PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1320189
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1320189
Calcium Propionate Market size was valued at USD 380.9 Million in 2022, expanding at a CAGR of 6.5% from 2023 to 2030.
When calcium hydroxide and propionic acid combine, calcium propionate is the consequent organic salt. A characteristic of calcium propionate renders it soluble in water but hardly soluble in alcohol. It is utilized as a food preservative in bread and other baked goods due to its ability to stop the growth of mold and other bacteria. It aids in the preservation of foods, particularly baked goods, by limiting the growth and reproduction of microorganisms including mold, bacteria, and fungi.
In the personal care and cosmetics industry, calcium propionate is widely used to preserve shampoo, lotions, toothpaste, and other products. The rise in the manufacture of luxury and premium beauty products, the desire for color cosmetics, and lifestyle changes all have an impact on the cosmetics and personal care industry's strong development. For instance, the beauty and personal care industry in Thailand is expected to rise from US$6.2 billion in 2018 to US$8.0 billion in 2022, representing a predicted growth rate of 7.8% from 2019 to 2022, according to the International Trade Administration (ITA). In addition, the L'OREAL beauty sector increased by 8.2% in 2021 after experiencing a significant drop of 8% in 2020, according to the company's Annual Report 2021. The need for calcium propionate in hair care, cosmetics products, and other sectors is rising as a result of the expanding production and consumption of cosmetics and personal care products, which is also fueling the calcium propionate market.
The Global Calcium Propionate Market is segmented based on form, application, end-use industry, and Region.
Based on form, the global Calcium Propionate market is segmented into liquid and dry. The dry segment is expected to hold the largest market share over the forecast period. Due to its relative ease of mixing and greater dispersion within the food matrix, the dry form of calcium propionate is in more demand than the liquid version. The dry version has a longer shelf life and increases flavor, making it more widely used in a variety of foods such as sauces, bread, flavored beverages, and confections. Therefore, the dry segment is anticipated to develop exponentially in the calcium propionate market during the forecast period due to the growing use of dry form and good performance in the food and beverage sector.
Based on the end-use industry, the Calcium Propionate industry is segmented into food & beverages, personal care & cosmetics, pharmaceuticals, animal feed and others. The food & beverages segment is expected to dominate the market during the forecast period. Due to its longer shelf life characteristic and preservation capabilities, calcium propionate is in great demand in the food and beverage sector. It may be used in a variety of applications including dairy, bakery, processed meat, flavored milk, confectioneries, and others. The food and beverage industry is expanding rapidly as a result of factors including increased output of dairy, meat, fruits, and vegetables, as well as ready-to-eat food items in high demand. For instance, the Food and Agriculture Organization estimates that the Asian area produced about 136.06 million metric tons of meat in 2019 and that this number will rise to 12% globally by 2029. Thereby, driving the segment expansion over the forecast period.
Geographically, this market is widespread in the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business. North America held the largest market share and is expected to continue the same pattern during the forecast period. Fast-paced expansion in the food and beverage and pharmaceutical industries, growing revenues in the processed and packaged food segment, and rising income levels all have an impact on calcium propionate's substantial growth potential in this area. Due to reasons including rising bakery and immediate or ready-to-eat food preferences, rising packaged and processed food consumption, and a growing manufacturing base, the food and beverage sector in North America is expanding quickly. Food Export estimates that Mexico's packaged food market would be worth $54.8 billion in 2020. Thus, this is expected to propel the market growth in the region.
The Calcium Propionate Market's top players use technology launches, acquisitions, and R&D efforts as their primary business strategies. The key players operating in the market are Fine Organics, Macco Organiques Inc., ADDCON GmbH, Henan Chemsino Industry Co. Ltd., Puratos, Jainex Speciality Chemicals, Kemin Industries, Inc., Agailenobel, Niacet, A Kerry Company, Perstorp Holding AB, Pestell Nutrition Inc., Impextraco NV, Titan Biotech and BioVeritas.
In March 2023, a mold inhibitor with a clean label was developed by BioVeritas using their proprietary process. Compared to calcium propionate made from petrochemicals, the BioVeritas calcium propionate cultured extract increased its shelf life by an average of over 30%.