New York, July 26, 2023 (GLOBE NEWSWIRE) -- The global potassium sorbate market size is projected to expand at ~5% CAGR between 2023 and 2035. The market is expected to garner a revenue of USD 250 billion by the end of 2035, up from a revenue of ~USD 170 billion in the year 2022. The growth of the market can be propelled by the higher demand for processed food. Potassium sorbate can increase the shelf life of packed and processed food, it restores the quality of the products and prevents the food from turning rancid.
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In the last decade, there has been an enormous spike in the worldwide intake of ultra-processed foods. In many parts of the world, these foods are nowadays responsible for 25-60% of a person's daily energy intake. Potassium sorbate is generally used in food items to suppress the growth of molds, yeast, and some bacteria.
Potassium Sorbate Market: Key Takeaways
- Market in the North America region to propel the highest growth
- The food & beverages segment to garner the highest growth
- Market in Europe region to grow at a notable rate
Growing Cases of Foodborne Illness to Boost the Growth of the Potassium Sorbate Market
With the rising cases of foodborne illness, the focus on food safety is rising will increase the demand for potassium sorbate. Considering potassium sorbate is compatible with a wide range of food ingredients, it is an adaptable solution for food preservation. It is incorporated with other antioxidants to improve food safety. Around 600 million cases of foodborne illness emerge worldwide each year. Unsafe food endangers both individual well-being and even impacts world economies. It negatively impacts the most fragile members of society, particularly women and children. In addition to this, the growing demand for personal care products, such as shampoo, moisturizer, body soaps, and others. As per the statistics from the Simmons National Consumer Survey (NHCS) and the United States Census Bureau, in America, 307.84 million people use shampoo as a part of their personal hygiene.
Potassium Sorbate Market: Regional Overview
The global market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Rising Demand for Canned Food is Poised to Drive the North America Market’s Growth
The market in the North America region is expected to have the largest growth by the end of 2035. Canned food provides consumers with conveniences, and it is especially appealing to busy people and families looking for quick and easy dinner options. Therefore, the consumption of canned food is increasing in the region. In America, nearly 98% of individuals have canned food in their kitchens, and every average cupboard has 24 cans. Moreover, by canning produce at its peak freshness, consumers can access a wide variety of fruits and vegetables throughout the year in the North America region. Canned corn is one of the most famous vegetables used in the region by nearly 63% of individuals, followed by green canned beans and tomatoes. Furthermore, North American customers are becoming more cognizant of the substances in their meals and are looking for items with clean and clear labels. As a result, the use of potassium sorbate as a safe preservative is expected to rise throughout the region.
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Increased Production and Consumption of Bread to Elevate Market Growth in Europe
The potassium sorbate Europe market is estimated to grow at a notable rate by the end of 2035. The rising use of bread and other products that require bread is expected to augment the market growth in the region. In recent years, the total consumption of bread, viennoiserie, and patisserie in the European Union's 27 countries was about nearly 39 million tonnes. Europe dominates the food export sector, and the need to meet limitations on export and facilitate long-distance shipment of food items drives demand for potassium sorbate in Europe.
Potassium Sorbate, Segmentation by Type
- Potassium Hydroxide
- Sorbic Acid
Potassium Sorbate, Segmentation by Application
- Pharmaceutical Grade
- Food Grade
- Technical Grade
Of the different applications, the food-grade segment in potassium sorbate market is expected to dominate the market revenue with a share of 46 % by the end of 2035. The increased popularity of ready-to-eat sauces, dressings, and meals will boost the segment's expansion. Potassium sorbate aids in the stabilization of dressings and sauces by avoiding microbiological deterioration, which can result in changes in flavor, texture, and appearance. Furthermore, it is functional throughout a wide pH range, therefore being suitable for use in dressings and sauces with changing acidity levels.
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Potassium Sorbate, Segmentation by End User
- Personal Care
- Pharmaceutical
- Food & Beverages
On the basis of end user, the food & beverages segment in potassium sorbate market is expected to gain the highest market share of 55 % over the forecasted period. The segment is expected to grow at a CAGR of 4% over the projected time frame. Growing consumption of soda drinks and canned juices is expected to drive the segment’s growth. Argentina has the highest per capita use of soda in the world. Every year, approximately 155 liters are consumed per capita. Moreover, The United States is second in the world in terms of soda consumption. Every year, the average American consumes around 154 liters of water. Almost one out of every five people reports drinking a minimum of one soda every day. Beverages containing sugars or fruit juices lead to fermenting, resulting in unfavorable changes in taste and carbonation levels. It also holds the risk of the container potentially bursting owing to the pressure in the bottles and cans. Potassium sorbate inhibits yeast growth and development, preventing fermentation and preserving the beverage's natural properties.
A few of the well-known market leaders in the potassium sorbate market that are profiled by Research Nester are Kerry Group Plc, Shaowu Huaxin Chemical Co., Ltd., Jingabei Additive Co., Ltd., Vigon International, CJ Chemicals, Twin Specialties Corp., ChemCeed, Celanese Corporation, and Dastech International Inc.
Recent Developments in the Potassium Sorbate Market
- June 2021, Kerry Group Plc, has agreed to sell its consumer foods meats and meals business in the United Kingdom and Ireland to Pilgrim's Pride Corporation for USD 875 million. The Meats firm is one of the biggest producers of branded ready-to-eat, meat refreshments, and private-label meats in the United Kingdom and Ireland. With this collaboration, Kerry Group's meal business will largely fulfill the need for frozen-ready meals in the United Kingdom.
- September 2022, Corbion NV, introduced a new cutting-edge solution aimed at improving efficiency in operations, lowering wasted food, as well as providing better preservatives to extend product shelf life. It was unveiled at the International Baking Industry Exposition, which was hosted at the Las Vegas Convention Centre. The consumer can try out the solution through the customer service provided by 360 Degree by Corbion.
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