The Calcium Propionate Market is estimated at USD 277.1 million in 2018 and is projected to reach a value of USD 363.3 million by 2023, at a CAGR of 5.6%. The growth of the calcium propionate market is driven by factors such as growth in demand for bakery products with extended shelf life and cost advantages provided by calcium propionate over other preservatives, which contribute to increased demand and adoption rate.
The Asia Pacific region is projected to be the fastest-growing market for calcium propionate between 2018 and 2023. Asia Pacific presents tremendous opportunities for calcium propionate and its end-use applications. China has emerged as a recent exporter of calcium propionate for the food and feed industry. Factors such as rapid urbanization, high disposable incomes, strong demand for processed foods, coupled with a low cost of production, position China as a strong consumption and production hub.
In 2018, the North American region is estimated to dominate the market for calcium propionate. The region is one of the largest consumers and exporters of calcium propionate due to the wide and matured bakery market and high bread consumption. The market for calcium propionate in North America is fairly matured; hence, the growth is moderate when compared to other developing economies. Consumers with busy lifestyles in the North American market are on the lookout for minimally processed foods with a long shelf life. The increase in demand for convenience foods is expected to create an impact on the calcium propionate market in North America.
The Middle Eastern & African countries are increasingly adopting calcium propionate due to changes in consumer lifestyles and increasing demand for fresh products. Asia Pacific is the second-largest market for calcium propionate after North America in 2023, owing to the increased awareness about calcium propionate and the benefits offered. It remains one of the important markets for calcium propionate manufacturers due to its size and its regulatory environment.
The calcium propionate market is diversified and competitive, with a large number of players. It is dominated by various players, depending on their core competencies. However, demand for food products devoid of synthetic preservatives, increase in the prices of raw materials, and stringent regulations are some of the major factors restraining the growth of the market.
Niacet (US), ADDCON (Germany), Impextraco (Belgium), and Macco Organiques (Canada) are some of the leading players in the calcium propionate market. These companies adopted strategies such as expansions, acquisitions, certifications, and partnerships to strengthen their position in the market.
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