According to a new market report published by Credence Research Inc., “Sodium Propionate Market (By Application (Food, Pharmaceutical, Cosmetics, Agriculture, Animal Feed and Others)), Growth, Share, Opportunities, Competitive Analysis, and Forecast 2016 – 2023”, the worldwide sodium propionate market was valued at US$ 117.44 Mn in 2015. It is projected to grow at a CAGR of 4.4% from 2016 to 2023. In terms of volume the global market stood at 38.92 kilo tons in 2015.
Sodium propionate due to its antimicrobial properties to extend shelf life of food products along with its GRAS (generally recognized as safe) status by the U.S. FDA is widely use as a food additive. Rising packaged food consumption owing to changing and busy lifestyle is driving sodium propionate demand in food preservatives. Moreover, sodium propionate is considered as one of the best and safest bacteria and mold inhibitor in the animal feed and grain preservative segment. Increasing demand from animal feed and grain preservatives is fueling the market growth. Environmental concern is the major factor hampering the market growth.
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For further growth emerging and untapped markets provide huge scope. Over the coming few years, demand from the emerging economies is projected to augment due to rising awareness about the benefits of sodium propionate for feed and food preservatives. Research and development initiative to produce innovative products using sodium propionate will not only provide new opportunities but also bring in rich gains.
Sodium propionate market comprises of various multinationals and regional players. The market players are investing on different strategies to increase their market presence such as application development and capacity expansion. Foodchem International Corporation, Fine Organic Industries Private Ltd, Niacet Corporation and Macco Organiques Inc are some of the players present in this market.
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- Emerging and untapped markets provide huge scope
- Animal feed and grain preservatives is fueling the market growth
- Focus on research and development initiative to produce innovative products using sodium propionate
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