Potassium Sorbate Market Will Increase Strongly Through 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. Demand of potassium sorbate in market is primarily increased in food industry where it has greater demand in preprocessed food. In terms of its functionality it is used as a preservative to avoid the food from spoilage as it prime function is to prevent food and beverages from growth of fungus, microbes, mold, yeast etc. The reason behind its excessive usage in food industry is because it does not make any effect in terms of taste, color and smell of food and protect the food from decomposition, which is driving the market growth in the near future.
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Market Dynamics of Potassium Sorbate Market:
Increasing demand of processed food is one of the major driver behind the rising demand of potassium sorbate in global market. This driver is influencing food manufacturing companies to offer the products which has longer shelf life as it is used as preservative in their products. On the other side in terms of trends, mostly the potassium sorbate is gaining importance because of increase in consumption of baked food, processed fruits, vegetables and fast food products.. Excessive consumption of potassium sorbate causes health problems such as nutritional deficiencies, problems of vomiting, diarrhea etc. which may restrain the market growth in the near future.
Market Segmentation of Potassium Sorbate Market:
Potassium sorbate market is segmented on two different basis which includes types and application. As per the types it includes granule, powder and liquid form. Among these segments, granules segment contributes the largest market share. Market segment on the basis of application includes food & beverages, pharmaceutical products, personal care and industrial usage. Further the food & beverage segment is sub-segmented into bakery, dairy products, canned foods carbonated beverages, non-carbonated beverages & powdered mixes. Major demand of potassium sorbate is from the side of food processing industry followed by pharmaceutical and cosmetic sector.
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 includes products like cheese, ice-cream, yogurt etc. Results of pie chart show that majority of share in market of potassium is from food & beverage industry. It is due to increasing demand of processed food products among growing population in emerging economies of world. On the other side, potassium sorbate is also gaining demand in wine industry where it is used in fermentation process and it also used as a stabilizer in beverage industry to prevent the drinks from secondary fermentation and reinfection. Similarly in personal care products it is used in shampoo, lotion, cream etc. It is also used in industrial coatings to prevent the industrial products from fungus, yeast, mold etc.
Regional Outlook of Potassium Sorbate:
On the basis of geographical market segment, it is segmented 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 lucrative market. China is expected to account for major share in terms of volume contribution. On the other side in terms of consumption, U.S. is expected to be the largest consumer of potassium sorbate in the world followed by European region.
Key Market Players in Potassium Sorbate Market:
Major players in Potassium Sorbate 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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