New York City, New York, January 19, 2016: The global market for sodium propionate is the focus of study of a recent market research report published by Persistence Market Research. The report, titled “Global Market Study on Sodium Propionate: Driven by Increasing Application of Antimicrobial Food Preservatives”, states that the market, which had a valuation of US$31.1 mn in 2014, will expand at a moderate 5.4% CAGR between 2015 and 2021.
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The global sodium propionate market is said to be highly volatile and faces a huge threat from substitute products due to volatility in the supply-demand chain. Owing to the continuous instability in petroleum prices, the supply of ethylene, which is the initial raw material for the production of sodium propionate, the market dynamics has been significantly disrupted in the past few years. In terms of volume, the market is expected to rise from a valuation of 18,547 tonnes in 2014 to 22,447 tonnes by 2021, expanding at a moderate 3.0% CAGR.
The report states that the increased global consumption of meat and meat products, the impressive growth of the foodservice and retail sectors in developing economies, and the emergence of ready-to-eat meat products has significantly benefitted the markets for food preservatives in the past few years. This factor has also propelled the global market for sodium propionate, a very popular variety of food preservative with antimicrobial properties.
The report segments the global sodium propionate market on the basis of application and geography.
On the basis of application, the market is segmented into pharmaceuticals, food, agriculture and animal feed, and cosmetics. Of these, the food segment currently dominates the global market and is also expected to remain the dominant market segment over the report’s forecast period. In 2014, this segment had a valuation of US$26.1 mn.
On the basis of geography, the market has been segmented into North America, South America, Europe, the Middle East and Africa, and Asia Pacific. In Asia Pacific, the market for sodium propionate had a valuation of US$6.3 mn in 2014, and is expected to rise to US$9.4 mn by 2021. Asia Pacific has a very small number of low-capacity producers of sodium propionate and thus the region depends majorly on imports. However, sodium propionate companies in India and China are rapidly expanding and targeting emerging markets in South and Southeast Asia by offering cost-effective products.
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The report also gives a comprehensive overview of the competitive landscape of the global sodium propionate market with detailed business profiles of some of the key companies operating in the market. The market is marked by intense competition. With the help of high-end technologies, key manufacturers have started producing sodium propionate in forms suiting customer requirements. Intermediary manufacturers of sodium propionate are experiencing decreasing profit margins, resulting in rising costs of end-use products.
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Some of the key companies operating in the global sodium propionate market, profiled in the report, are Tengzhou Tenglong Chemical Co. Ltd., Prathista Industries Ltd., Macco Organiques Inc., Fine Organic Industries Private Ltd., Dr. Paul Lohmann GmbH KG, Foodchem International Corporation, and Niacet Corporation.
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