Newark, Del, Aug. 07, 2023 (GLOBE NEWSWIRE) -- According to Future Market Insights (FMI), the worldwide potassium sorbate market is valued at US$ 61.1 million in 2023 and it is anticipated to reach US$ 112.6 million by 2033.
Over the forecast period 2023 to 2033, global potassium sorbate sales are likely to increase at a CAGR of 6.9%.
The global potassium sorbate industry is increasing rapidly due to consumer demand for safe food and expanding shelf life in a range of sectors. Potassium sorbate, a commonly used ingredient, provides effective protection against microbial growth, ensuring the quality of food sources, beverages, and personal care products.
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Due to the increasing usage of handled food sources and lodging food sources globally, the market is mainly filled with the food and refreshment sector. Potassium sulfate is intensely sought after to keep up with item quality and newness due to altering lives and busy plans.
The strict food safety rules imposed by the FDA and the European Food Safety Authority are further fostering market growth. These strict standards are satisfied by potassium sorbate, giving producers a guaranteed way to comply.
North America and Europe have historically led the industry due to pervasive mineral shortages and well-established fortification programs However, there has been rising disposable incomes, increased health consciousness, and expanding middle-class demand in, emerging nations in Asia-Pacific, Latin America, and Africa. Thus they are also contributing to the high demand rapid demand for mineral-rich goods.
Due to the fast urbanization and economic growth of emerging nations, particularly those in Asia-Pacific and Latin America, there is a surge in the use of processed foods and personal care goods.
Manufacturers of potassium sorbate can satisfy the demands of these increasing markets in two ways: by utilizing efficient distribution networks and by customizing goods to local tastes.
The rising demand for food safety, clean-label products, and products with longer shelf lives is expected to drive steady growth in the global market for potassium sorbate in the coming years. To take advantage of market opportunities and keep up with changing consumer demands, manufacturers are embracing innovation, sustainability, and strategic partnerships.
Key Takeaways from the Potassium Sorbate Market Report:
- The global potassium sorbate industry is expected to reach a valuation of US$ 112.6 million by 2033.
- Global sales in the potassium sorbate market are likely to soar at 6.3 % CAGR over the forecast period.
- By nature, the powder segment is likely to exhibit a 9.5% CAGR during the projection period.
- The United States potassium sorbate market is projected to reach a valuation of US$ 26.5 million by 2033.
- The German market is projected to reach a valuation of US$ 11 million by 2033.
"With the rising consumer focus on clean label and natural products, manufacturers can capitalize on this trend by providing innovative and sustainable potassium sorbate solutions. By addressing these evolving needs, companies can establish themselves as leaders in this competitive market.” – says a lead analyst at Future Market Insights (FMI)
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The top Key players in Potassium Sorbate Market are:
- Celanese Corporation
- BASF SE
- Nantong Acetic Acid Chemical Co., Ltd.
- Daicel Corporation, FBC Industries, Inc.
- Wanglong Group Co., Ltd.
- Sorbic International PLC
- Ningbo Wanglong Group Co., Ltd.
- PT. Pacific Surya Jaya
- Hawkins, Inc.
Competitive Landscape:
Key companies are concentrating on expanding their portfolios by launching new products. They also use strategies such as advertisements, partnerships, acquisitions, agreements, and mergers to stay relevant in the market. For instance,
- FBC Enterprises stated intentions to double its current creation cap. This advancement will enable the company to meet the rising demand for potassium sorbate from the food and beverage industries.
- Ningbo Wanglong collaborated with a pharmaceutical business based in China to produce unique potassium sorbate-based medicinal products. These drugs are likely to be utilized to treat a wide range of diseases, including cancer, inflammation, and infections.
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Get More Valuable Insights
Future Market Insights (FMI), in its new offering, provides an unbiased analysis of the global Potassium Sorbate Market presenting historical demand data (2018 to 2022) and forecast statistics for the period from 2023 to 2033.
The study incorporates compelling insights on the stock cubes market based on type (powder, granular, liquid), application (food and beverages, personal care & cosmetics, pharmaceuticals, animal feed), across various regions.
Segmentation Analysis of the Potassium Sorbate Market
By Product Type:
- Powder
- Granular
- Liquid
By Application:
- Food and Beverages
- Animal Feed
- Pharmaceuticals
- Personal Care
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- The Middle East & Africa
About the Food & Beverage Division at Future Market Insights (FMI)
Expert analysis, actionable insights, and strategic recommendations – the Food & Beverage team at Future Market Insights (FMI) helps clients from all over the globe with their unique business intelligence needs.
With a repertoire of over 1,000 reports and 1 million+ data points, the team has analyzed the food & beverage industry lucidly in 50+ countries for over a decade. The team provides end-to-end research and consulting services; reach out to explore how we can help.
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