Transparency
Market Research (TMR) observes that key players in the global
calcium propionate market have a strong focus towards research
and development (R&D) activities in order to expand their product
portfolio. For instance, in September 2015, Niacet Tiel inaugurated
a newly renovated laboratory with new testing equipment for research
in food products. Other prominent participants in the global market
are AB Mauri, Kemira, Perstorp Holding AB, and Macco Organiques Inc.
“Besides
R&D, key players are paying high attention to strengthening
distribution channel and introducing products that are in line with
protean customer requirements,” says TMR’s lead analyst. The
global market for calcium propionate had a valuation of US$343.6 mn
in 2016 and is estimated to rise to US$480.3 mn by 2023, progressing
at a 4.9% CAGR between 2015 and 2023.
Europe
to Lead Revenue Generation through 2023
Based
on application, bakery will continue to dominate the market until
2023, representing over 56.0% of its value. Calcium propionate
prevents the formation of mold and rope and boosts the normal shelf
life of bread and other baked products, thereby triggering its
adoption in bakery products. It is also used in grain protection and
plant pesticides. Demand for calcium propionate in these applications
is expected to increase over the coming years. As a result, the other
segment is poised to expand at a noteworthy CAGR during the forecast
period.
Geographically,
Europe will be the frontrunner in the global arena throughout the
review period. The growing demand for preserved food and the
increasing number of bakeries in the region are fuelling the market.
The Rest of the World segment is anticipated to register a CAGR of
6.8% during the same period, with Brazil and South Africa being the
sights of high growth rate. The rising concerns regarding food
hygiene and preservation along with the changing food habits of the
populace in emerging countries are contributing to the growth of the
segment.
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Swelling
Demand for Convenience Foods Triggers Adoption
“Busy
lifestyles of consumers are creating a staggering volume of demand
for convenience food products that have a high shelf life. However,
there is also an increasing health consciousness among consumers,
which is motivating them to consume healthy and nutritive convenience
food products,” says a TMR analyst. These factors are resulting in
soaring demand for safe food additives, thereby augmenting the global
calcium propionate market.
Calcium
propionate is considered to one of the safest and an ideal
antimicrobial agent for bakery items to restrict the growth of molds
and other microorganisms. In addition, its cost-effectiveness
provides it an edge over their substitutes, including sorbates and
sulfites. Owing to these factors, the demand for calcium propionate
is likely to witness significant boost.
Shift
in Preference towards Fresh Food Takes its Toll on Market Growth
Despite
busy lifestyles of people, the rising sense of health consciousness
is prompting them to shift towards fresh food from preserved food.
This trend is hindering the widespread adoption of food preservatives
and additives, thereby hampering the growth of the global calcium
propionate market. Furthermore, stringent government regulations
across different countries pertaining to the usage of preservatives
are keeping the market from realizing its utmost potential. TMR
analyst observes that safety standards are stricter in developed
countries than developing countries. Thus, over the forthcoming
years, key players are expected to shift their focus towards emerging
countries in order to maximize their revenue.
The
above data has been derived from the report by TMR, titled “Calcium
Propionate Market (Application - Bakery, Dairy, Meat Processing,
Animal Feed, and Plant Pesticides and Grain Protection) - Global
Industry Analysis, Size, Share, Growth, Trends and Forecast
2015-2023.”
The
global calcium propionate market is segmented as follows:
Global
calcium propionate market, by Application
- Bakery
- Dairy
- Meat processing
- Animal Feed
- Beverages
- Packaged food products
- Others (Plant pesticides and grain protection etc.)
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