Potassium Sorbate Market Research Report : Global Analysis 2016-2024
Potassium sorbate is a kind of salt or chemical that has wide applications in food and beverages as a preservative, as a chemical for industrial purpose and as a type of solution in personal care products. The demand for potassium sorbate is especially high in the food industry where it has greater demand in preprocessed foods. In terms of its functionality, it is used as a preservative to keep food from spoiling as its prime function is to prevent the growth and proliferation of fungus, microbes, mold, and yeast. The reason behind its excessive usage in the food industry is that it does not have any effect in terms of taste, color and smell of food. It helps protect food from decomposition, which is driving the sales of potassium sorbate.
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Potassium Sorbate Market: Dynamics
The increasing demand for processed food is one of the major drivers behind the rising demand for potassium sorbate in global market. With food manufacturing companies offering products with a longer shelf life, the use of potassium sorbate in food products is expected to remain strong. On the other side in terms of trends, potassium sorbate is gaining importance because of the increased consumption of baked foods, processed fruits, vegetables and fast food products. However, the excessive consumption of potassium sorbate can cause health problems such as nutritional deficiencies, problems of vomiting, diarrhea etc. which may restrain the market’s growth in the near future.
Potassium Sorbate Market: Segmentation
The potassium sorbate market is segmented on two different criteria: Type and application. By type, the market is composed of granule, powder, and liquid form. Among these, the granules segment contributes the largest share. Market segmentation on the basis of application includes food and beverages, pharmaceutical products, personal care and industrial usage. Furthermore, the food and beverage segment is sub-segmented into bakery, dairy products, canned foods, carbonated beverages, non-carbonated beverages, and powdered mixes. The greater part of the demand for potassium sorbate comes from the food processing industry followed by pharmaceutical and cosmetic sectors.
On analyzing the demand of potassium sorbate, it is observed that highest percentage of its application is in canned fruit and vegetable products, canned meat, desserts and from dairy sector which include products such as cheese, ice-cream, and yogurt. An analysis of the market share pie shows that the majority of the demand for potassium sorbate is from the food and beverage industry. This is due to the increasing demand for processed food products among the growing population in emerging economies of world. On the other side, potassium sorbate is also gaining demand in the wine industry where it is used in the fermentation process and also as a stabilizer in the beverage industry to prevent beverages from secondary fermentation and reinfection. Similarly, in personal care products, it is used in shampoos, lotions, and creams. It is also used in industrial coatings to prevent industrial products from fungus, yeast, and mold.
Regional Outlook of Potassium Sorbate Market
On the basis of geography, the market can be split into seven different regions: North America, Latin America, Eastern Europe, Western Europe, and Asia-Pacific region, Japan and Middle East and Africa. Asia-Pacific region is expected to be a lucrative market. China is expected to account for a substantial share in terms of volume contribution. On the other side, in terms of consumption, the U.S. is expected to be the largest consumer of potassium sorbate in the world followed by Europe.
Key Players in Potassium Sorbate Market
Leading players in the potassium sorbate market are APAC Chemical Corporation, FBC Industries, Inc., Parchem Fine & Specialty Chemicals, WANGLONG CHEMICALS, Sorbic International PLC, Jinneng Science and Technology Company Limited, ICIS, TENGZHOU AOLONGCHEMICAL CO., LTD. and Lubon Industry Co., Ltd.
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