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Sodium Propionate Market By Application (Food, Pharmaceuticals, Cosmetics, Agriculture, Animal Feed) - Growth, Future Prospects And Competitive Analysis, 2016 - 2023

Sodium propionate is the sodium salt of propionic acid, which is an organic acid formed during the chemical degradation of sugar. It comes in white crystalline solid or powder forms and is a widely used chemical in the food industry. It helps to prevent the growth of mold and some bacteria, thus prolonging the shelf life of packaged foods. According to the U.S. Food and Drug Administration (FDA) and the European Food Safety Authority (EFSA), sodium propionate is generally recognized as safe when used as a food additive.

The global market for sodium propionate is growing significantly on the back of rising demand from the packaged food industry. A busy and changing lifestyle and a rise in disposable income are some of the factors fueling market demand for packaged food. Furthermore, increasing awareness about the benefits of sodium propionate usage as an animal feed and grain preservative is projected to propel market demand. However, demand is likely to be affected owing to environmental concerns. Untapped and emerging economies provide huge market potential over the coming few years.

By application type

The market is segmented into food, pharmaceuticals, cosmetics, agriculture, animal feed, and others. Sodium propionate is widely used to prevent mold growth in processed cheese and packaged products. In 2015, the food segment dominated the overall market with a share of more than 30% in terms of demand. This segment is projected to maintain its dominance during the forecast period of 2016–2023. However, the agriculture and animal feed segment is projected to be the fastest-growing market over the forecast period.

By geography

The market is segmented into North America, Europe, Asia Pacific, and the Rest of the World (RoW). In 2015, North America and Europe together accounted for more than 60% of the market. North America is projected to lose some of its share to high-growth regions such as Asia Pacific. Asia Pacific is projected to be the fastest-growing market owing to rising demand from the animal feed additives, food preservatives, and pharmaceutical industries.

The report titled "Global Sodium Propionate Market: Growth, Future Prospects, and Competitive Analysis, 2016–2023" offers strategic insights into the global Sodium Propionate market, along with the market's size and estimates for the period 2013–2023. The said research study covers an in-depth analysis of multiple market segments based on applications and a cross-sectional study across different geographies. The study covers the comparative analysis of different segments for the years 2015 and 2023. The report also provides a prolific view of market dynamics, such as market drivers, restraints, and opportunities.

In order to help the strategic decision-makers, the report also includes profiles of the leading Sodium Propionate manufacturers, along with their product portfolios and key developments. The major players profiled in the report are XX. Further, the report also covers the market positioning of the key players operating in the Sodium Propionate market.

Other in-depth analysis provided in the report includes:

  • Current and future market trends to justify the forthcoming attractive markets within the Sodium Propionate industry
  • Market fuelers, market impediments, and their impact on market growth
  • in-depth competitive environment analysis
  • Trailing 2-year market size data (2013–2014)
  • SRC (Segment, Region, Country) Analysis

Overall, the research study provides a holistic view of the global Sodium Propionate market, offering market size and estimates for the period from 2016 to 2023, keeping in mind the above-mentioned factors.

The global sodium propionate market can be categorized on the basis of applications as follows:

  • Food
  • Pharmaceutical
  • Cosmetics
  • Agriculture
  • Animal Feed
  • Others

In 2015, the food application segment accounted for 32.4% of the global market in terms of revenue. This segment is projected to maintain its dominance during the forecast period owing to rising demand for cheese and processed food products. Moreover, a busy and changing lifestyle has propelled the need to prolong the shelf life of food products, which will boost the demand for food preservatives, including sodium propionate. In 2015, the pharmaceutical segment was the second largest application segment and accounted for 21.1% of the global demand. It is projected to grow at a CAGR of over 4.2% from 2016 to 2023. However, rising awareness regarding the benefits of sodium propionate in feed and grain preservative segments is projected to propel market demand for sodium propionate over the coming few years.

On the basis of geography, the global sodium propionate market is segmented into the following regions and countries:

  • North America
  • U.S.
  • rest of North America
  • Europe
  • UK
  • Germany
  • Rest of Europe
  • Asia Pacific
  • Japan
  • China
  • Rest of Asia Pacific
  • Rest of the World (RoW)
  • Middle East and Africa
  • Latin America

In 2015, Europe was the largest regional market, accounting for over 32% of global sodium propionate market demand. Rising demand from animal feed and food preservative applications has favored the market for sodium propionate in the region. The market is projected to maintain its dominance during the forecast period of 2016–2023 on account of expanding niche applications, the scope of sodium propionate, and new supporting regulations. In 2015, North America accounted for over 25% of global demand but was projected to lose some of its share to high-growth regions such as Asia Pacific.

The Asia-Pacific region is projected to be the fastest-growing market. It is projected to grow at a CAGR of 4.9% from 2016 to 2023 in terms of revenue. Asia Pacific is witnessing growth on account of the increasing feed additives industry in regions such as Australia, China, and India. Moreover, the market is also characterized by rising demand from the food and pharmaceutical segments.

Frequently Asked Questions:

The market for Sodium Propionate Market is expected to reach US$ 117.44 Mn By 2023.

The Sodium Propionate Market is expected to see significant CAGR growth over the coming years, at 4.4%.

The report is forecasted from 2016 to 2023.

The base year of this report is 2015.

Foodchem International Corporation, Fine Organic Industries Private Ltd, Niacet Corporation, Macco Organiques Inc, Prathista Industries Ltd are some of the major players in the global market.

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Trusted By
Godaddy
Published Date:  Sep 2016
Category:  Food & Beverage
Report ID:   58108
Report Format:   PDF
Pages:   120
Rating:    4.2 (55)
Delivery Time: 24 Hours to 48 Hours   
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