Global Sodium Propionate Market Revenue Expected to Reach US$ 44.7 Mn by 2021
New York, NY -- (SBWIRE) -- 12/14/2017 -- Global Sodium Propionate Market Expects More Growth in Emerging Countries Testifying Strong Advent of Ready-to-eat Meat Products
The global sodium propionate market is envisioned to embrace a high demand due to the application as an antimicrobial for extending the shelf life of food products. This demand could increase further as the packaged food market continues to demonstrate a rapid growth in the coming years. Sodium propionate is chemically studied to be a safe compound when used at low levels. Products that are vulnerable to spoilage could include sodium propionate playing the role of a mold inhibitor. It is also commonly used as a food preservative, the application which has provided some promising prospects for most industry players.
According to the analysis of Persistence Market Research (PMR), the global sodium propionate market could rise at a CAGR of 5.4% during the forecast period 2015-2021. Capacity expansion is foreseen to grow as a leading strategy adopted by players to showcase their prominence in the market. In Q3 2017, one of the largest global producers of sodium propionate and calcium propionate, Niacet publicized the expansion of its capacity to 75 mn lb. The company said the access to low-cost raw materials following its acquisition by SK Capital Partners enabled the expansion.
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Application in Processed Foods for Improving Shelf Life Augurs Well
Since sodium propionate is categorized as an artificial food preservative and chemical ingredient, there could be a slight slack in its application as a food additive in a range of edible products. However, the compound has been labeled as a generally recognized as safe (GRAS) ingredient for applications in food products by the European Food Safety Authority (EFSA) as well as the U.S. Food and Drug Administration (FDA). Sodium propionate could make processed foods relatively shelf-stable by inhibiting the growth of microorganisms. Furthermore, it could act as a tenderizer and also improve the color of processed meat.
The demand for sodium propionate is anticipated to increase in the foreseeable future with the growing consumption of meat and meat products. Moreover, the compound could be increasingly used as a result of the direct effect of the factory farming industry progressively adopting animal feed additives to improve egg, meat, and milk production. Other factors such as improved outlay on food products and rising disposable income could add to the growth of the world sodium propionate market.
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APAC Market Prophesied to Expand to US$9.4 Million by 2021
Regions such as the Middle East and Africa (MEA), Asia Pacific (APAC), Europe, South America, and North America could be among the important markets for sodium propionate. Asia Pacific is envisaged to be largely benefited from the presence of leading producers in key countries such as India and China. These producers could adopt the strategy of offering cost-effective products to target the developing markets of South and Southeast Asia. APAC mainly relies on imports to meet the consumer demand in the region since it accommodates an insignificant count of small capacity producers.
In general the international sodium propionate market is prognosticated to invite rich gains and new opportunities because of the popular role of the compound in producing innovative products supported by research and development initiatives.
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The worldwide sodium propionate market is projected to be comprised of various regional and multinational companies. Besides capacity expansion, companies could take to other strategies such as application development to boost their presence in the market. Some of the leading companies looking to grab a major share in the market could be Macco Organiques, Inc., Fine Organic Industries Private Ltd., and Prathista Industries Ltd.