Sodium propionate market is one of the most widely used artificial preservatives in the food industry. Composition-wise, a sodium salt of propionic acid this is an integral constituent in bakery items, cheese, and meats that has received recognition from regulatory bodies such as the FDA and EFSA as a generally recognized as safe (GRAS) food ingredient.
Expanding Food Industry Boosts Utilization of Sodium Propionate for Preservation Purposes
In commercial dairy farming, the utilization of hormone additives for higher yield of milk, eggs, and meat that need to be preserved using artificial preservatives is one of the major reasons for the increasing use of sodium propionate. Across the world, increased spending on processed foods that include meats and meats products to a high degree, requires the utilization of artificial preservatives to prevent food spoilage to cater to the food needs of a large population.
Newer technologies that have been developed by manufacturers of sodium propionate have benefitted in terms of high-volume production and in specific forms of the ingredient as needed for specific foods. The downside, however, is the shrinking margins of intermediary operational entities, resulting in high cost of end products.
The market for sodium propionate is subject to adversities as well. The availability of substitute products, price-volatility, and the restricted availability of the initial raw material, ‘ethylene’, derived from petroleum are the reasons for this.
The global sodium propionate market was worth US$31.1 mn in 2014 and will expand at a CAGR of 5.4% from 2015 to 2021. By volume, the global sodium propionate market stood at 18,547 tons in 2014 to be amounted at 22,447 tons by 2021, increasing at a CAGR of 3.0% over the period.
Increasing Consumption of Processed Foods Necessitates Use of Artificial Preservatives in Developing Economies
In developing economies, the expeditious growth of the food industry has benefitted ancillary sectors such as food preservation and food processing, among others. Due to the growth of the food industry, packaged foods to be sold at retail food stores and semi-prepared foods for fast-food joints and quick service restaurants require necessary preservation measures for a longer shelf life and to minimize wastage due to microbial growth. Sodium propionate is one of the widely used chemical preservatives for the purpose.
Currently, Asia Pacific has a limited capacity for the production of sodium propionate, thereby fulfilling most of the demand for sodium propionate by imports. In the region, expanding manufacturing operations in China and India will cater to the emerging markets of Southeast Asian countries for cost-effective products. This will increase the market valuation of the Asia Pacific sodium propionate market in the future to be valued at US$9.4 mn by 2021.
Food Segment Dominates Sodium Propionate Market
The global sodium propionate market is divided on the basis of application and region. Food, agriculture and animal feed, pharmaceuticals, cosmetics, and others divide the market on the basis of application. Out of these, the food segment was valued at US$26.1 mn and will be the leading segment in the forthcoming years.
The global market for sodium propionate is divided into the regional segments of North America, Europe, the Middle East and Africa, South America, and Asia Pacific. In terms of revenue contribution, North America is the largest market for sodium propionate.
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