Press release
Sodium Propionate Market to Cross US$ 44.7 Mn by 2021
According to the latest market report published by Persistence Market Research, titled “Global Market Study on Sodium Propionate: Driven by Increasing Application of Antimicrobial Food Preservatives”, the global sodium propionate market was valued at US$ 31.1 Mn in 2014. Revenue is further expected to expand at a CAGR of 5.4% during the forecast period (2015 - 2021).
As sodium propionate is a chemical ingredient, it is included in the list of artificial preservatives for food, which is a factor limiting its usage as a food ingredient in a variety of edible products. However, it is an integral component in bakery items, meats and cheese, and FDA as well as EFSA have recognized sodium propionate as a Generally Recognized As Safe (GRAS) ingredient for use in food. Sodium propionate enhances the color of processed meat and acts as a tenderizer, inhibits the growth of microorganisms, thus making it increasingly shelf-stable.
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The global sodium propionate market is mainly driven by factors such as adoption of animal feed additives in factory farming in order to increase production of milk, meat, and eggs, increased consumption of meat and meat products coupled with growing disposable income and increased spending on food, among others. Furthermore, the growth of the retail and foodservice sectors in emerging countries has given rise to the demand for ready to eat meat products, which in turn has increased uptake of food preservatives. As a result, adoption of sodium propionate as an antimicrobial agent along with propionic acid is expected to surge globally over the next five to six years.
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In terms of revenue share contribution, North America is expected to dominate the global sodium propionate market during the forecast period. However, Asia-Pacific market is expected to record highest CAGR during this period. The market in Asia Pacific accounted for US$ 6.3 Mn in 2014, which is expected to increase to US$ 9.4 Mn by 2021.
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