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Sodium Propionate Market Growth, Demand and Key Players to 2024
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The global sodium propionate market was valued at US$ 31.1 Mn in 2014, which is expected to expand at a CAGR of 5.4% during the forecast period (2015–2021). The market is highly volatile in nature, with the highest threat from substitutes due to supply-demand volatility. Shortage of initial raw material ‘ethylene’ due to rising petroleum prices has disrupted market dynamics to a major extent. In terms of volume, the market accounted for 18,547 tonnes in 2014, which is projected to reach 22,447 tonnes by 2021, exhibiting a CAGR of 3.0% during the forecast period.
The global sodium propionate market is segmented on the basis of application into food, pharmaceuticals, agriculture & animal feed, cosmetics and others.
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On the basis of region, the market is segmented into North America, South America, Europe, Asia-Pacific and the Middle East & Africa. The sodium propionate market in Asia Pacific was valued at US$ 6.3 Mn in 2014, which is expected to increase to US$ 9.4 Mn by 2021. The market in Asia Pacific has very few small capacity producers of sodium propionate and the region majorly depends on imports to meet demand. China and India are emerging as leading producers in the region and are targeting emerging markets of Southeast and South Asia by providing cost-effective products.
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Key players profiled in the global sodium propionate market report are Prathista Industries Ltd., Fine Organic Industries Private Ltd., Niacet Corporation, Macco Organiques Inc., Foodchem International Corporation, Tengzhou Tenglong Chemical Co. Ltd., and Dr. Paul Lohmann GmbH KG.
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