Propionate Market Future Prospects and Forecast To 2028
The global propionate market size was valued at USD billion in 2021 and is poised to grow at a significant CAGR of 3.5% during the forecast period 2022–2028. The use of propionate salts has recently been driven by evolving consumer lifestyles and growing health concerns. Most of its applications are a preservative in bakery goods, including bread, processed meat, baked goods, and dairy items. Calcium propionate functions as an antibacterial agent to eliminate microorganisms like bacteria, algae, viruses, and fungi. In the meat sector, sodium propionate is the ideal candidate for an integral food preservative due to its economic viability and effectiveness as a bactericidal and mold inhibitor. The market is seeing an increase in demand for sodium propionate due to rising consumer demand for high-quality meat products and stricter food safety regulations in many jurisdictions. Globally rising disposable income has resulted in altered consumer choices. Developing and developed nations have seen an increase in the per capita cost of food and drink.
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The global propionate market segmentation:
1) By Salt: Sodium Propionate, Calcium Propionate, Potassium Propionate.
2) By Form: Dry and Liquid.
3) By Application: Feed, Pharmaceuticals, Agriculture, Food preservative, Mold inhibitor, Antimicrobial Agents, Fungicides, Flavouring, and Cosmetics
Calcium Propionate Sector Segment to Dominate the Propionates Market
The calcium propionate segment is expected to account for a larger revenue share in the global propionates market, with a value share worldwide. It is projected to grow at a 3.7% CAGR between 2022 and 2028. Calcium propionate is a common food preservative that prevents bacteria from growing and reproducing and so extending the shelf life of food. It is a component of many edible goods, including bread, tortillas, pizza dough, pastries, breakfast cereals, pasta, noodles, dried and condensed milk, flavored milk, dairy-based spreads, cheese, some processed meats, some processed dairy, egg, fruit and vegetable products, and fat-based desserts like puddings, frosting, and confections. In addition, calcium propionate is utilized as a preservative in sports drinks, diet meals, and beverages.
Asia Pacific Propionates Market
The Asia Pacific market is expected to increase in the global propionates market over the forecast period. It is projected to grow at a CAGR of 3.9% in the coming years. The demand for propionate from the medical and pharmaceutical industries is growing due to the Asia-expanding Pacific's pharmaceutical industry. Additionally, countries like China and India are driving up market demand in the Asia-Pacific region due to the rising demand for animal feed. The need for animal-based foods has been rising quickly worldwide, and commercial cattle farming and related food chains have been able to meet the growth in this demand.
The global propionates market further reveals that the key players are increasingly adopting strategies such as the launch of newer products, product launches, and long-term alliances to improve market revenue share and gain significant geographic presence across the region.
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Key players in the propionates market report are Perstorp Holdings AB, Niacet Corporation, Macco Organiques Inc., AB Mauri, Kemira Oyj, Krishna chemicals, Fine Organics and A.M food chemicals Co. ltd.
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