Sodium propionate is the sodium salt of propionic acid and is currently the most widely used chemical in the food industry. It is stable at room temperature and incompatible with strong oxidizing agents and is prepared by reacting propionic acid and sodium carbonate. It is used as a food preservative and as a mold inhibitor in products that are susceptible to spoilage and is a safe compound when used at low levels. Sodium propionate comes in the white crystalline solid or powder forms.
The global sodium propionate market report begins with an overview of sodium propionate and offers future market outlook. The report covers the performance of the sodium propionate market in terms of revenue and volume contribution. This section also includes analysis of key trends, drivers, restraints and opportunities that are influencing the sodium propionate market. Impact analysis of key growth drivers and restraints, based on the weighted average model, across various regions, is also included to better equip clients with crystal clear decision-making insights.
By application, the global sodium propionate market is segmented into food, pharmaceuticals, agriculture & animal feed, cosmetics and others. Of these, the food segment accounted for US$ 26.1 Mn in 2014 and is expected to dominate the market in terms of revenue over the forecast period.
The packaged food market is growing rapidly and demand for sodium propionate as an antimicrobial to extend the shelf life of food products is expected to increase significantly in the near future. Sodium propionate is mainly used in oral pharmaceutical formulations as an antimicrobial preservative and fungal treatment ointment to treat skin diseases. Propionic acid is widely used as a food and feed preservative; however, for best results, a blend of propionic acid and sodium propionate is used along with formic and lactic acid.
Regions covered in the report include:
To arrive at market size, the report considers the market value of sodium propionate across the aforementioned geographies. The forecast presented here assesses the total revenue generated by the global sodium propionate market. When developing the market forecast, the starting point involves sizing the current market, which forms the basis for the forecast regarding how the market is anticipated to shape up in the near future. For this, PMR sought inputs from several subject matter experts in the sodium propionate domain. Given the characteristics of the market, we triangulated the outcome on the basis of supply side, demand side and dynamics of the market.
We have also taken into consideration year-on-year growth based on regional growth analysis to understand predictability of the market and to identify right opportunities in the global sodium propionate market. All the segments have been analyzed in terms of Basis Point Share (BPS) to understand the individual segments’ relative contribution to market growth. This detailed level of information is important for identification of various key trends in the global sodium propionate market. Also, another key feature of this report is the analysis of the global sodium propionate market by region, which is further segmented on the basis of countries and revenue forecast in terms of absolute dollar opportunity.
In the final section of the report, the global sodium propionate market landscape is included to provide report audiences a dashboard view based on categories of providers in the global market; their key developments and strategies have also been included wherever possible.
Consumption of meat and meat products has increased substantially globally. The growth of retail and foodservice sectors in emerging countries has resulted in the emergence of ready to eat (RTE) meat products, which in turn has increased uptake of food preservatives. Also, manufacturers have developed high-end technologies to produce sodium propionate in forms that suit customer requirements. Intermediary manufacturers are experiencing shrinking margins, which is resulting in increasing cost of end-use products.
The global sodium propionate market was valued at US$ 31.1 Mn in 2014, which is expected to expand at a CAGR of 5.4% during the forecast period (2015–2021). The market is highly volatile in nature, with the highest threat from substitutes due to supply-demand volatility. Shortage of initial raw material ‘ethylene’ due to rising petroleum prices has disrupted market dynamics to a major extent. In terms of volume, the market accounted for 18,547 tonnes in 2014, which is projected to reach 22,447 tonnes by 2021, exhibiting a CAGR of 3.0% during the forecast period.
The global sodium propionate market is segmented on the basis of application into food, pharmaceuticals, agriculture & animal feed, cosmetics and others.
On the basis of region, the market is segmented into North America, South America, Europe, Asia-Pacific and the Middle East & Africa. The sodium propionate market in Asia Pacific was valued at US$ 6.3 Mn in 2014, which is expected to increase to US$ 9.4 Mn by 2021. The market in Asia Pacific has very few small capacity producers of sodium propionate and the region majorly depends on imports to meet demand. China and India are emerging as leading producers in the region and are targeting emerging markets of Southeast and South Asia by providing cost-effective products.
Key players profiled in the global sodium propionate market report are Prathista Industries Ltd., Fine Organic Industries Private Ltd., Niacet Corporation, Macco Organiques Inc., Foodchem International Corporation, Tengzhou Tenglong Chemical Co. Ltd., and Dr. Paul Lohmann GmbH KG.
Key players profiled in this report include: