The global calcium propionate market is expected to witness high growth over the forecast period on account of growing consumer preferences for fresh food products. Increasing health concerns coupled with changing consumer lifestyle has prompted the use of calcium propionate in recent past. It is majorly used as a preservative in bakery products including bread, processed meat, baked products and various dairy products. Calcium propionate also acts as antimicrobial agent for killing microorganisms such as bacteria, algae, viruses and fungi.
It is also used as a feed supplement for animals. Growing applications in food preservative sector is expected to act as a major driver for the product. Increasing customer needs for food safety coupled with widening application base for calcium propionate in novel product lines is expected to have a positive industry growth over the forecast period. It also acts as a cost effective solution over other substitutes such as sorbates, sulphites, etc which is expected to further enhance expected to further enhance the market demand in the coming years.
Shift in consumer preferences for fresh food products over preservatives is expected to remain a key challenge for industry participants. This shift in trend is forcing food industry players to increase its focus towards natural products which in turn is expected to hinder the global calcium propionate market growth over the forecast period. High propionic acid prices coupled with its limited availability is expected to restrain the market in the long run.
Increasing R & D expenditure particularly in developed economies of North America and Europe is expected to yield growth opportunities for market participants. In addition, growth of processed food markets particularly in emerging economies of India, and China is also expected to provide immense opportunities for industry growth. Global calcium propionate market is segmented on the basis of application which includes dairy products, bakery sector, meat & processed meat products, feed and other food applications. Bakery emerged as the leading application segment in the global market on account of product suitability in the sector.
In addition, growing bakery product demand in Canada and developing South East Asian bakery industry are some of the key reasons expected to witness global calcium propionate growth. Bakery application segment was followed by feed. North America dominated global market on account of established food manufacturing facilities coupled with high fresh food demand. Europe was followed by North America owing to high consumption level and stringent food regulations by REACH.
North America and Europe are mature calcium propionate markets which have already reached saturation. Therefore, these markets are expected to grow at relatively lower growth rates as compared to Asia Pacific, Middle East & Africa and Central & South America. Asia Pacific, on the other hand, is expected to witness highest growth on account of food industry growth in China and India. These countries have been experiencing rapid changes in consumer lifestyle which is affecting their food and consumption habits which in turn is expected to have high market growth. Brazil, India, Russia and China are expected to witness high growth and profits over the forecast period.
Middle East & Africa is expected to have significant growth over the forecast period. Central & South America is expected to witness high growth in the forecast period. Global calcium propionate market is consolidated with top five companies accounting for a major share in the market. Some of the major companies in the market include Perstorp Holdings AB, Macco Organiques Inc., AB Mauri, Kemira and Niacet Corporation. Other companies are Addcon Gmbh, Krishna Chemicals, A.M. Food Chemicals Co. Ltd., Impextraco NV, etc. Industry participants are expected to invest in R&D to expand product lines and functionality.
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The demand for packaged and processed foods is expected to increase owing to their longer shelf life. Furthermore, manufacturers are closely monitoring the product supply to major retailers through specialized communication channels in order to improve restocking. In addition, processed food manufacturers have urged the packaging raw material suppliers as well as contract packers to ensure a steady flow of goods during the lockdown related to COVID-19. The report will account for Covid19 as a key market contributor.