Global Calcium Propionate Market to Reach US$480.3 mn by 2023, Propelled by Rising Demand for Preserved Food
Calcium propionate is an antimicrobial agent used for killing microorganisms such as algae, bacteria, fungi, and viruses. Calcium propionate is primarily used in bakery products as an ideal preservative. The global calcium propionate market is one of the promising segments of the global preservatives market and is set for rapid expansion in the years to come. The growing consumer preference towards canned food and preserved food and their changing lifestyles are two of the factors expected to propel the global calcium propionate market in the near future. Considering the rise in the preference towards hygienic and safe food products, leading players are anticipated to introduce many new preserved food products that are ready to eat and hygienic.
Calcium propionate is less toxic as compared to many other food preservatives, which is why it has gained global acceptance. Other preservatives such as sodium propionate are very corrosive to the skin, the eyes, and mucous membranes, whereas calcium propionate is not. This and many other benefits of calcium propionate as a preservative makes it an ideal choice for food manufacturers.
The global calcium propionate market was valued at US$312.6 mn in 2014 and is expected to reach US$480.3 mn by 2023, progressing at a 4.90% CAGR during the period between 2015 and 2023 owing to the rising demand for preserved food products. In terms of volume, the global calcium propionate market is anticipated to reach 302.2 kilo ton by 2023 and is expected to expand at a 4.40% CAGR from 2015 to 2023.
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Asia Pacific to Drive Growth of Global Calcium Propionate Market
The global calcium propionate market is segmented on the basis of geography and application. By geography, the global calcium propionate market is divided into Europe, Asia Pacific, North America, and Rest of the World. In 2014, the global calcium propionate market was dominated by Europe, followed by North America. In 2014, Europe held a share of more than 37% in the global calcium propionate market. The Europe calcium propionate market is expected to mature in the near future due to high market penetration. However, in the near future, Asia Pacific is expected to be the biggest contributor to the global calcium propionate market.
Some of the leading companies operating in the global calcium propionate market are Niacet Corporation, Macco Organiques Inc., AB Mauri, A.M. Food Chemicals Co. Ltd., Cargill incorporated, BASF SE, Kemira, Perstorp Holdings AB, Addcon Gmbh, ABF Ingredients, Ltd., and Chr. Hansen A/S.
Bakery Segment Accounts for 58% of Global Calcium Propionate Market
By application, the global calcium propionate market is classified into beverages, dairy, bakery products, meat processing, animal feed, packaged food products, and others. In 2014, the bakery products segment held a dominant share of 58% in the global calcium propionate market and is predicted to expand at a 4.50% CAGR during the period between 2015 and 2023.