The global calcium propionate market is led by key players such as AB Mauri, Perstorp Holding AB, Macco Organiques Inc., Niacet Corporation, and Kemira. Players such as Perstorp are expanding their product portfolio through the segmentation of semi-specialty and specialty products by considering factors such as high-quality grades, tailored packaging, new applications, and distribution. The company maintains a balanced product portfolio to avoid dependence on any one of the end-markets. On the other hand, Niacet Corporation is focusing on research and development in order to develop their product portfolio. Many companies are acquiring other companies so as to develop their production capacity, states a new report by Transparency Market Research (TMR).
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According to the report, the global calcium propionate market is anticipated to rise from US$327.7 mn in 2015 to US$480.3 mn to 2023. The market is expected to expand at a CAGR of 4.9% from 2015 to 2023. On the basis of application, the bakery segment will lead in the market and account for 56.3% by 2023. This is because calcium propionate can be easily mixed with flour, which is one of the key ingredients of bakery products. By region, Europe will continue to lead, accounting for 36.6% in 2023.
Increasing Demand for Convenience Foods Driving Market
The busy lifestyles of people have resulted in a need for easily consumable products that are not affected by bacteria. As such, the demand for convenience foods is increasing. Additionally, the growing consumption of bakery food items will also drive the demand for calcium propionate. This is because calcium propionate is a commonly used additive for avoiding spoilage of food products during transportation and for extending their shelf life. In addition to this, calcium propionate enhances the flavor of food items, needs to be used in minimal quantities, and is less toxic. Moreover, it is a cost effective solution over substitutes such as sorbates and sulfites. Owing to these factors, the demand for calcium propionate is expected to drive the growth of the market.
Increasing Preference for Fresh Food Products over Preserved Food to Deter Market’s Growth
A shift in consumer preference toward fresh food owing to increasing focus on natural and healthy diet routine is leading to a decline in the demand for calcium propionate. This is because consumers are opting for food products devoid of preservatives and additives. Sringent regulations across different countries regarding the use of preservatives is restraining the growth of the market. Moreover, certain food preservatives are banned in different parts of the world, which can also pose a threat for the growth of the market.
R&D and Product Innovation to Strengthen Demand for Calcium Propionate
Growing health concerns among consumers regarding the consumption of healthy food products are anticipated to create opportunities for growth in the calcium propionate market. Since calcium propionate is being used as an anti-fungal agent and it also enriches the nutritional value of the food, it is expected to be increasingly popular in the coming years. Companies are also undertaking many research and development activities to enable product innovation. The development of newer products is anticipated to boost the demand for calcium propionate and aid the growth of the global market. Additionally, the growing demand from Asia Pacific, South America, and the Middle East will also aid the growth of the market.
This information is based on the findings of a report published by Transparency Market Research, titled “Calcium Propionate Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023.”
The global calcium propionate market is segmented as follows:
- Meat processing
- Animal Feed
- Packaged food products
- Others (Plant pesticides and grain protection etc.)
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