Albany, NY -- (SBWIRE) -- 04/20/2017 -- Transparency Market Research (TMR) observes that key players in the global calcium propionate market have a strong focus towards research and development (R&D) activities in order to expand their product portfolio. For instance, in September 2015, Niacet Tiel inaugurated a newly renovated laboratory with new testing equipment for research in food products. Other prominent participants in the global market are AB Mauri, Kemira, Perstorp Holding AB, and Macco Organiques Inc.
"Besides R&D, key players are paying high attention to strengthening distribution channel and introducing products that are in line with protean customer requirements," says TMR's lead analyst. The global market for calcium propionate had a valuation of US$343.6 mn in 2016 and is estimated to rise to US$480.3 mn by 2023, progressing at a 4.9% CAGR between 2015 and 2023.
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Europe to Lead Revenue Generation through 2023
Based on application, bakery will continue to dominate the market until 2023, representing over 56.0% of its value. Calcium propionate prevents the formation of mold and rope and boosts the normal shelf life of bread and other baked products, thereby triggering its adoption in bakery products. It is also used in grain protection and plant pesticides. Demand for calcium propionate in these applications is expected to increase over the coming years. As a result, the other segment is poised to expand at a noteworthy CAGR during the forecast period.
Geographically, Europe will be the frontrunner in the global arena throughout the review period. The growing demand for preserved food and the increasing number of bakeries in the region are fuelling the market. The Rest of the World segment is anticipated to register a CAGR of 6.8% during the same period, with Brazil and South Africa being the sights of high growth rate. The rising concerns regarding food hygiene and preservation along with the changing food habits of the populace in emerging countries are contributing to the growth of the segment.
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Swelling Demand for Convenience Foods Triggers Adoption
"Busy lifestyles of consumers are creating a staggering volume of demand for convenience food products that have a high shelf life. However, there is also an increasing health consciousness among consumers, which is motivating them to consume healthy and nutritive convenience food products," says a TMR analyst. These factors are resulting in soaring demand for safe food additives, thereby augmenting the global calcium propionate market.
Calcium propionate is considered to one of the safest and an ideal antimicrobial agent for bakery items to restrict the growth of molds and other microorganisms. In addition, its cost-effectiveness provides it an edge over their substitutes, including sorbates and sulfites. Owing to these factors, the demand for calcium propionate is likely to witness significant boost.
Shift in Preference towards Fresh Food Takes its Toll on Market Growth
Despite busy lifestyles of people, the rising sense of health consciousness is prompting them to shift towards fresh food from preserved food. This trend is hindering the widespread adoption of food preservatives and additives, thereby hampering the growth of the global calcium propionate market. Furthermore, stringent government regulations across different countries pertaining to the usage of preservatives are keeping the market from realizing its utmost potential. TMR analyst observes that safety standards are stricter in developed countries than developing countries. Thus, over the forthcoming years, key players are expected to shift their focus towards emerging countries in order to maximize their revenue.
The global calcium propionate market is segmented as follows:
Global calcium propionate market, by Application
-Packaged food products
-Others (Plant pesticides and grain protection etc.)
The above data has been derived from the report by TMR, titled "Calcium Propionate Market (Application - Bakery, Dairy, Meat Processing, Animal Feed, and Plant Pesticides and Grain Protection) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015-2023."