Propionate Market: Global Market Estimation, Dynamics, Regional Share, Trends, Competitor Analysis 2017-2021 and Forecast 2022-2028

Description

The propionate market is valued at USD billion in 2021 and is poised to grow at a significant CAGR of 3.5% over 2022–2028. Due to the growing demand for farm animals’ products and fresh meals among consumers over the assessment period, the propionate market is expected to experience substantial growth. The benefits of a long-term supply of raw materials would come from improvements in research and innovation for propionic acid production. As time-pressed consumers embrace the convenience of freezers and microwave cooking, the demand for processed and ready-to-eat goods like toast, burgers, pizzas, hot dogs, cakes, and other comparable products is rising global scale. Such requirements are anticipated to benefit preservatives like calcium propionate shortly. Furthermore, customers place a high value on the durability and quality of the products they purchase. Artificial GRAS preservatives are now a necessary component of the baking sector. As a result of being deemed GRAS by the FDA and being a commercially viable and secure alternative for all manufacturers, sodium propionate has emerged as the preferred preservative for bakery goods. In the following period, it is projected that increasing technological advancements in the production of calcium propionate will create new market opportunities. Calcium propionate is frequently used as a preservative in beauty products to stop decomposition and maintain the pH of personal care products. Future years are expected to see increased demand for propionate due to the expanding beauty and personal care products market. Due to its high calcium concentration, calcium propionate helps food products retain their nutritious value while preserving food. With veganism and plant-based diets gaining popularity, customers are gravitating toward eating vegan dishes, further encouraging the use of calcium hydroxide since it is seen as a vegan ingredient. For instance, Swiss cheese contains up to 1% of the natural calcium propionic acid. Similar to this, commercial calcium propionate is manufactured, making it suitable for vegans and used in various ways.

Recent Market Developments:

In January 2020, Perstorp participated at IPPE 2020 which is the largest annual trade show for the poultry, meat and feed industries in the Americas on January 28 – 30 2020 at Georgia, U.S. Through this exhibition, the company aims to promote their new products among other players.