This report provides forecast and analysis of the global sodium propionate market. It provides estimated data of 2017, and forecast data up to 2026 in terms of revenue (US$ Mn). The report also includes macroeconomic indicators, along with an outlook on sodium propionate for the global market. It includes the drivers and restraints of the global sodium propionate market, and their impact on each region during the forecast period. The report also comprises the study of the current issues with consumers, and opportunities for sodium propionate products. It also includes value chain analysis.
In order to provide the users of this report with a comprehensive view of the market, we have included detailed competitiveness analysis, and sodium propionate market key players and strategy overview. The dashboard provides a detailed comparison of sodium propionate manufacturers on parameters such as total revenue, product offerings, and key strategies. The study encompasses sodium propionate market attractiveness analysis by application and region.
The report includes the sodium propionate market company profiles and the revenue generated from the companies across North America, Latin America, Europe, APAC, and MEA. By application, the sodium propionate market is segmented as bakery products, meat and poultry, cheese & cheese products, pharmaceuticals, agriculture and animal feed, cosmetics, and others. For the calculation of market size, the prevalence and incidence of the key indication were considered. This was followed by the total number of discharges in hospitals, and the average of the length of stay days when sodium propionate was received by the patients was benchmarked with regard to the dominant country. For the evaluation of the consumption of sodium propionate, mean administration rate per day for sodium propionate was evaluated. The prices of the products have been collected at the manufacturer level to arrive at the market size for sodium propionate.
A number of primary and secondary sources were consulted during the course of the study.
The report provides detailed competitive and company profiles of the key participants operating in the global sodium propionate market. Some of the major companies operating in the global sodium propionate market are Niacet Corporation, Macco Organiques Inc., Fine organic industries, Ltd, Foodchem International, Prathista Industries Ltd, DR. Paul Lohmann GmbH KG, Sigma-Aldrich, Inc., Rishi chemical works Pvt. Ltd., Titan biotech Limited, Toronto Research Chemicals Inc., Krishna chemicals, and Jainex Specialty Chemicals, amongst others.
Global Sodium Propionate Market – By Application
Sodium propionate is a salt of propionic acid, well known for its anti-mold activity. Sodium propionate is categorized as GRAS by the U.S. FDA, and is used for various applications, globally. The ease of availability and economic price point, coupled with the efficacy of sodium propionate, has popularized its use in multiple segments. On the basis of application, the sodium propionate market is segmented as bakery products, meat and meat products, cheese & cheese products, pharmaceuticals, personal care and agrochemicals, and others.
In terms of volume, the bakery products segment constitutes a much larger share in the sodium propionate market than any other segment. The increased per capita expenditure on food, owing to the rise in disposable income in multiple developing countries, is surging the demand for sodium propionate. Customer demand is focused on the quality and longevity of the products that they buy. Therefore, artificial GRAS preservatives have become an integral part of the bakery industry. Sodium propionate, being recognized as GRAS by the FDA, and being an economically feasible and safe option for all manufacturers, has become the go-to preservative for bakery products. Furthermore, the demand for bakery products has been on a constant rise from matured markets such as North America and Europe as well. Sodium propionate is an integral component of modern bakery products.
The growing demand for sodium propionate in the agricultural and animal feed segment is fueled by the growing awareness amongst the agricultural community for sustainable grain collection and preservation methods. The growth in the demand for sodium propionate in agrochemicals is also highly attributed to the growing demand for high quality animal and meat products. Public awareness towards the ethical production of animal products has surged the demand for high quality animal feed and feed additives such as sodium propionate.
In terms of value, the global sodium propionate market is expected to represent an incremental opportunity of 15.88 Mn by 2026 end. By application, the bakery products segment is expected to register a CAGR of 3.8 % in the sodium propionate market. The Middle East & Africa region is expected to register relatively low growth in the sodium propionate market, due to the low prevalence of processed foods.
Drivers & Restraints
Listeria monocytogenes is a food-borne pathogen, notorious for its tendency to contaminate meat and meat products. To ward off the pathogen and produce a safe product, manufacturers have been using sodium propionate as an artificial preservative. The economic feasibility and efficacy of sodium propionate as a mould inhibitor as well as bactericidal agent makes it the perfect contender for an integral food preservative in the meat industry. With the rising demand for quality meat products, and stricter food safety legislations in multiple regions, the demand for sodium propionate in the market is growing.
An increase in disposable income, globally, has led to reformed consumer preferences. Per capita expenditure on food and beverages has increased in developing as well as developed countries. The fast food and dine out culture is on an exponential rise in developing regions such as APAC and Latin America, driving the sodium propionate market forward.
A rise in the demand for clean label products has been proving to be a hurdle for the global sodium propionate market. Sodium propionate, being an artificial preservative, cannot be used in clean label products. With more manufacturers opting for producing clean label products, due to rising consumer demand, the demand for sodium propionate is declining.
Analysis by Region
On the basis of region, the market in North America is anticipated to dominate the global sodium propionate market through 2026. North America is expected to gain significant market share in revenue terms by 2026 end. Moreover, the U.S. is projected to exhibit a significant CAGR during the forecast period in the sodium propionate market.