Calcium Propionate Market Revenue to Account for US$480.3 mn by 2023
Global calcium propionate market was valued at USD 327.7 million in 2015 and is expected to reach USD 480.3 million by 2023, growing at a CAGR of 4.9% over the forecast period 2015 to 2023. Calcium propionate is largely used in bakery products like bread, cakes, rolls, and other yeast-based products, and various other items such as animal feed, meat & processed meat products, dairy products, packaged food products such as condiments, sauces, jam, diet food, chocolate, soups, salads etc, beverages and various other products.In addition, rising prices of animal feed products is another major concern to preserve feed grains, in order to avoid their spoilage and improve animal performance. Apart from this, busy lifestyles have resulted in rising demand for ready to eat food products that are not easily affected by bacteria. However, the alarming rise in health issues faced by consumers has made them aware of consuming healthy and nutritive convenience food products. The need to minimize the intake of fats and calories influences the rising demand for various functional food variants. In addition, calcium propionate is considered to be one of the safest additives that are utilized in various food products to avoid the spoilage of food products especially during transportation. Calcium propionate has anti-microbial properties that improve efficiency and processing tolerance and extend shelf life of different food products. Owing to these factors, the demand for calcium propionate is expected to drive the growth of the market over the forecast period.
Other influencing factors such as cost effectiveness and new product offerings through research and development are fueling the market for calcium propionate, globally. Increasing demand for natural preservatives is a major factor for market growth. Increased research and development to find new application segments is expected to offer huge growth opportunity for the industry. Thus, all the above mentioned factors are expected to fuel the growth of this market globally. However, in spite of all these driving factors behind the growth of the calcium propionate market, stringent regulations across different countries regarding the usage of food and feed preservatives (pertaining to food safety and quality) is anticipated to restrain the global market of calcium propionate.
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In the report, the calcium propionate market is segmented into by application types and by geography. Based on application type, the calcium propionate market is segmented into bakery, dairy, meat processing and animal feed, packaged food products and beverages among others. Others application segment include plant pesticides and grain protection products etc. The calcium propionate market has witnessed diversified trends across different regions including North America, Europe, Asia Pacific and Rest of the World (RoW). Geographically, Europe held the largest market share in 2014 and is expected to grow steadily due to growing demand from leading markets such as the France and U.K., while Italy and Germany have emerged as the key test markets for new products. Europe market has reached maturity due to their high penetration levels and saturated end-products market. Rising demand for preserved, easy to make food in France U.K., Italy, and Germany is expected to drive growth of the calcium propionate market in the region. Growth of the calcium propionate market in Europe has been aided by new product introductions in calcium propionate application sector. North America held the second largest market share in 2014. U.S. and Canada have emerged as the key calcium propionate market in North America. Product innovation through continuous research and development is another factor driving the growth of the calcium propionate market in North America. Major calcium propionate manufacturing companies are engaged in innovation of new products which can improve the effectiveness of calcium propionate as an antimicrobial agent to prolong the shelf life of products.
Other regions such as Asia-Pacific, the Middle East and Africa, and Latin America are quickly adopting calcium propionate owing to change in lifestyles. Across different regions, rising population and busy lifestyle are the major factors fueling the demand for preserved food where calcium propionate is widely used. Worldwide the calcium propionate market is set to display strong gains overall due to growth in emerging markets such as China, India, Brazil and Russia.
Key players in the calcium propionate market include Niacet Corporation, Kemira, Macco Organiques Inc., Perstorp Holdings AB, AB Mauri, Addcon Gmbh, A.M. Food Chemicals Co. Ltd., ABF Ingredients, Ltd., Cargill incorporated, Chr. Hansen A/S and BASF SE among others.