Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Sodium propionate is a chemical compound that is hygroscopic in nature appears in a white or crystalline powder. It is widely used as preservative across the food industry for various baked food products. It is also produced in the body during the breakdown of certain fatty acids. Sodium propionate prevents the growth of the bacteria and molds on the baked food products, cheese products, and processed food products. Moreover, it is also used as a flavoring agent in food products such as soft drinks, meats, dairy products, and alcoholic drinks. Agriculture, meat, cosmetic, pharmaceuticals, and bakery are some of the major end-users of sodium propionate.
The global sodium propionate market is projected to reach around US$ 61,268.1 thousand by the end of 2027, in terms of revenue, growing at CAGR of 5.4% during the forecast period (2020-2027).
Growing demand for animal feed where sodium propionate is used as an additive is expected to accelerate the market growth of sodium propionate over the forecast period. Sodium propionate is used as an antimicrobial agent in the animal farming industry. Increased in the production of meat, milk, and eggs are further expected to accelerate the market growth of the sodium propionate. Thus, growth in animal feed industry is expected to drive the market growth of over the forecast period of sodium propionate.
Figure 1. Global Sodium Propionate Market Share (%) in terms of Value, By Region, in 2019
North America region dominated the global sodium propionate market in 2019, accounting for 44.6% share in terms of value, followed by Europe and Asia Pacific, respectively.
The decline in usage of sodium propionate in the processed food due to advised daily intake by USDA’s Dietary Guidelines for Americans is projected to hamper the market growth of sodium propionate over the forecast period.
Rising demand for antimicrobial in convenience food such as pasta, ready-to-eat meat, and noodles is expected to accelerate the market growth of sodium propionate. Moreover, the growing demand for propionates as an antimicrobial in the grains is further expected to accelerate the market growth of sodium propionate over the forecast period.
Rising use of sodium propionate for ready-to-eat meat segments is expected to provide lucrative growth opportunity to the market of sodium propionate. Rising per capita income of the consumers has increased the purchasing power of the consumer which is encouraging them to spend on food products. This is expected to accelerate market growth of sodium propionate.
Figure 2. Global Sodium Propionate Market– Opportunity Analysis
The growing use of sodium propionate from the cosmetic industry where sodium propionate is widely used in the manufacturing of cosmetic products such as lotions, creams, foams, ointments, and gels. The growth of the sodium propionate market is also attributed to growth in the cosmetic industry around the globe.
Growing demand for packaged food products due to the busy lifestyle of the consumer across developed countries is a major trend in the market. Moreover, growth in the number of restaurants and cafes around the globe is further expected to foster the market growth of the sodium propionate over the forecast period.
Figure 3. Global Sodium Propionate Market Share (%) in terms of Value, By Product Type, in 2019
On the basis of application in 2019, the food segment has accounted the largest market share of 83.7% in terms of value
- Prathista Industries Ltd
- Fine Organic Industries Private Limited
- Niacet Corporation
- Macco Organiques Inc.
- Foodchem International Corporation
- Tengzhou Tenglong Chemical Co. Ltd.
- Dr. Paul Lohmann GmbH KG