processed, ready-to-eat, fresh food products is on the rise
Advances in science and technology, along with increasing competition, demanding and conscious customers, and R&D spending are growing the food and beverage (F&B) market.
BCC Research reveals in its new report that these and other key factors are taking the food and beverage preservation market to new heights.
The F&B industry comprises companies involved in the processing of raw food materials, packaging and distribution. The industry consists of ready-to-eat and packaged foods, along with alcoholic and non-alcoholic beverages. The four factors that determine the shelf-life of food and beverage products are product formulation, processing, packaging and storage conditions.
The global market for food preservation and shelf-life extension, which totaled $463.4bn in 2015, should reach $582.8bn by 2020, reflecting a 5-year compound annual growth rate (CAGR) of 4.7%. As the largest segment, food and beverage packaging should grow from $262.1bn in 2015 to $334.2bn by 2020 on a 5-year CAGR of 5%. Encapsulation, irradiation and others as a segment, the fastest-growing market with an anticipated 5-year CAGR of 5.4%, should reach more than $73bn in 2020, up from $56.2bn in 2015.
The global food and beverage (F&B) industry is greatly influenced by changing lifestyles and growing demands from consumers for safe and healthy food. Growing populations, changing lifestyles and technological advancements have greatly influenced the food and beverage industry, as well as the preservation and shelf life extension techniques employed by it.
Advancements in science and technology have impacted all the food preservation techniques, including preservation, packaging, processing, irradiation and encapsulation. For example, by using nanotechnology, lightweight packaging materials can produce indicators or sensors that can be incorporated in the packaging materials for indicating possible food adulteration. Technological advancements have helped to produce sustainable packaging materials with improved recyclability and biodegradability. Despite these advancements and increased awareness, product recalls and food contamination issues continue to challenge the industry.
The demand for minimally processed, ready-to-eat, fresh food products is on the rise. Manufacturers and processors are utilising all resources, including preservatives, advanced packaging, thermal processing (heating and chilling), and encapsulation and irradiation, to ensure that foods and beverages attain and retain their highest level of taste, freshness, safety and health to satisfy augmented consumer demand.
'Preservation techniques such as encapsulation and irradiation saw growth in their market shares, as these techniques were actively used by F&B manufactures and processors for the purpose of food preservation,' says BCC Research analyst Shalini S. Dewan. 'In addition, collaborative efforts and research organisations are further stimulating development of preservation techniques.'
Global Markets for Controlled Intelligent Packaging, Preservation and Shelf-Life Extension for Food and Beverages analyses the industry structure by each market and its application, regulatory environment, new products and advancements, market projections and market shares. Analyses of global market drivers and trends, with data from 2014, 2015, and projections of CAGRs through 2020 also are provided.